Sentinel Capital Partners, a New York-based private equity firm, recently announced a $33 million recapitalization of Cottman Transmission Systems LLC. The company is a franchisor of automotive transmission centers which repairs, rebuilds and services transmission and related drive components.
Antares Capital Management and GE Capital Commercial Finance, Cottman’s existing senior lenders, co-managed the senior secured credit facility for the transaction.
Sentinel acquired the transmission service company in July 1999 for $50 million (see Buyouts 9/13/1999). Antares and Heller Financial provided senior debt for the original deal, with Sentinel providing the equity from Sentinel Equity Partners I and II.
Sentinel closed its most recent fund, Fund II, in June 1999, at $126 million.
Sentinel buys and builds mid-market companies in the U.S. and Canada and currently has $200 million in capital under management spread across 14 companies in its portfolio.
Cottman Transmission currently operates 365 franchises in North America, increasing it total number of centers by 100 since Sentinel purchased the Fort Washington, Penn.-based company.