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Ares Closes $7.2B in New U.S. Direct Lending Commitments in Q3 2021

October 29, 2021, 08:06 AM
Filed Under: Private Equity News

Ares Management Corporation provided details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $7.2 billion in commitments across 54 transactions during the third quarter of 2021 and approximately $27.0 billion in commitments across 244 transactions in the last twelve-month period ended September 30, 2021. This compares to the $2.0 billion in commitments closed across 31 transactions during the third quarter of 2020 and approximately $8.4 billion in commitments across 149 transactions in the twelve-month period ended September 30, 2020.

Below is a description of selected transactions that Ares closed during the third quarter.

Alera Group / Genstar Capital

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Alera Group’s merger with Propel Insurance. Alera Group is a leading independent, national insurance and financial services firm.

The Ardonagh Group / Madison Dearborn Partners & HPS Investment Partners

Ares led a senior secured credit facility to support the sponsors’ continued growth plans for Ardonagh. Ardonagh is a leading, independent UK insurance intermediary with a diversified set of capabilities across distribution, wholesale and underwriting services.

Arrowhead Engineered Products / Genstar Capital

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Genstar’s acquisition of Arrowhead Engineered Products. Arrowhead is a leading global provider of non-discretionary, proprietary branded, aftermarket replacement parts for a wide variety of motorized vehicles and equipment.

High Street Insurance Partners / Abry Partners

Ares served as the administrative agent, lead arranger and lead bookrunner for a senior secured credit facility to support Abry Partners’ acquisition of High Street Insurance Partners. High Street is a full-service independent insurance brokerage firm providing a broad array of business insurance & risk management, employee benefits & human capital management, financial & retirement services and personal insurance solutions.

Managed Markets Insight & Technology and Evaluate / Welsh, Carson, Anderson & Stowe and Hg Capital

Ares served as the administrative agent for a senior secured credit facility to support the merger of Managed Markets Insight and Technology and Evaluate. The newly formed organization will look tobecome a leading pharma commercial intelligence provider and offer unique and comprehensive data solutions across the drug life cycle.

Sun Auto Tire & Service / Leonard Green & Partners

Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Leonard Green & Partners’ acquisition of Sun Auto. Sun Auto is a leading provider of automotive aftermarket maintenance, repair and tire replacement services.

TurnPoint Services / OMERS Private Equity

Ares served as the administrative agent, sole lead arranger and sole lead bookrunner for a senior secured credit facility to support the growth of TurnPoint Services. TurnPoint is a leading regional provider of non-discretionary plumbing and HVAC maintenance services to residential and commercial customers.







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