Fifth Street Serves as Lead Arranger for One-Stop Financing Facility to Valet Waste Supporting the Company's Acquisition by F...
October 06 2015 - 7:00AM
Fifth Street Asset Management Inc. (NASDAQ:FSAM) today announced
that its affiliate, Fifth Street Management LLC, served as Lead
Arranger and Administrative Agent for a one-stop financing facility
in connection with the acquisition of Valet Parent, Inc. ("Valet
Waste") by funds managed by Ares Management, L.P. (NYSE:ARES) and
Harvest Partners, LP. Based in Tampa, Florida, Valet Waste is a
leading national provider of value-added amenity services to the
multifamily housing industry. The financing facility, which
consists of a revolving credit facility and first lien term loan,
includes investments from Fifth Street Finance Corp. (NASDAQ:FSC)
and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR).
Ares' Private Equity Group has approximately $15 billion of
assets under management across three strategies: North
American and European flexible capital, U.S. power and energy
assets and China growth capital. Harvest Partners is a leading
New York-based private equity investment firm pursuing management
buyouts and recapitalizations of North American middle market
companies in the business services and consumer, healthcare
services, industrial services, and manufacturing and distribution
sectors.
"With a seasoned management team, scalable technology platform
and longstanding track record of providing high quality service and
amenities, Valet Waste is a trusted market leader in its industry
that represents a strong addition to our investment portfolios,"
commented Sunny Khorana, Managing Director, Head of Sponsor
Coverage at Fifth Street, adding, "We are pleased to support two
preeminent investors, Ares and Harvest Partners, as they work with
the company's leadership to execute on its long-term growth
strategy."
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. (NASDAQ:FSAM) is a nationally
recognized credit-focused asset manager. The firm has over $5
billion of assets under management across two publicly-traded
business development companies, Fifth Street Finance Corp.
(NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR), as well as multiple private investment
vehicles. The Fifth Street platform provides innovative and
customized financing solutions to small and mid-sized businesses
across the capital structure through complementary investment
vehicles and co-investment capabilities. With over a 17-year
track record focused on disciplined credit investing across
multiple economic cycles, Fifth Street is led by a seasoned
management team that has issued billions of dollars in public
equity, private capital and public debt securities. Fifth
Street's national origination strategy, proven track record and
established platform are supported by nearly 100 professionals
across locations in Greenwich, Chicago and San Francisco. For
more information, please visit fsam.fifthstreetfinance.com
About Valet Waste
Since 1995, Valet Waste has been the Multifamily Housing
Industry's leading provider of five-nights-per-week doorstep trash
and recycling collection. It currently services over 440
management companies and owner groups throughout the multifamily
housing industry that represent over 3.4 million units nationwide.
Valet Waste offers the most requested resident amenities and
services along with unparalleled and proven customer satisfaction.
Its fully insured and uniformed professional valets collect
waste and recyclables from residents' doorsteps and manage
multifamily communities' on-site trash issues by streamlining waste
from the doorstep to the dumpster with our proven systems.
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of Fifth Street Asset Management. Words such as
"believes," "expects," "estimates," "projects," "anticipates," and
"future" or similar expressions are intended to identify
forward-looking statements. These forward-looking statements
are subject to the inherent uncertainties in predicting future
results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements, and these factors are identified from
time to time in the company's filings with the Securities and
Exchange Commission. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
CONTACT: Investor Contact:
Robyn Friedman, Senior Vice President, Head of Investor Relations
(203) 681-3720
ir-fsam@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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