Approximately $3.6 Billion in New U.S. Direct
Lending Commitments Closed in the First Quarter
Ares Management Corporation (NYSE:ARES) is providing details on
certain new financing commitments made across its U.S. direct
lending strategies. During the first quarter, the Credit Group
closed approximately $3.6 billion in commitments across 45
transactions.
Below is a description of selected transactions that funds
managed by the Ares Credit Group (collectively “Ares”) closed
during the first quarter.
Alera Group / Genstar Capital
Ares served as administrative agent and lead arranger for a
senior secured credit facility to support the company’s organic and
inorganic growth strategy. Sponsored by Genstar Capital, Alera
Group is an independent national insurance and financial services
firm helping clients achieve exceptional outcomes in employee
benefits, property & casualty, risk management and wealth
management.
athenaHealth, Inc. / Veritas Capital & Evergreen Coast
Capital
Ares served as the first lien joint lead arranger and joint
bookrunner and second lien administrative agent and bookrunner for
a senior secured credit facility to support Veritas Capital and
Evergreen Coast Capital’s acquisition of athenaHealth. athenaHealth
provides electronic health record and revenue cycle management
services to the ambulatory healthcare market in the U.S.
Avetta / Welsh, Carson, Anderson & Stowe
Ares served as the administrative agent for a senior secured
credit facility to support the strategic acquisition of BROWZ by
Avetta, a WCAS portfolio company. The combination of Avetta and
BROWZ forms a market-leading SaaS-based supply chain risk
management software platform, which focuses on driving workplace
safety and compliance by electronically vetting and prequalifying a
network of contractors and suppliers and connecting them to global
enterprise customers who primarily operate within industrial end
markets.
Five Star Food Service / Freeman Spogli & Co.
Ares served as the administrative agent, collateral agent, joint
lead arranger and joint bookrunner for a senior secured credit
facility to support Freeman Spogli & Co.’s acquisition of Five
Star Food Service. Five Star is a leading provider of self-checkout
micro markets, automated retail vending services, office coffee and
water solutions, and cafeteria and catering services to corporate
and institutional customers throughout the Southeastern United
States.
IntraPac / ONCAP
Ares served as the administrative agent and collateral agent for
a senior secured credit facility to support a strategic acquisition
by IntraPac and ONCAP’s business plan for the company. IntraPac is
a leading designer and manufacturer of a diversified set of
specialty rigid packing solutions.
Invoice Cloud / General Atlantic
Ares served as the administrative agent, joint lead arranger and
joint lead bookrunner for a senior secured credit facility to
support General Atlantic’s acquisition of Invoice Cloud. Invoice
Cloud is a collection of SaaS-based customer engagement software
assets, primarily focused on electronic payments and processing
related solutions.
Perforce Software / Clearlake Capital
Ares served as a joint lead arranger and joint lead bookrunner
for a senior secured credit facility to support Clearlake Capital’s
simultaneous acquisition and merger of Rogue Wave Software with
Perforce Software, an existing Clearlake portfolio company. The
combined company, Perforce, is a leading provider of enterprise
scale software solutions to technology developers and development
operations teams requiring productivity, visibility, and scale
during all phases of the software development lifecycle.
Pritchard Industries / Alvarez & Marsal Capital
Partners
Ares served as the administrative agent for a senior secured
credit facility to support a strategic acquisition by Pritchard
Industries. Sponsored by Alvarez & Marsal Capital Partners,
Pritchard Industries is a leading provider of facilities services,
delivering a wide-range of janitorial and specialty services to
commercial office buildings, education and government facilities,
sports/entertainment venues, medical complexes and industrial
facilities.
RTI Surgical / Water Street Healthcare Partners
Ares served as the lead arranger, bookrunner, and administrative
agent for a senior secured term loan to support RTI Surgical’s
acquisition of Paradigm Spine. Sponsored by Water Street Healthcare
Partners, RTI is a leading global surgical implant company
providing surgeons with biologic, metal and synthetic implants.
Ultimus Group / GTCR, LLC
Ares served as the joint lead arranger and joint bookrunner for
a senior secured credit facility to support GTCR’s simultaneous
acquisition and merger of Ultimus Fund Solutions and The Gemini
Companies. Ultimus and Gemini are both leading independent fund
administration platforms that address the entire spectrum of fund
lifecycle requirements for asset managers, public plans and
alternative funds, with capabilities spanning across fund
administration, accounting, transfer agency and shareholder
services.
About Ares Management Corporation
Ares Management Corporation is a publicly traded, leading global
alternative asset manager with approximately $137 billion of assets
under management as of March 31, 2019 and 18 offices in the United
States, Europe, Asia, Australia and the Middle East. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190503005077/en/
Ares Management CorporationCarl Drake, (888)
818-5298cdrake@aresmgmt.comorJohn Stilmar, (888)
818-5298jstilmar@aresmgmt.com
Media:Mendel Communications LLCBill Mendel,
212-397-1030bill@mendelcommunications.com
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