Mary Hoover Drucker
BNP Paribas priced the upsized $505.5 million Audax Senior Debt CLO 8 LLC transaction. Before joining Audax in 2019, Steve worked for Great Point Partners, where he focused on evaluating and executing leveraged buyouts and growth equity investments in the Healthcare Industry. The lawyers at Plovdiv Legal are experienced in debt collection of contractually owed debt from legal entities and individuals residing in Bulgaria. Solid relationships and flexible solutions are key to private debt’s ongoing success in the PE mid-market, says Audax Private Debt president Kevin Magid. Our team is collaborative, experienced, and has built lasting relationships, establishing Audax Private Debt as a trusted name in the U.S. middle market.
At Audax Private Debt, Environmental, Social, and Governance (“ESG”) principles have been an important factor in our investment decision making and our management process since our inception. Vortex Companies is a provider of trenchless infrastructure rehabilitation products and services. Prior to Blackstone’s acquisition of GSO Capital in 2008, Colleen joined GSO with a team from the RBC Capital Markets’ Debt Investments Group. Rich is a Managing Director and Chief Operating Officer for Audax Group, based in Boston. Prior to joining Audax 1999, Rich was the Chief Financial Officer of Streamline.com, a publicly traded Internet service company.
Sydney is a Principal at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Colleen is a Managing Director at Audax Private Debt, and a member of our senior debt investment team. Dinko is a Managing Director at Audax Private Debt, and a member of our senior debt investment team.
Remington is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. John is a Principal at Audax Private Debt, and a member of our unitranche and junior debt investment teams. David is a Vice President at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Joe is a Vice President at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Richard is a Vice President at Audax Private Debt and is a member of our unitranche and junior debt investment teams.
As a multi-asset class manager with a range of alternative investment strategies, Audax has established long-term relationships across the middle market and invests in every tranche of the capital structure on behalf of a global and diverse investor base. While at GE Capital, Mike held various leadership positions in its leveraged finance businesses for PE sponsor and non-sponsor transactions, including new business origination, portfolio management, credit workouts, and restructurings. Senior lenders may also be amenable to mezzanine due to the lack of regularly Mary Hoover Drucker scheduled, required principal amortisation payments and because the cash interest portion can be blocked by senior debt providers during times of business underperformance. Mezzanine arrangements may also include “pay-if-you-can” features subject to certain interest-coverage ratios, which also appeal to other lenders. Moreover, the blended all-in cost of capital can often be lower for senior/junior hybrid structures in which the company or sponsor is pursuing an acquisition strategy and lower-priced senior debt can be used incrementally to finance add-ons.
The Company serves public and private sector clients on projects across transportation, water, municipal advisory, broadband, and land development. In a high interest rate environment, some borrowers may struggle to maintain adequate FCCR and interest-coverage ratios. Mezzanine’s ability to allow for PIK-interest payments improves the ability of borrowers to cover their current cash interest and fixed charges. Given heightened base rates, the cash interest rate for mezzanine tranches is often lower than unitranche and sometimes lower than senior debt cash interest rates. In this sense, mezzanine structures can preserve cashflow during windows when liquidity dries up.
Headquartered in Philadelphia, Magna provides litigation support services to over 13,000 law firms, corporations, insurance carriers, and government agencies. The Company provides critical support to its clients throughout the litigation process, including court reporting, translation, videography, records retrieval, jury evaluation and consulting, graphic design, and trial presentation services. Magna was founded in 2007 and has established itself as one of the industry’s leading and fastest growing litigation support providers, with offices across the US serving clients in all 50 states. Audax Private Debt seeks to collect meaningful, performance-based, and comparable ESG data from its portfolio companies. Our proprietary reporting systems provide us with customized views of qualitative and quantitative ESG data, enhancing our team’s analytical and reporting capabilities. HR Green is a provider of infrastructure design, consulting, and civil engineering services.
Audax Private Equity Partnering with middle market leaders to fuel growth and build value. The observation that everything old is new again, ironically, never seems to get old. This is particularly true in 2023, as vinyl records again outsell CDs and acid-wash jeans plot their own unlikely comeback. Heightened interest in mezzanine financing similarly suggests sponsors have a desire to turn back the clock.
