Approximately $3.0 Billion in New Investment Commitments Closed in the First Quarter
NEW YORK — May 7, 2018 — 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 first quarter of 2018, which totaled approximately $3.0 billion in commitments across 49 transactions.
Below is a description of nine transactions that funds managed by the Ares Credit Group closed during the first quarter.
ACA Compliance Group / Starr Investment Holdings
Ares served as administrative agent, collateral agent, lead arranger and bookrunner for a senior secured credit facility to support the acquisition of ACA Compliance Group (“ACA”) by Starr Investment Holdings. ACA provides risk management and technology solutions focused on regulatory compliance, performance, financial crime, and cybersecurity to over 2,800 clients.
Air Medical Group / KKR
Ares served as a lender for an unsecured term loan to support Air Medical Group’s acquisition of American Medical Response. Air Medical Group is one of the largest independent providers of emergency air medical transportation services in the U.S.
Gehl Foods / Wind Point Partners
Ares served as administrative agent, lead arranger and bookrunner for a senior secured credit facility and bridge facility to support the add-on acquisition of California Natural Products and to refinance Gehl Foods’ existing capital structure. Gehl Foods is a leading producer of low-acid, aseptic food and beverage products including cheese sauces, pudding, and nutritional and other dairy-based beverages. California Natural Products is a Tetra Pak-based producer of a wide range of aseptic foods, beverages and specialty ingredients.
Intoxalock / Welsh, Carson, Anderson & Stowe
Ares served as administrative agent, joint lead arranger and joint book runner for a senior secured credit facility to refinance the existing capital structure of Consumer Safety Technology, Inc. (d/b/a “Intoxalock”), a portfolio company of Welsh, Carson, Anderson & Stowe. Founded in 1992, Intoxalock is a leading provider of ignition interlock devices, which are breathalyzer units installed in a DUI offender’s vehicle as part of their sentence as required by a number of states.
MB Aerospace / Blackstone Group
Ares served as administrative agent, collateral agent, sole lead arranger and sole bookrunner of a second lien term loan to support MB Aerospace’s add-on acquisition of Asian Compressor Technology Services and refinancing of existing credit facilities. MB Aerospace is a leading Tier 1 manufacturer of precision aero-engine components offering unique manufacturing capabilities focused on large-diameter tight-tolerance parts and complex, multi-tiered assemblies mostly from exotic alloys, rotating parts, and surface treatments.
Ares served as administrative agent for the upsizing of the company’s first lien delayed draw term loan to support planned capital expenditures. OTG Management is a leading operator of full service sit-down and quick-serve restaurants, bars, lounges and gourmet markets in U.S. airports under franchise names as well as proprietary brand names.
Ares served as lead arranger for a senior secured credit facility to support the acquisition of VIP Petcare by PetIQ. PetIQ is a distributor and manufacturer of veterinarian-grade pet prescription medications, over-the-counter flea and tick preventatives, and health and wellness products for dogs and cats.
Upstream Rehabilitation / Revelstoke Capital Partners
Ares served as joint lead arranger and book runner for a first lien senior secured credit facility to support the acquisition of Drayer Physical Therapy Institute by Upstream Rehabilitation. Upstream Rehabilitation is a leading provider of outpatient rehabilitation services, including free-standing physical therapy clinics, outpatient rehabilitation management services and a member network of rehabilitation service providers.
Visual Edge Technology
Ares served as administrative agent, joint lead arranger and joint lead book runner for an incremental first lien term loan to support Visual Edge Technology’s growth and strategic initiatives. Visual Edge is a leading provider of outsourced office solutions with a focus on printer & copier equipment, parts & supplies, and service.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $112.5 billion of assets under management as of March 31, 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.
Ares Management, L.P.
Carl Drake, (888) 818-5298
John Stilmar, (888) 818-5298
Mendel Communications LLC
Bill Mendel, 212-397-1030