Ares Management Corporation announced that funds managed by its Credit Group closed approximately $10.1 billion in U.S. direct lending commitments across 78 transactions during the fourth quarter of 2023 and approximately $22.4 billion in direct lending commitments across 217 transactions in the year ended December 31, 2023. Below is a description of selected transactions that Ares closed during the fourth quarter of 2023.
AirX Climate Solutions / Gryphon
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Gryphon's acquisition of AirX Climate Solutions. AirX is a leading designer, manufacturer, distributor, and servicer of highly-engineered, functionally-critical specialty HVAC products across end markets such as telecommunications, data centers, energy storage, rental, educational, industrial, and commercial.
Apex Service Partners / Alpine Investors
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured facility in connection with Alpine Investors' single-asset continuation transaction to support the continued growth of Apex Service Partners. Apex is a market-leading home services platform providing critical residential HVAC, plumbing, and electrical maintenance, repair, and replacement services throughout the United States.
Avetta / Welsh, Carson, Anderson & Stowe
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a new senior secured credit facility to support the continued growth plan for Avetta. Avetta is a supply chain risk management Software-as-a-Service platform that connects global enterprise customers to contractors and suppliers.
BradyIFS / Kelso and Warburg Pincus
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support BradyIFS' acquisition of Envoy Solutions. The combined business, which will be owned by Kelso & Company and Warburg Pincus, is one of the largest distribution platforms in North America, providing a broad range of products to customers, including foodservice disposables, janitorial sanitation products, and industrial packaging.
CIRCOR International / KKR
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support KKR's take-private acquisition of CIRCOR International. CIRCOR is a leading manufacturer of pumps, valves, and fluid control components for industrial and aerospace & defense end markets.
DOXA Insurance / Goldman Sachs
Ares served as the administrative agent, joint lead arranger, and joint bookrunner for a senior secured credit facility supporting Goldman Sachs' acquisition of DOXA Insurance. DOXA is a leading specialty managing general agent insurance distribution platform underwriting risk on behalf of insurance carriers across 15+ programs, covering a variety of different end-markets and risk classes.
Exostar / Arlington Capital Partners
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Arlington Capital Partners' acquisition of Exostar. Exostar is a leading provider of mission critical supply chain, identity management, and collaboration software solutions for A&D, healthcare, and life sciences customers.
Omega Healthcare / Goldman Sachs
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a new senior secured credit facility to support Goldman Sachs' continued growth plans for Omega Healthcare. Omega Healthcare is a leading provider of outsourced Revenue Cycle Management services to the U.S. healthcare industry.
PetVet Care Centers / KKR
Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility for the refinancing of the Company's existing capital structure to support KKR's continued growth plans for PetVet Care Centers. PetVet is a leading national network of veterinary hospitals in the US, operating general practice and specialty veterinary hospitals for pets.
Road Safety Services / Harvest Partners
Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support the acquisition of Road Safety Services by funds managed by Harvest Partners. Road Safety Services is a market-leading provider of Pavement Marking and Traffic Control Services.
Vertex Service Partners / Alpine Investors
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support platform M&A for Vertex, an existing Alpine portfolio company. Vertex is an exterior residential services platform focused on residential repair and replacement roofing services (i.e., roofing, windows, siding, gutters).
VIVE Collision / Greenbriar Equity Group
Ares served as the administrative agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support Greenbriar Equity Group's acquisition of VIVE Collision. VIVE is a leading operator of collision repair centers in the northeast United States.