With the possibility of a recession increasing, Audax Private Debt discusses why it’s critical for managers to have robust risk and portfolio management practices to navigate the environment ahead. The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation.
We endeavor to create lasting value with our commercial activities and within our communities. Audax Private Debt announced that it participated in a unitranche credit facility to support the refinancing and acquisition of Qlarion by Sagewind Capital’s portfolio company, GCOM Software (“GCOM” or the “Company”). Audax Group manages capital for investors worldwide, making investments through the full capital structure of the U.S. middle market. The common thread across each of our business lines is a dedicated focus to support middle market companies. As our investment operations and businesses have scaled, our dedication to this segment remains unchanged, creating a competitive advantage and edge to source, support, and help grow middle market companies. The demand for mezzanine today, from borrowers as well as other lenders, is fuelled by the flexibility this form of financing provides.
Chelsea is a Principal at Audax Private Debt, overseeing portfolio management for our Originated Debt platform. Prior to joining Audax in 2009, Alex was a Manager of Business Development at Arrowstreet Capital, where he built relationships with institutional investors on a global basis. Prior to Arrowstreet, Alex was a Principal at Hamersley Partners, where he helped emerging managers raise capital.
With the successful closing of Mezz Fund V, Audax Private Debt will continue to execute on its proven strategy of directly sourcing junior debt investments in private equity sponsor-backed companies in North America. With DLS, Audax Private Debt continues its proven strategy of directly sourcing debt investments in private equity sponsor‐backed middle market companies. The Fund enables Audax Private Debt to utilize its senior and junior debt underwriting expertise to provide unitranche and stretch senior financings of up to $175 million per transaction. Peter is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. He is responsible for originating and executing new investments and monitoring portfolio companies.
Along with his business partner, Geoff Rehnert, Mr. Wolpow manages the firm and has overseen all phases of Audax Group’s development since its founding in 1999. Prior to starting Audax Private Debt in 2000, Kevin was a Managing Director in the Leveraged Finance/Merchant Banking Group at CIBC World Markets Corp. He also previously worked at Drexel Burnham Lambert, Wasserstein Perella and Kidder Peabody, principally in a leveraged finance role. Audax Private Debt achieved the highest position in PitchBook’s 2023 Annual U.S. PE Lending League Tables, securing the #1 spot as the most active lender in U.S. PE. Additionally, the firm is proud to have attained the #1 rank in both the “Overall” and “Select Roles” lists of PitchBook's 2023 U.S.
At Audax Private Debt, Environmental, Social, and Governance (“ESG”) principles have been an important factor in our investment decision making and our management process since our inception. Vortex Companies is a provider of trenchless infrastructure rehabilitation products and services. Prior to Blackstone’s acquisition of GSO Capital in 2008, Colleen joined GSO with a team from the RBC Capital Markets’ Debt Investments Group. Rich is a Managing Director and Chief Operating Officer for Audax Group, based in Boston. Prior to joining Audax 1999, Rich was the Chief Financial Officer of Streamline.com, a publicly traded Internet service company.
Sydney is a Principal at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Colleen is a Managing Director at Audax Private Debt, and a member of our senior debt investment team. Dinko is a Managing Director at Audax Private Debt, and a member of our senior debt investment team.
Remington is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. John is a Principal at Audax Private Debt, and a member of our unitranche and junior debt investment teams. David is a Vice President at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Joe is a Vice President at Audax Private Debt, and a member of our unitranche and junior debt investment teams. Richard is a Vice President at Audax Private Debt and is a member of our unitranche and junior debt investment teams.
As a multi-asset class manager with a range of alternative investment strategies, Audax has established long-term relationships across the middle market and invests in every tranche of the capital structure on behalf of a global and diverse investor base. While at GE Capital, Mike held various leadership positions in its leveraged finance businesses for PE sponsor and non-sponsor transactions, including new business origination, portfolio management, credit workouts, and restructurings. Senior lenders may also be amenable to mezzanine due to the lack of regularly Mary Hoover Drucker scheduled, required principal amortisation payments and because the cash interest portion can be blocked by senior debt providers during times of business underperformance. Mezzanine arrangements may also include “pay-if-you-can” features subject to certain interest-coverage ratios, which also appeal to other lenders. Moreover, the blended all-in cost of capital can often be lower for senior/junior hybrid structures in which the company or sponsor is pursuing an acquisition strategy and lower-priced senior debt can be used incrementally to finance add-ons.
