Ares Management Corporation offered details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group closed approximately $3.3 billion in commitments across 54 transactions during the fourth quarter and approximately $14.4 billion in commitments across 195 transactions for the full year 2019.
Below is a description of selected transactions that Ares closed during the fourth quarter.
Cadence Aerospace/Arlington Capital Partners
Ares served as the administrative agent, joint lead arranger and bookrunner for a senior secured credit facility to support a strategic acquisition for Cadence Aerospace. Cadence Aerospace is a precision manufacturer and supplier of flight critical components, subassemblies and assemblies to Tier 1 aero-structures and aero-equipment suppliers and to aircraft original equipment manufacturers for commercial and defense platforms.
FM Systems/Accel-KKR
Ares served as the administrative agent, lead arranger and lead bookrunner for an incremental term loan under the existing senior secured credit facility to support FM System’s acquisition of AsureSpace, a carveout of the public company Asure Software. FM Systems is a leading provider of integrated, web-based facility management tools that help organizations improve the management of space, occupancy and assets while providing greater visibility and insight into their real estate and facility operations. The acquisition of AsureSpace expands FM System’s capabilities within the enterprise booking/scheduling category and provides meaningful cross-sell opportunity into its installed base.
HelpSystems/TA Associates
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support TA Associates’ majority equity investment in HelpSystems. HelpSystems is a leading provider of IT operations management and monitoring, cybersecurity, and business intelligence software for customers worldwide, focusing on cross-platform and IBM i solutions.
Hilb Group/The Carlyle Group
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a Senior Secured credit facility to support the acquisition of The Hilb Group by The Carlyle Group. The Hilb Group is an independent insurance brokerage with a multi-line distribution strategy across commercial P&C and employee benefits products serving small and mid-sized businesses, as well as personal insurance to individuals and high net worth clients.
Labstat/Warburg Pincus
Ares served as the administrative agent and collateral agent for a senior secured credit facility to support Warburg’s strategic growth plans for Labstat. Labstat is a leading provider of specialty analytical chemistry, microbiology and toxicology testing services.
Micromeritics Instrument Corp./SFW Capital Partners
Ares served as the administrative agent for a senior secured credit facility to support the acquisition of Micromeritics by SFW Capital Partners. Micromeritics is a leading provider of analytical instrumentation for particle and materials characterization.
n2y/Providence Equity Partners
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support the acquisition of n2y by Providence Equity Partners. n2y is a provider of SaaS solutions to the PreK-12+ special education market.
Pathway Vet Alliance/Morgan Stanley Private Equity
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Morgan Stanley’s strategic growth plans for Pathway. Pathway is one of the largest owner operators of freestanding veterinary hospitals in the U.S.
PowerSchool/Onex Partners & Vista Equity Partners
Ares served as the sole lender for an incremental senior secured credit facility to support the strategic acquisition of Schoology by PowerSchool. PowerSchool is a leading provider of K-12 education technology solutions including student information systems, enterprise resource planning, talent management, and learning management software.
Wealth Enhancement Group/TA Associates
Ares served as the joint lead arranger for a senior secured credit facility to support the acquisition of Wealth Enhancement Group (“WEG”) by TA Associates. WEG is a leading registered investment advisor that provides a full suite of financial planning and advisory services to individuals and businesses.
Woodstream/Vestar Capital Partners
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Vestar’s strategic plans for Woodstream. Woodstream manufactures and markets consumer products, such as rodent control, pest control for the lawn and garden, and wild birdfeeders in the United States, Canada and European markets.
Zywave/Aurora Capital Group
Ares served as the administrative agent, sole lead arranger and sole lead bookrunner for an incremental senior secured credit facility to support the tuck-in acquisition of miEdge by Zywave. Zywave is a leading provider of SaaS solutions that drive improved performance in sales, marketing and customer retention for P&C and benefits insurance brokers.