Approximately $3.6 Billion in New U.S. Direct Lending Commitments
Closed in the First Quarter
NEW YORK--(BUSINESS WIRE)--
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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Ares Management Corporation
Carl Drake, (888) 818-5298
[email protected]
or
John
Stilmar, (888) 818-5298
[email protected]
Media:
Mendel Communications LLC
Bill Mendel,
212-397-1030
[email protected]
Source: Ares Management Corporation
