New financing commitments made across Ares Management‘s U.S. direct lending strategies more than doubled to $33.4 billion in 2021 compared with 2020. Funds managed by Ares Management’s Credit Group closed approximately $13.7 billion in commitments across 93 transactions during the fourth quarter of 2021 and approximately $33.4 billion in commitments across 269 transactions in the year ended Dec. 31, 2021. This compares to the $7.3 billion in commitments closed across 68 transactions during the fourth quarter of 2020 and approximately $13.7 billion in commitments across 163 transactions in the year ended Dec. 31, 2020.
“We closed out a record year as our direct lending investment activity reflects both an expanding market for flexible capital solutions and Ares’ increased scale,” Kipp deVeer, head of the Ares credit group, said. “During 2021, our incumbent relationships and large client base of over 600 sponsors provided significant competitive advantages with more than 70% of our transactions being completed with existing sponsor relationships.”
Below is a description of selected transactions that Ares closed during the fourth quarter.
BioIVT / Linden Capital Partners
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Linden Capital Partners’ acquisition of BioIVT. BioIVT is a provider of mission-critical biological specimens and related services for the pharmaceutical discovery and development market.
Businessolver / Stone Point Capital
Ares served as the administrative agent for a senior secured credit facility to support Stone Point Capital’s acquisition of Businessolver. Businessolver is a provider of SaaS-based benefits administration solutions and technology services.
Chamberlain Group / Blackstone
Ares served as the administrative agent, lead arranger and lead bookrunner for a senior secured credit facility to support Blackstone’s acquisition of Chamberlain Group. Chamberlain Group is a provider of smart access solutions across residential and commercial properties.
Cornerstone OnDemand / Clearlake Capital
Ares served as the joint lead arranger and joint bookrunner for a senior secured credit facility to support Clearlake Capital’s acquisition of Cornerstone OnDemand. Cornerstone is a provider of cloud-based talent management software solutions.
Dye & Durham
Ares served as the administrative agent and sole lead arranger for a senior secured credit facility to support the operations and growth of Dye & Durham. Dye & Durham is a provider of cloud-based workflow management software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals conducting real estate, corporate and commercial transactions.
Foundation Risk Partners / Warburg Pincus
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to Foundation Risk Partners to support the company’s continued growth plans. Foundation Risk Partners is a full-service, independent insurance brokerage platform.
Harvey Performance Company / Berkshire Partners
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Berkshire Partners’ majority investment in Harvey Performance Company. Harvey Performance Company is a designer and manufacturer of specialized cutting tools for precision machining applications.
Ministry Brands / Reverence Capital Partners
Ares served as the administrative agent, joint lead arranger and joint lead bookrunner for a senior secured credit facility to support Reverence Capital Partners’ acquisition of Ministry Brands. Ministry Brands is a provider of cloud-based software, payments solutions, services and information platforms for churches, ministries and those they serve.
Moon Valley Nurseries / Stonecourt Capital
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Stonecourt Capital’s acquisition of Moon Valley Nurseries. Moon Valley Nurseries is a vertically integrated large tree and shrub nursery.
Pritchard Industries / Littlejohn & Co.
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Littlejohn & Co.’s acquisition of Pritchard Industries. Pritchard Industries is a full-service provider of essential commercial janitorial cleaning services.
Stamps.com / Thoma Bravo_x000D_
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support Thoma Bravo’s acquisition of Stamps.com. Stamps.com is a provider of e-commerce shipping software solutions to customers including consumers, small businesses, e-commerce shippers, enterprises and high-volume shippers.
