Funds managed by the credit group of Ares Management closed approximately $6.1 billion in U.S. direct lending commitments across 53 transactions during Q3/23 and approximately $20.6 billion in direct lending commitments across 189 transactions in the last 12-month period ended Sept. 30.
Below are selected transactions that Ares closed during the third quarter:
Absolute Software / Crosspoint Capital
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Crosspoint Capital’s acquisition of Absolute Software. Absolute Software is a provider of self-healing endpoint management and secure access solutions that serves a variety of end markets, including government, education, healthcare and professional and financial services.
ATI Restoration / TSG Consumer Partners
Ares served as the administrative agent for a senior secured credit facility to support TSG Consumer Partners’ continued growth plans for ATI Restoration. ATI is a provider of mitigation and reconstruction services within the disaster recovery market, serving both residential and commercial customers.
Finastra / Vista Equity Partners
Ares served as a lender for a senior secured credit facility to support Vista’s continued growth plans for Finastra. Finastra is a global software provider serving the financial services industry.
Hanger / Patient Square Capital
Ares served as the administrative agent, sole lead arranger and sole bookrunner for an incremental senior secured credit facility to support Patient Square Capital’s continued growth plans for Hanger. Hanger is a national provider of products and services that assist in enhancing or restoring the physical capabilities of patients with disabilities or injuries, providing orthotic and prosthetic services for more than 150 years.
Hyland Software / Thoma Bravo
Ares served as a lender for a senior secured credit facility to support Thoma Bravo’s refinancing for Hyland. Hyland is an independent content services platform and enterprise content management provider enabling organizations and their customers to capture, manage, access, ingest, index and store content across a diverse set of file types and use cases.
Keter & Waste Harmonics / TPG
Ares served as a joint lead arranger and bookrunner for an incremental first lien term loan and revolving credit facility upsize to support the continued growth plans and merger of Keter (an existing TPG portfolio company) with Waste Harmonics. The combined company is a leading provider of tech-enabled, outsourced managed waste solutions.
Modigent / OMERS Private Equity
Ares served as the administrative agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support OMERS Private Equity’s continued growth plans for Modigent. Modigent is a commercial HVAC, plumbing and controls systems services platform.
PracticeTek / Lightyear Capital, Greater Sum Ventures, Waud Capital Partners
Ares served as the administrative agent, lead arranger and book runner for a senior secured credit facility to support PracticeTek’s (Lightyear Capital and Greater Sum Ventures portfolio company) merger with IPS (Waud Capital Partners portfolio company). The combined company is a provider of software, payments and other tech-enabled solutions to retail healthcare providers.
Prime Capital / Abry Partners
Ares served as the administrative agent for a senior secured credit facility to support Abry Partners’ continued growth plans for Prime Capital. Prime Capital is a wealth, retirement and financial wellness platform based in Kansas with more than 50 offices nationwide.
Priority Waste / TRP Capital Partners
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support TRP Capital Partners’ continued growth plans for Priority Waste. Priority Waste is a fast-growing waste management services provider based in the Midwest.
Simtra BioPharma Solutions / Advent International & Warburg Pincus
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Advent and Warburg Pincus’ formation of Simtra BioPharma Solutions. Simtra is an independent customized aseptic fill-finish contract manufacturer focused on complex parenteral branded drugs for the biopharmaceutical industry.
