Daily News: November 1, 2019

Ares Closes $4.5 Billion in New U.S. Direct Lending Commitments in 3Q/19


Ares Management closed approximately $4.5 billion in commitments across 56 transactions in 3Q/19 and in the year-to-date period through September 30, 2019, closed approximately $11.0 billion in commitments across 141 transactions.

Below are brief descriptions of selected transactions that Ares closed during the Q3:

Advarra / Genstar Capital & Linden Capital
Ares served as the administrative agent, joint lead arranger, and joint bookrunner for senior secured credit facilities to support the acquisition of Advarra by Genstar Capital (majority equity owner) and Linden Capital (minority equity owner). Advarra is an institutional review board that reviews clinical trials at the time of launch and on an ongoing basis on behalf of pharmaceutical companies, contract research organizations, universities, and hospital systems, respectively, to ensure the protection of human subjects.

Convey Health Solutions / TPG Capital
Ares served as the administrative agent, collateral agent, joint lead arranger and joint lead bookrunner for a senior secured credit facility to support TPG Capital’s acquisition of Convey Health Solutions. Convey provides plan administration software, technology-enabled services and advisory solutions to health plans.

Elemica / Eurazeo
Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support the acquisition of Elemica by Eurazeo. Elemica provides cloud-based supply chain automation software.

EN Engineering / Kohlberg & Co
Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Kohlberg & Co’s acquisition of EN Engineering. EN Engineering is an outsourced provider of comprehensive design, engineering, and consulting services to utilities in the U.S.

EverCommerce / Silver Lake Partners

Ares served as the joint lead arranger and joint lead bookrunner for a senior secured credit facility, which was put in place in conjunction with Silver Lake Partners’ investment in EverCommerce. EverCommerce is a service platform that offers businesses a wide range of services and solutions through an integrated software platform including business management tools, payment processing, customer communication and marketing services.

K2 Insurance Services / Lee Equity Partners
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support Lee Equity Partners’ acquisition of K2 Insurance Services. K2 is an underwriting and distribution franchise in the program insurance market.
Nelipak / Kohlberg & Co
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Kohlberg & Co’s acquisition of Nelipak. Nelipak manufactures custom-designed thermoformed packaging for the medical device and pharmaceutical industries.

PetIQ
Ares served as the administrative agent for a senior secured credit facility to support PetIQ’s growth strategy. PetIQ is a manufacturer and distributor of prescription and over-the-counter medication for dogs and cats and offers mobile veterinary clinics across the U.S.

Petroleum Service Corporation / Aurora Capital Group

Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Aurora Capital Partners’ acquisition of Petroleum Service. Petroleum Service provides outsourced services, including product handling and site logistics for the petrochemical, refining, midstream and marine transportation end markets.

Qualifacts / Warburg Pincus
Ares served as the administrative agent, collateral agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support the acquisition of Qualifacts by Warburg Pincus. Qualifacts providers electronic health record software for behavioral health organizations to manage clinical, administrative and financial workflows.

Reddy Ice / Stone Canyon Industries
Ares served as the administrative agent, collateral agent, lead arranger and joint bookrunner for a senior secured credit facility to support Stone Canyon’s acquisition of Reddy Ice. Reddy Ice produces and distributes packaged ice.

TimeClock Plus / Providence Equity

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Providence Equity’s acquisition of TimeClock Plus. TimeClock provides workforce management software to help companies efficiently manage and optimize their workforces.

WebPT / Warburg Pincus
Ares served as the administrative agent, collateral agent, joint lead arranger and joint lead bookrunner for a senior secured credit facility to support the acquisition of WebPT by Warburg Pincus. WebPT is a electronic medical record and practice management software for outpatient physical therapists, occupational therapists and speech-language pathologists.