Approximately $2.8 Billion in New Investment Commitments Closed in
the Fourth Quarter Resulting in $10.6 Billion for 2017
NEW YORK--(BUSINESS WIRE)--
The Ares Management, L.P. (“Ares Management”) (NYSE: ARES) Credit Group
(including funds managed by Ares Management, collectively “Ares”) is
providing additional details on certain new financing commitments in its
U.S. direct lending strategies that closed during the fourth quarter of
2017, which totaled approximately $2.8 billion in commitments across 53
transactions. The Ares Credit Group closed over $10.6 billion in
commitments across 206 transactions in its U.S. direct lending
strategies for the full year of 2017.
Below is a description of eight transactions that funds managed by the
Ares Credit Group closed during the fourth quarter.
BeyondTrust Software / Veritas Capital
Ares served as
administrative agent, sole lead arranger and bookrunner for a unitranche
credit facility to support the refinancing of BeyondTrust Software’s
existing capital structure. BeyondTrust is a leading provider of
cybersecurity threat management software that enables commercial
enterprises and government customers to eliminate data breaches caused
by insider privilege abuse and external attacks.
Cadence Aerospace / Arlington Capital
Ares served as
administrative agent, joint lead arranger and bookrunner for a first
lien credit facility to support the acquisition of Cadence Aerospace by
Arlington Capital. The company is a leading precision manufacturer and
supplier of flight critical components, subassemblies and assemblies to
Tier 1 aero-structures and aero-equipment suppliers and to aircraft
original equipment manufacturers for commercial and defense platforms.
Foundation Risk Partners / Warburg Pincus
Ares served as
administrative agent, lead arranger and joint bookrunner for the first
lien and second lien credit facilities to support the growth of
Foundation Risk Partners. Foundation Risk Partners is a leading national
insurance broker, providing property & casualty and employee benefits
services primarily to middle-market commercial and personal clients.
Harvey Performance Company / Summit Partners
Ares served as
administrative agent, joint lead arranger and bookrunner for a first
lien credit facility as well as the administrative agent, sole lead
arranger and bookrunner for a second lien credit facility to support the
acquisition of Harvey Performance Company by Summit Partners. Harvey
Performance Company is dedicated to providing world-class products,
services and solutions that increase productivity for customers in the
manufacturing and metalworking industries, including the aerospace and
defense, medical, automotive, industrial motors and telecommunications
sectors. Collectively, the company’s brands offer a broad range of
products and services that help support machinists, engineers, and CNC
programmers while giving their shops a competitive advantage.
ProService Hawaii / FFL Partners
Ares served as
administrative agent, lead arranger and bookrunner for a senior secured
credit facility to support the acquisition of ProService Hawaii by FFL
Partners. The company is a professional employer organization that
provides HR solutions such as payroll processing, workers' compensation,
and healthcare and benefits management to small and medium-sized clients
on a turnkey, fully outsourced basis.
Sigma Electric Manufacturing Corp. / Argand Partners
Ares
served as administrative agent, joint lead arranger and joint bookrunner
for a senior secured credit facility in support of the refinancing of
the company’s existing capital structure. Sigma Electric Manufacturing
Corp. is a leading global manufacturer of metal castings, precision
machined components, and subassemblies for blue chip customers in the
electrical products, power transmission and distribution, and general
industrial markets.
Varsity Brands / Charlesbank Capital Partners
Ares served as
administrative agent, bookrunner and lead arranger for a second lien
term loan to support the recapitalization of Varsity Brands. Varsity
Brands is a leading manufacturer and supplier of team sports, athletic
gear, recognition awards, graduation products, as well as the leading
brand and recognized expert in cheerleading and dance camps,
competitions and uniforms.
VLS Recovery Services / Aurora Capital Partners
Ares served
as administrative agent, joint lead arranger and joint bookrunner for a
senior secured credit facility to support the acquisition of VLS
Recovery Services (“VLS”) by Aurora Capital Partners. VLS is a leading
provider of specialty cleaning and waste processing services. VLS
provides specialty cleaning services of railcars and large industrial
containers for difficult-to-clean products including chemicals, hardened
materials and pressurized gases. The company also provides customized
processing solutions for non-hazardous waste, including waste-to-energy
and other landfill diversion programs, solidification of liquid waste,
recycling, and wastewater treatment. The company operates out of
facility locations in Texas, Georgia, Tennessee, Alabama, and South
Carolina.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $106 billion of assets under management
as of December 31, 2017 and more than 15 offices in the United States,
Europe and Asia. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180220005545/en/
Ares Management, L.P.
Carl Drake, 888-818-5298
[email protected]
or
John
Stilmar, 888-818-5298
[email protected]
or
Media:
Mendel
Communications LLC
Bill Mendel, 212-397-1030
[email protected]
Source: Ares Management, L.P.
