KKR served as lead arranger, administrative agent and investor on debt financing supporting Clarience Technologies’ acquisition of Safe Fleet. According to Bloomberg, the debt financing was made up of a $2.775 billion loan. In addition to KKR, Oak Hill Advisors served as joint lead arranger on the transaction.
Clarience Technologies is a provider of visibility and safety technologies for transportation, including vehicle lighting, audible warning systems, telematics solutions and tire monitoring and inflation systems. With the Safe Fleet acquisition, Clarience Technologies adds a set of complementary fleet safety solutions, including video and evidence management, collision prevention, violation detection and trailer temperature control, as well as cargo storage systems, fire-fighting technologies and other solutions.
KKR’s credit vehicles and accounts have been investors in both Safe Fleet and Clarience since 2018 and 2019, respectively.
“This transaction demonstrates how the scale and unique capabilities of our platform benefit the issuers with whom we work. Our longstanding investments in both companies allowed us to move quickly and with conviction to seamlessly deliver a scaled solution for Clarience Technologies and its sponsor, Genstar Capital,” George Mueller, a partner at KKR, said. “We look forward to supporting Clarience, Safe Fleet and Genstar teams as they capitalize on opportunities ahead.”
“Having previously financed Safe Fleet in the syndicated market, we look forward to partnering with Genstar and supporting the combined company in its growth with a tailored private solution,” Eric Muller, portfolio manager and partner at Oak Hill Advisors, said. “Clarience and Safe Fleet are industry-leading businesses, and the combined company is poised to benefit from its expanded market presence and diversification.”
Oak Hill Advisors sourced this transaction through its direct lending partnership with BMO Capital Markets.
