Errol Antzis has been named a managing director and principal with VS&A Communications Partners L.P., the private equity arm of merchant bank Veronis Suhler Stevenson, whose name now reflects the promotion of Jeffrey Stevenson to co-CEO.
Antzis’ initial responsibilities include originating and closing deals for new investments. Additionally, he works on add-on investments and transactions involving existing portfolio companies in various media segments. Although it seems that Antzis has his hands full already, he said that over time, he hopes to expand his responsibilities as the firm grows.
He joins the New York-based firm from GE Capital, where he was a managing director and head of the structured finance group’s media and entertainment effort.
“I felt the opportunity at VS&A was more attuned to my interests and skills, and I thought it would be a good change,” Antzis said. “I have been lending and investing in media for the better of 20 years. I was close with Jeffrey Stevenson, and he contacted me. Coming out of the commercial banking arena, I can certainly utilize my skills and contacts.”
Antzis will report to Stevenson, president and managing partner of VS&A Communication Partners. In December, Stevenson was promoted to co-CEO of the fund’s parent.
“[Antzis has done] transactions at all levels of corporate finance and he has worked with media companies from post-venture capital enterprises to mature conglomerates,” Stevenson said. “His industry knowledge and financial skills make him a terrific addition to our operation.”
Indeed, Antzis has covered the spectrum of media financings. During his three-year tenure at GE Capital, he sourced and structured deals across the industry, with a focus on highly structured, high-return transactions. Prior to GE Capital, he spent 10 years at BNP Paribas, where he founded and was group head of the institution’s media and telecommunications finance group.
VS&A Communications Partners III, capitalized at $1 billion, is the firm’s third communications industry-focused fund since 1987. Fund III has invested in seven platform companies in various industry segments since 1999. Its portfolio companies have, in turn, made 27 add-on acquisitions, consistent with the firm’s build-up strategy. Approximately half of Fund III’s capital is still uninvested.
VS&A Communications Partners makes investments ranging from $5 million to $200 million and looks at companies that have a value of between $100 million and $500 million for platform companies and between $5 million and $50 million for add-ons.