OHA is a Joint Lead Arranger of Private Unitranche Financing for Clarience Technologies’ Acquisition of Safe Fleet
February 15 2024 - 10:57AM
Oak Hill Advisors (“OHA”) served as a Joint Lead Arranger to
support the acquisition of Safe Fleet by Genstar-backed Clarience
Technologies (“Clarience”). Clarience and Safe Fleet are leading
manufacturers of mission-critical safety related products serving a
variety of vehicle end-markets, including buses, trucks, emergency
and commercial vehicles. The combination creates a market-leading
platform and one-stop shop for fleets, OEMs and municipalities. OHA
received one of the largest allocations of the multi-billion-dollar
unitranche facility used to finance the acquisition and refinance
existing debt.
OHA has deep knowledge of this industry, having
first invested in Safe Fleet in 2018 in the syndicated market when
Oak Hill Capital Partners acquired the company. OHA also has a
long-standing relationship with Genstar. Given its incumbency and
existing relationships with both sponsors, OHA was brought into
early stages of Safe Fleet’s sale process and was ultimately able
to underwrite the combined company quickly, providing constructive
views enhanced by its close knowledge of the business model and
industry.
“Having previously financed Safe Fleet in the
syndicated market, we look forward to partnering with Genstar and
supporting the combined company in its growth with a tailored
private solution,” said Eric Muller, Portfolio Manager and Partner
at OHA. “Clarience and Safe Fleet are industry-leading businesses,
and the combined company is poised to benefit from its expanded
market presence and diversification.”
This transaction further extends OHA’s strong
sponsor relationship with Genstar, having committed over $2.5
billion to a number of its portfolio companies since 2019.
OHA sourced this transaction through its
strategic direct lending partnership with BMO Capital Markets.
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About OHA: Oak Hill Advisors (OHA) is a
leading global credit-focused alternative asset manager with over
30 years of investment experience. OHA works with institutions and
individuals and seeks to deliver a consistent track record of
risk-adjusted returns with downside focus. The firm manages
approximately $63 billion of capital across credit strategies in
commingled funds, collateralized loan obligations and single
investor mandates as of September 30, 2023. OHA’s emphasis on
long-term partnerships with companies, sponsors and other partners
provides access to a proprietary opportunity set allowing for
customized credit solutions with strength across all market
cycles.
With over 420 experienced professionals across
six global offices, OHA brings a collaborative approach to offering
investors a single platform to meet their diverse credit needs. OHA
is the private markets platform of T. Rowe Price Group, Inc.
(NASDAQ – GS: TROW). For more information, please visit
oakhilladvisors.com.
About Clarience Technologies: Clarience
Technologies is a global transportation technology solutions
provider serving vehicle manufacturers, aftermarket retailers,
commercial fleets and consumers worldwide. Founded in 2020 and
based in Southfield, Michigan, the company’s mission is to bring
total visibility to transportation by delivering the technologies
that keep the world moving forward—made possible by the nearly
3,000 employees who are guided by the company’s CLEAR Principles:
Curiosity, Leadership, Enthusiasm, Accountability and Respect.
Learn more at www.clariencetechnologies.com
About Safe Fleet: Headquartered in
Belton, MO, Safe Fleet owns a portfolio of brands that provide
safety and productivity solutions to fleet vehicle manufacturers
and operators around the world. These brands serve several major
markets including: Bus, Rail, RV, Truck & Trailer, Work Truck,
Law Enforcement, Fire, EMS, Industrial, Construction, Agriculture,
Waste/Recycling and Military. With over 1,600 employees and 14
manufacturing locations, Safe Fleet targets markets with increasing
demand for operator, passenger, and pedestrian safety.
About Genstar: Genstar Capital
(www.gencap.com) is a leading private equity firm that has been
actively investing in high-quality companies for over 30
years. Based in San Francisco, Genstar works in partnership
with its management teams and its network of strategic advisors to
transform its portfolio companies into industry-leading businesses.
Together with Genstar XI, a $13.5 billion vehicle raised in April
2023, and all active funds, Genstar currently has approximately $49
billion of assets under management and targets investments focused
on targeted segments of the financial services, software,
industrials, and healthcare industries.
Natalie Harvard, Head of Investor Relations & Partner
Oak Hill Advisors, L.P.
212-326-1505
nharvard@oakhilladvisors.com
Kristin Celestino, Public Relations
Oak Hill Advisors, L.P.
817-215-2934
kcelestino@oakhilladvisors.com
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