Ares Management Corporation announced that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.7 billion in U.S. direct lending commitments across 45 transactions during the third quarter of 2022 and approximately $32 billion in direct lending commitments across 251 transactions in the last twelve-month period ended September 30, 2022. This compares to the $7.2 billion in commitments closed on 54 transactions during the third quarter of 2021 and approximately $27 billion in commitments on 244 transactions in the twelve-month period ended September 30, 2021. Below is a description of selected transactions that Ares closed during the third quarter.
Discovery Life Sciences / Water Street Healthcare Partners
Ares served as the administrative agent, lead arranger, and bookrunner for a senior secured credit facility to support Discovery Life Sciences’ acquisition of AllCells. Discovery combines the world’s largest commercial biospecimen inventory and procurement network with preeminent multi-omic service laboratories to accelerate precision medicine programs for cancer, infectious disease, and other complex conditions.
Evolent Health
Ares served as the administrative agent for a senior secured credit facility to support Evolent Health’s acquisition of Implantable Provider Group (IPG). Evolent Health provides risk-based and non-risk-based services to health plans and providers.
Five Star Food Service / Freeman Spogli & Co.
Ares served as an administrative agent, joint lead arranger, and joint bookrunner for a senior secured credit facility to support Freeman Spogli & Co.’s growth plans for Five Star Food Service. Five Star is a provider of on-site vending and micro market solutions to employers.
LeanTaaS / Bain Capital (US)
Ares served as the lead arranger and bookrunner for a senior secured credit facility to support Bain Capital’s acquisition of LeanTaaS. LeanTaas provides a suite of SaaS tools that use predictive analytics to optimize healthcare asset utilization.
Legacy Service Partners
Ares served as an administrative agent for a senior secured credit facility to support Legacy Service Partner’s continued growth. Legacy Service Partners is a family of home services brands focused on residential HVAC, plumbing, and electrical services.
LJP Waste Solutions / Nonantum Capital Partners
Ares served as the administrative agent and sole lender for a senior secured credit facility to support Nonantum Capital Partners’ acquisition of LJP Waste Solutions. LJP is a leading regional provider of non-hazardous solid waste and recycling services that specializes in zero landfill and waste-to-energy solutions.
NSM Insurance / The Carlyle Group
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support The Carlyle Group’s acquisition of NSM. NSM is a leading national insurance program administrator and managing general agent.
Pueblo Mechanical & Controls / OMERS Private Equity
Ares served as the administrative agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support OMERS Private Equity’s acquisition of Pueblo Mechanical & Controls. Pueblo Mechanical & Controls performs a broad offering of HVAC and plumbing maintenance, replacement, retrofit, repair, and installation services for commercial facilities, school districts, governmental agencies, and municipalities throughout the southwest and Rocky Mountain regions.
Reorg / Permira
Ares served as the joint lead arranger for a senior secured credit facility to support Permira’s acquisition of Reorg. Reorg is a leading global provider of data, analytics and intelligence for the credit markets.
Revenue Management Solutions / Thompson Street Capital Partners
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Revenue Management Solutions (RMS) in their acquisition of OrboGraph. RMS is the leading technology-based healthcare remittance automation platform.
Talent Systems / RedBird Capital Partners
Ares served as the administrative agent and lead arranger for a senior secured credit facility to support RedBird Capital Partners’ acquisition of Talent Systems. Talent Systems is the preeminent casting software and talent marketplace for the entertainment industry.
Tempus
Ares served as the administrative agent, lead arranger, and bookrunner for a senior secured credit facility to support Tempus’ growth initiatives. Tempus is a provider of technology enabled precision medicine solutions.