MidCap, Apollo Partner to Acquire $3.6B Mubadala GE Capital Portfolio

MidCap FinCo Limited, in partnership with other Apollo-managed funds and affiliates, announced it has signed an agreement with Mubadala GE Capital to acquire substantially all of MGEC’s loan portfolio of primarily corporate and real estate loans in the U.S. and Europe with total assets of $3.6 billion (as of June 30, 2015). The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2015.

Based in Abu Dhabi, MGEC is a 50/50 commercial finance joint venture between Mubadala Development Corporation and GE Capital.

“This acquisition advances our strategy to be a significant player in the middle market lending space and builds on our market leading franchises in a number of markets,” said Steve Curwin, CEO of MidCap Financial. “The opportunity to add a highly diversified portfolio of this quality to our platform is unique.”

“We believe that the high quality portfolio that MGEC has built will greatly accelerate our direct origination efforts in the middle market,” said Howard Widra, partner of Apollo Global Management’s credit business, which manages MidCap Financial.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. The firm’s years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial’s debt solutions focus in five areas:

  • General and Healthcare Asset-Based working capital loans collateralized by third-party accounts receivable and other assets;
  • Leveraged loans to companies backed by private equity sponsors;
  • Life Sciences loans to VC-backed and public pharmaceutical, biotech, and medical device companies;
  • Real Estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties; and
  • Lender Finance term loans or revolvers provided across the consumer and commercial finance sectors.

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