A subsidiary of Ares Management entered into a definitive agreement with a subsidiary of BrightSphere Investment Group and Landmark Investment Holdings to acquire 100% of Landmark Partners. The transaction is valued at $1.08 billion.
Ares Commercial Finance provided a $45 million senior secured revolving line of credit to Southern States Cooperative.
Ares Management closed its Ares Pathfinder Fund, L.P. With $3.7 billion in total commitments closed, the fund was significantly oversubscribed at its hard cap and exceeded its original target of $2 billion.
Ares Management won four awards from Private Debt Investor and Private Equity International, including Global Fund Manager of the Year, BDC of the Year (Americas), Distressed Debt Investor of the Year (Asia- Pacific) and Lender of the Year (North America).
Alvarez & Marsal Taxand, an affiliate of global professional services firm Alvarez & Marsal, added Elizabeth “Libby” Goodwin to its federal tax practice as a managing director. Prior to joining A&M, she served as a partner at KPMG in the financial services tax department.
White Oak Commercial Finance hired Garrick Tan, Fridolf Hanson and Bill Kearney as senior business development officers to its ABL and lender finance platform. In their roles, Tan, Hanson and Kearney will focus on sourcing transactions with committed capital needs ranging from $15 million to $250 million.
Credit funds managed by Ares Management provided North American alternative finance provider eCapital with financing for the company’s acquisition of Advantedge Commercial Finance, a UK-based, privately-owned invoice financing company.
California Resources Corporation will complete its financial restructuring and emerge from bankruptcy with a $540 million revolving credit facility, $300 million of secured notes and $200 million of second lien term loan from Ares.
Hornbeck Offshore Services emerged from Chapter 11. As part of its plan of reorganization, Hornbeck also closed on its common stock rights offering, which resulted in a $100 million cash infusion of new equity capital led by the special opportunities funds of Ares Management.
Bombardier closed a three-year $1 billion senior secured term loan facility with HPS Investment Partners, acting as administrative agent, collateral agent and the lead lender for a group including HPS Investment Partners, Apollo Capital Management and Ares Management.