The Company serves public and private sector clients on projects across transportation, water, municipal advisory, broadband, and land development. In a high interest rate environment, some borrowers may struggle to maintain adequate FCCR and interest-coverage ratios. Mezzanine’s ability to allow for PIK-interest payments improves the ability of borrowers to cover their current cash interest and fixed charges. Given heightened base rates, the cash interest rate for mezzanine tranches is often lower than unitranche and sometimes lower than senior debt cash interest rates. In this sense, mezzanine structures can preserve cashflow during windows when liquidity dries up.
Headquartered in Philadelphia, Magna provides litigation support services to over 13,000 law firms, corporations, insurance carriers, and government agencies. The Company provides critical support to its clients throughout the litigation process, including court reporting, translation, videography, records retrieval, jury evaluation and consulting, graphic design, and trial presentation services. Magna was founded in 2007 and has established itself as one of the industry’s leading and fastest growing litigation support providers, with offices across the US serving clients in all 50 states. Audax Private Debt seeks to collect meaningful, performance-based, and comparable ESG data from its portfolio companies. Our proprietary reporting systems provide us with customized views of qualitative and quantitative ESG data, enhancing our team’s analytical and reporting capabilities. HR Green is a provider of infrastructure design, consulting, and civil engineering services.
Audax Private Equity Partnering with middle market leaders to fuel growth and build value. The observation that everything old is new again, ironically, never seems to get old. This is particularly true in 2023, as vinyl records again outsell CDs and acid-wash jeans plot their own unlikely comeback. Heightened interest in mezzanine financing similarly suggests sponsors have a desire to turn back the clock.
With the possibility of a recession increasing, Audax Private Debt discusses why it’s critical for managers to have robust risk and portfolio management practices to navigate the environment ahead. The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation.
We endeavor to create lasting value with our commercial activities and within our communities. Audax Private Debt announced that it participated in a unitranche credit facility to support the refinancing and acquisition of Qlarion by Sagewind Capital’s portfolio company, GCOM Software (“GCOM” or the “Company”). Audax Group manages capital for investors worldwide, making investments through the full capital structure of the U.S. middle market. The common thread across each of our business lines is a dedicated focus to support middle market companies. As our investment operations and businesses have scaled, our dedication to this segment remains unchanged, creating a competitive advantage and edge to source, support, and help grow middle market companies. The demand for mezzanine today, from borrowers as well as other lenders, is fuelled by the flexibility this form of financing provides.
Chelsea is a Principal at Audax Private Debt, overseeing portfolio management for our Originated Debt platform. Prior to joining Audax in 2009, Alex was a Manager of Business Development at Arrowstreet Capital, where he built relationships with institutional investors on a global basis. Prior to Arrowstreet, Alex was a Principal at Hamersley Partners, where he helped emerging managers raise capital.
With the successful closing of Mezz Fund V, Audax Private Debt will continue to execute on its proven strategy of directly sourcing junior debt investments in private equity sponsor-backed companies in North America. With DLS, Audax Private Debt continues its proven strategy of directly sourcing debt investments in private equity sponsor‐backed middle market companies. The Fund enables Audax Private Debt to utilize its senior and junior debt underwriting expertise to provide unitranche and stretch senior financings of up to $175 million per transaction. Peter is a Managing Director at Audax Private Debt, overseeing our unitranche and junior debt investment teams. He is responsible for originating and executing new investments and monitoring portfolio companies.
Along with his business partner, Geoff Rehnert, Mr. Wolpow manages the firm and has overseen all phases of Audax Group’s development since its founding in 1999. Prior to starting Audax Private Debt in 2000, Kevin was a Managing Director in the Leveraged Finance/Merchant Banking Group at CIBC World Markets Corp. He also previously worked at Drexel Burnham Lambert, Wasserstein Perella and Kidder Peabody, principally in a leveraged finance role. Audax Private Debt achieved the highest position in PitchBook’s 2023 Annual U.S. PE Lending League Tables, securing the #1 spot as the most active lender in U.S. PE. Additionally, the firm is proud to have attained the #1 rank in both the “Overall” and “Select Roles” lists of PitchBook's 2023 U.S.
Replies