Ares Management and GE Capital announced that the European Senior Secured Loan Programme (ESSLP) has provided a £75 million (approximately $114.4 million) financing package to fund the acquisition of Wireless Logic, an independent machine-to-machine (M2M) managed services provider, by CVC Growth Partners. The acquisition was funded by a £65M ESSLP Unitranche facility, which provides flexible and deliverable financing solutions of scale. In addition, a £10 million ($15.252 million) working capital and acquisition facility was provided by GE Capital.

This deal marks the 12th transaction for the ESSLP since its inception in 2012 and brings total commitments funded to €1.3 billion. The program is structured to provide flexible unitranche financing solutions to European mid-market borrowers.

Michael Dennis, partner in the Direct Lending Group at Ares Management, said: “We felt that unitranche was the most appropriate financing structure given the quality of Wireless Logic’s business and its requirement for a flexible and scalable debt structure. We are delighted to have been selected by CVC as its financing partner for their first transaction utilizing the unitranche product.”

Chris Fowler, executive director at GE Capital, said: “We are delighted to support CVC Growth Partners’ first investment of the new fund. As a market leader in Europe, Wireless Logic is extremely well positioned to capitalize on the explosive growth in the M2M/IoT space. The ESSLP is well suited to an investment of this nature as it combines a day-one flexible financing solution with significant dry powder to support the continued expansion of the business.”