More Than $3.6 billion in New Investment Commitments Closed in the Second Quarter
NEW YORK — August 4, 2017 — The Credit Group of Ares Management, L.P. (“Ares Management”) (NYSE: ARES) and Ares Capital Corporation (NASDAQ: ARCC) are providing additional details on new financing commitments in their U.S. direct lending strategies that closed during the second quarter, which totaled more than $3.6 billion across 52 transactions. Ares Capital Management LLC (“Ares Capital Management”) is a subsidiary of Ares Management and the investment adviser of Ares Capital Corporation.
Below is a description of six transactions that closed during the second quarter.
Global Healthcare Exchange / Temasek
Ares Capital Management served as the lead arranger and Ares Capital Corporation served as the administrative and collateral agent for a second lien term loan to support the acquisition of Global Healthcare Exchange (GHX) by Temasek. Ares Capital Corporation also made a preferred equity investment in connection with the transaction. GHX is a leading provider of on-demand supply chain automation solutions in the healthcare industry.
OnSolve / Veritas Capital
Ares Capital Management served as the joint lead arranger and bookrunner and Ares Capital Corporation served as the administrative and collateral agent for a senior credit facility in support of the strategic acquisition of Send Word Now by OnSolve, a Veritas Capital portfolio company. The Senior Direct Lending Program, a joint venture between Ares Capital Corporation and Varagon Capital Partners, provided $200.0 million of the senior credit commitment. OnSolve is a leading global provider of SaaS-based critical communication solutions for enterprise, SMB, and government customers.
Acrisure / ABRY Partners
Ares Capital Corporation served as agent and co-lead investor for a second lien credit facility to support Acrisure’s continued acquisition strategy. Acrisure is a leading national retail broker and intermediary between small and middle-market clients seeking insurance coverage.
Entertainment Partners, LLC
Ares Capital Management served as the sole lead arranger and sole bookrunner and Ares Capital Corporation served as the administrative agent for a senior secured credit facility in connection with the refinancing and strategic acquisition of Base 10 Group (d/b/a Entertainment Partners Canada) by Entertainment Partners. Entertainment Partners is a leading provider of entertainment workforce and production management solutions, offering a broad range of services including payroll processing, workflow modernization and digitization, residuals management, productivity technology and background actor casting.
Industrial Container Services / Centerbridge Partners
Ares Capital Corporation served as the administrative and collateral agent for second lien credit facility to support the acquisition of Industrial Container Services by Centerbridge Partners. Industrial Container Services is the largest provider of steel drum reconditioning and disposition services in the United States.
JDC Healthcare / Brentwood Associates
Ares Capital Management served as sole lead arranger and bookrunner and Ares Capital Corporation served as the administrative agent for a senior secured credit facility to support the acquisition of JDC Healthcare by Brentwood Associates. With over 50 years of operating history, JDC Healthcare is a market-leading regional provider of high-quality dental services in Texas.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $104 billion of assets under management as of June 30, 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.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and as of June 30, 2017, was the largest BDC by total assets and market capitalization. Ares Capital is externally managed by a subsidiary of Ares Management, L.P. (NYSE:ARES). For more information about Ares Capital, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
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