Funds managed by the credit group of Ares Management closed approximately $2.1 billion in U.S. direct lending commitments across 35 transactions during Q1/23 and approximately $23.5 billion in U.S. direct lending commitments across 189 transactions in the last 12-month period ended March 31, 2023. Below is a description of selected transactions that Ares closed during the first quarter.
Banyan Software
Ares served as the agent, lead arranger and bookrunner for a senior secured credit facility to support Banyan’s growth plans. Banyan is a holding company comprised of numerous vertical software business, units each of which operates autonomously with oversight from Banyan’s corporate team and a board comprised of experienced software operators and investors.
Burton / LightBay Capital
Ares served as the administrative agent for a senior secured credit facility to support LightBay Capital’s continued growth plans for Burton. Burton is a provider of non-discretionary HVAC, plumbing and electrical services to residential and commercial customers in the Midwest and Mountain West regions.
Coupa Software / Thoma Bravo
Ares served as the joint lead arranger and joint bookrunner for a senior secured credit facility to support Thoma Bravo’s take-private acquisition of Coupa Software. Coupa is the cloud platform for business spend management.
Evolent Health
Ares served as the administrative agent for a senior secured credit facility to support an acquisition for Evolent Health. Evolent Health provides risk-based and non-risk-based services to health plans and providers.
ExtraHop Networks / Bain Capital
Ares served as the lead arranger and bookrunner for a senior secured facility to support Bain Capital’s continued growth plans for ExtraHop Networks. ExtraHop is a cloud-based provider of Network Detection and Response solutions to medium-to-large enterprises with sophisticated cybersecurity needs.
PerkinElmer / New Mountain Capital
Ares served as the joint lead arranger and joint bookrunner for a senior secured credit facility to support New Mountain Capital’s acquisition of the applied, food and enterprise services businesses along with the PerkinElmer brand from PerkinElmer. The newly formed PerkinElmer is a global provider of analytical instrumentation, consumables for sample testing and equipment maintenance and repair services for customers in the biopharma, food, environmental, safety and applied end markets.
PestCo / Thompson Street Capital Partners
Ares served as the joint administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Thompson Street Capital’s continued growth plans for PestCo. PestCo is an industrial services platform serving the commercial and residential segments of the U.S. pest control market.
Pyramid Global Hospitality / TZP Group
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support TZP Group’s continued growth plans for Pyramid Global Hospitality. Pyramid is an independent hotel management company in the U.S. and Western Europe.
Shur-Co / Behrman Capital
Ares served as the administrative agent, joint lead arranger and joint bookrunner to support Behrman Capital’s continued growth plans for Shur-Co. Shur-Co provides cargo covering and cargo control systems and related accessories for trucks, trailers, carts and specialty equipment used in the agriculture, construction, waste, flatbed and rail markets.
United Digestive / Kohlberg & Company
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Kohlberg & Company’s acquisition of United Digestive. United Digestive Holdings is a GI provider in the southeastern U.S.
Worldwide Produce / Ridgemont Equity Partners
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Ridgemont Equity Partners’ acquisition of Worldwide Produce. Worldwide Produce is a distributor of fresh fruits, vegetables, dairy products and specialty foods to restaurants, foodservice customers and grocery stores across the Western United States.
