Approximately $3.6 Billion in New Investment Commitments Closed in
the Second Quarter
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 second quarter of
2018, which totaled approximately $3.6 billion in commitments across 57
transactions.
Below is a description of nine transactions that funds managed by the
Ares Credit Group closed during the second quarter.
Avetta / Welsh, Carson, Anderson & Stowe
Ares served as administrative agent, joint lead arranger, joint
bookrunner and issuing lender for a unitranche credit facility to
support the acquisition of a majority stake in Avetta by Welsh, Carson,
Anderson & Stowe. Avetta is a leading supply chain risk management SaaS
platform that electronically connects global enterprise customers to
contractors and suppliers.
Community Brands / Insight Venture Partners
Ares served as administrative agent, lead arranger and bookrunner for
senior credit facilities to support the refinancing of the company’s
existing capital structure and provide the company with additional
acquisition capacity. Community Brands is a leading integrated SaaS
based provider of software and payment services to associations,
non-profits, and schools.
Ferraro Fine Foods Corp. / Kainos Capital
Ares served as administrative agent, joint lead arranger and joint
bookrunner for a senior secured credit facility to support the
acquisition of Ferraro Fine Foods by Kainos Capital. Ferraro Fine Foods
is a leading specialty Italian foodservice distributor in the Eastern
United States.
IMG Midstream / Bregal Energy
Ares served as administrative agent and collateral agent for a first
lien credit facility to support the refinancing of IMG Midstream’s
existing capital structure and provide capital to build out additional
assets. IMG Midstream develops, owns and operates quick start,
small-scale natural gas-fired power generation projects.
McGraw-Hill Education / Apollo Global Management
Ares served as administrative agent, lead arranger and bookrunner for a
term loan to support a refinancing of a portion of the company’s
existing capital structure. McGraw-Hill is a leading provider of
outcome-focused learning solutions, delivering content and digital
products to students in higher education, pre-kindergarten-12th grade,
professional and corporate end markets in over 140 countries.
Omnia Partners / T.A. Associates
Ares served as joint lead arranger and joint lead bookrunner for first
and second lien credit facilities to support Omnia Partners’ acquisition
of U.S. Communities. Omnia Partners (f/k/a National IPA) is a leading
group purchasing organization for public agencies and educational
institutions in the United States.
Pinnacle Education / Vista Equity & Onex Partners
Ares served as joint lead arranger and joint bookrunner on the financing
transaction to support Onex and Vista’s recapitalization of Pinnacle
Education (f/k/a PowerSchool Group and PeopleAdmin, Inc.) and made a
lead investment in the company’s second lien term loan. Pinnacle
Education is a leading provider of student information system and talent
management software solutions to the K-12 education market in North
America and is utilized by over 13,000 K-12 organizations.
Professional Datasolutions / Genstar Capital
Ares served as administrative agent, lead arranger and joint book runner
for senior secured credit facilities in support of Professional
Datasolutions’ acquisition of Excentus. Professional Datasolutions is a
provider of enterprise resource planning software and related services
for multi-unit convenience store retailers & wholesale petroleum
marketers.
R1 RCM
Ares served as joint lead arranger and joint bookrunner for a senior
secured credit facility to support R1 RCM’s acquisition of Intermedix
Corporation, an existing Ares portfolio company. R1 RCM is a provider of
revenue cycle management services and physician advisory services to
healthcare providers, particularly large individual hospitals and
multi-hospital heath systems.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $121.4 billion of assets under
management as of June 30, 2018 and 18 offices in the United States,
Europe, Asia and Australia. 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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