News Details

Approximately $4.5 Billion in New U.S. Direct Lending Commitments Closed in the Third Quarter and Approximately $11.0 billion in the Year-to-Date Period

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 third quarter, funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $4.5 billion in commitments across 56 transactions and in the year-to-date period through September 30, 2019 closed approximately $11.0 billion in commitments across 141 transactions.

Below is a description of selected transactions that Ares closed during the third quarter.

Advarra / Genstar Capital & Linden Capital

Ares served as the administrative agent, joint lead arranger, and joint bookrunner for senior secured credit facilities to support the acquisition of Advarra by Genstar Capital (majority equity owner) and Linden Capital (minority equity owner). Advarra is a leading institutional review board that reviews clinical trials at the time of launch and on an ongoing basis on behalf of pharmaceutical companies, contract research organizations, universities, and hospital systems, respectively, to ensure the protection of human subjects.

Convey Health Solutions / TPG Capital

Ares served as the administrative agent, collateral agent, joint lead arranger and joint lead bookrunner for a senior secured credit facility to support TPG Capital’s acquisition of Convey Health Solutions. Convey is a leading provider of plan administration software, technology-enabled services and advisory solutions to health plans.

Elemica / Eurazeo

Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support the acquisition of Elemica by Eurazeo. Elemica is a leading provider of cloud-based supply chain automation software.

EN Engineering / Kohlberg & Co

Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Kohlberg & Co’s acquisition of EN Engineering. EN Engineering is a leading outsourced provider of comprehensive design, engineering, and consulting services to utilities in the U.S.

EverCommerce / Silver Lake Partners

Ares served as the joint lead arranger and joint lead bookrunner for a senior secured credit facility, which was put in place in conjunction with Silver Lake Partners’ investment in EverCommerce. EverCommerce is a leading service platform that offers businesses a wide range of services and solutions through an integrated software platform including business management tools, payment processing, customer communication and marketing services.

K2 Insurance Services / Lee Equity Partners

Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support Lee Equity Partners’ acquisition of K2 Insurance Services. K2 is a leading underwriting and distribution franchise in the program insurance market.

Nelipak / Kohlberg & Co

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Kohlberg & Co’s acquisition of Nelipak. Nelipak is a leading manufacturer of custom-designed thermoformed packaging for the medical device and pharmaceutical industries.

PetIQ

Ares served as the administrative agent for a senior secured credit facility to support PetIQ’s growth strategy. PetIQ is a manufacturer and distributor of prescription and over-the-counter medication for dogs and cats and offers mobile veterinary clinics across the United States.

Petroleum Service Corporation / Aurora Capital Group

Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Aurora Capital Partners’ acquisition of Petroleum Service Corporation. Petroleum Service Corporation is a leading provider of outsourced services, including product handling and site logistics for the petrochemical, refining, midstream and marine transportation end markets.

Qualifacts / Warburg Pincus

Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support the acquisition of Qualifacts by Warburg Pincus. Qualifacts is a leading provider of electronic health record software for behavioral health organizations to manage clinical, administrative and financial workflows.

Reddy Ice / Stone Canyon Industries

Ares served as the administrative agent, collateral agent, lead arranger and joint bookrunner for a senior secured credit facility to support Stone Canyon’s acquisition of Reddy Ice. Reddy Ice is the largest producer and distributor of packaged ice in North America.

TimeClock Plus / Providence Equity

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Providence Equity’s acquisition of TimeClock Plus. TimeClock is a provider of workforce management software to help companies efficiently manage and optimize their workforces.

WebPT / Warburg Pincus

Ares served as the administrative agent, collateral agent, joint lead arranger and joint lead bookrunner for a senior secured credit facility to support the acquisition of WebPT by Warburg Pincus. WebPT is a leading electronic medical record and practice management software for outpatient physical therapists, occupational therapists and speech-language pathologists.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had $144 billion of assets under management as of September 30, 2019 and employs approximately 1,200 employees in over 20 offices across four continents. Please visit www.aresmgmt.com for additional information.

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Ares Management Corporation
Carl Drake, (888) 818-5298
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or
John Stilmar, (888) 818-5298
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Bill Mendel, 212-397-1030
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Source: Ares Management Corporation