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Ares Management Corporation Provides $350MM Credit Facility to Southern Management Corp.

February 05, 2020, 09:10 AM
Filed Under: Industry News

Ares Management Corporation announced that funds managed by its Alternative Credit strategy have provided a $350 million revolving asset-backed credit facility secured by consumer loans to Southern Management Corporation (“Southern”), a portfolio company of Milestone Partners. The financing will repay Southern’s existing credit facility and support its acquisition of Heights Finance Corporation.

Southern is a leading consumer finance company with approximately 400 branch locations throughout the United States. The company provides fully amortizing installment loans, related credit insurance and ancillary products to individuals with limited access to credit. With the acquisition of Heights Finance Corporation, Southern will be one of the largest participants in the consumer lending industry with branch operations across the mid-west and southern United States.

“We are pleased to complete this transaction with Ares, which positions us well to execute our long-term strategic plan. We are excited to enter this new phase of Southern’s development and we remain committed to serving our customer base and communities with the utmost integrity and the highest levels of professionalism,” said John Keilholz, Chief Executive Officer of Southern.
“This investment represents Ares’ ability to use its significant scale and flexibility in providing asset-oriented, comprehensive financing solutions to the market,” said Keith Ashton, Partner and Co-Head of Ares Alternative Credit. “We are excited to support Southern’s management team as they execute upon their growth plans.”





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