Ares Management’s Credit Group and Ares Capital Corporation Highlight Second Quarter 2017 Financing Commitments
August 04 2017 - 6:15AM
Business Wire
More Than $3.6 billion in New Investment
Commitments Closed in the Second Quarter
The Credit Group of Ares Management, L.P. (“Ares Management”)
(NYSE: ARES) and Ares Capital Corporation (NASDAQ: ARCC) are
providing additional details on new financing commitments in their
U.S. direct lending strategies that closed during the second
quarter, which totaled more than $3.6 billion across 52
transactions. Ares Capital Management LLC (“Ares Capital
Management”) is a subsidiary of Ares Management and the investment
adviser of Ares Capital Corporation.
Below is a description of six transactions that closed during
the second quarter.
Global Healthcare Exchange / Temasek
Ares Capital Management served as the lead arranger and Ares
Capital Corporation served as the administrative and collateral
agent for a second lien term loan to support the acquisition of
Global Healthcare Exchange (GHX) by Temasek. Ares Capital
Corporation also made a preferred equity investment in connection
with the transaction. GHX is a leading provider of on-demand supply
chain automation solutions in the healthcare industry.
OnSolve / Veritas Capital
Ares Capital Management served as the joint lead arranger and
bookrunner and Ares Capital Corporation served as the
administrative and collateral agent for a senior credit facility in
support of the strategic acquisition of Send Word Now by OnSolve, a
Veritas Capital portfolio company. The Senior Direct Lending
Program, a joint venture between Ares Capital Corporation and
Varagon Capital Partners, provided $200.0 million of the senior
credit commitment. OnSolve is a leading global provider of
SaaS-based critical communication solutions for enterprise, SMB,
and government customers.
Acrisure / ABRY Partners
Ares Capital Corporation served as agent and co-lead investor
for a second lien credit facility to support Acrisure’s continued
acquisition strategy. Acrisure is a leading national retail broker
and intermediary between small and middle-market clients seeking
insurance coverage.
Entertainment Partners, LLC
Ares Capital Management served as the sole lead arranger and
sole bookrunner and Ares Capital Corporation served as the
administrative agent for a senior secured credit facility in
connection with the refinancing and strategic acquisition of Base
10 Group (d/b/a Entertainment Partners Canada) by Entertainment
Partners. Entertainment Partners is a leading provider of
entertainment workforce and production management solutions,
offering a broad range of services including payroll processing,
workflow modernization and digitization, residuals management,
productivity technology and background actor casting.
Industrial Container Services / Centerbridge Partners
Ares Capital Corporation served as the administrative and
collateral agent for second lien credit facility to support the
acquisition of Industrial Container Services by Centerbridge
Partners. Industrial Container Services is the largest provider of
steel drum reconditioning and disposition services in the United
States.
JDC Healthcare / Brentwood Associates
Ares Capital Management served as sole lead arranger and
bookrunner and Ares Capital Corporation served as the
administrative agent for a senior secured credit facility to
support the acquisition of JDC Healthcare by Brentwood Associates.
With over 50 years of operating history, JDC Healthcare is a
market-leading regional provider of high-quality dental services in
Texas.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $104 billion of assets
under management as of June 30, 2017 and more than 15 offices in
the United States, Europe and Asia. Since its inception in 1997,
Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that
provides one-stop debt and equity financing solutions to U.S.
middle market companies, venture capital backed businesses and
power generation projects. Ares Capital originates and invests in
senior secured loans, mezzanine debt and, to a lesser extent,
equity investments through its national direct origination
platform. Ares Capital’s investment objective is to generate both
current income and capital appreciation through debt and equity
investments primarily in private companies. Ares Capital has
elected to be regulated as a business development company (“BDC”)
and as of June 30, 2017, was the largest BDC by total assets and
market capitalization. Ares Capital is externally managed by a
subsidiary of Ares Management, L.P. (NYSE:ARES). For more
information about Ares Capital, visit www.arescapitalcorp.com.
However, the contents of such website are not and should not be
deemed to be incorporated by reference herein.
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version on businesswire.com: http://www.businesswire.com/news/home/20170804005218/en/
Investor Relations:Ares ManagementCarl Drake,
888-818-5298cdrake@aresmgmt.comorJohn Stilmar,
888-818-5298jstilmar@aresmgmt.comorMedia:Mendel
Communications LLCBill Mendel,
212-397-1030bill@mendelcommunications.com
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