Ares Capital Corporation is providing additional details on its financing commitments closed during the third quarter of 2015. Financing commitments made by Ares Capital in the third quarter totaled over $1.5 billion.
“In the third quarter, we continued to benefit from our scale and capital markets capabilities, which position us well to offer a complete capital structure solution to our clients,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Our strong direct origination and syndication network allowed us to complete a variety of new investments for companies with a broad range of financing needs.”
Below is a description of eight transactions that closed during the third quarter.
American Seafoods / Bregal Partners
Ares Capital served as sole lead arranger, sole bookrunner and administrative agent for $800.0 million of senior secured credit facilities to support the deleveraging recapitalization of American Seafoods. The transaction was sponsored by Bregal Partners, as well as Pacific Seafood Group and other industry investors. American Seafoods is one of the largest seafood companies in the U.S. in terms of revenue and volume. The company harvests and processes a variety of fish species, including Alaska pollock, Pacific whiting (hake), yellowfin sole and Pacific cod, aboard its sophisticated catcher-processor vessels. American Seafoods distributes its products to a diverse group of customers globally.
Nivel / Kelso & Co.
Ares Capital served as administrative agent, joint lead arranger and joint bookrunner for a $215.0 million senior secured credit facility to support a refinancing and the acquisition of Madjax by Nivel, a Kelso & Co. portfolio company. Founded in 2009 and based in Georgia, Madjax distributes wholesale golf cart accessories to a growing network of dealers primarily in the Northeast and Southeast U.S. Nivel is the largest value-added distributor and designer of aftermarket golf cart parts and accessories sold to over 8,000 customers, including golf cart dealers and do-it-yourself consumers.
Dental Care Alliance / Harvest Partners
Ares Capital served as joint lead arranger, joint bookrunner and syndication agent for a $190.0 million senior secured credit facility to support the acquisition of Dental Care Alliance by Harvest Partners. Dental Care Alliance is one of the largest multi-branded dental support organizations in the U.S. The company, founded in 1991 and headquartered in Sarasota, FL, supports a network of 157 practices across eight states in the Midwest, Mid-Atlantic and Southeast U.S. Dental Care Alliance affiliated practices provide a full suite of dental services, including general dentistry, hygiene, pediatric dentistry, orthodontics, endodontics, periodontics and oral surgery.
LBP Manufacturing / Pritzker Group Private Capital
Ares Capital served as the agent, joint lead arranger, bookrunner and syndication agent for a $146.0 million senior secured credit facility to support the acquisition of LBP Manufacturing by Pritzker Group Private Capital. LBP, based in Cicero, Illinois, is a leading manufacturer of paper and corrugated foodservice packaging serving quick service restaurants, convenience stores and foodservice distributors. Key products offered by the company include coffee sleeves, sandwich clamshells, Beverage on the Move (“BOTM”) catering coffee boxes, and upshot filters (k-cups).
CIBT / ABRY Partners
Ares Capital served as co-lead arranger and co-bookrunner for a $26.4 million incremental senior secured delayed draw term loan to support the acquisition pipeline of CIBT, an ABRY Partners portfolio company. Headquartered in McLean, Virginia, CIBT is the largest global provider of visa and passport services. CIBT provides travel-related services to Fortune 500 companies as well as the leading travel management companies, tour operators, humanitarian organizations, and cruise line clients operating in more than 30 locations globally.
Primexx Energy Partners, Ltd.
Ares Capital served as administrative agent for a $125.0 million second lien term loan to support the refinancing of Primexx Energy Partners, Ltd. The company is an independent oil and gas operator, engaged in the acquisition, development and production of oil and natural gas reserves with assets in Texas and Oklahoma, including the Southern Delaware Basin.
Grant Wind Holdings II, LLC / Apex Clean Energy
Ares Capital served as administrative agent and lead arranger for a $23.4 million holding company term loan to support construction of the Grant Wind Project, a wind power generation facility project developed by Apex Clean Energy. Grant Wind is a 152-MW wind power generation facility under construction in Grant County, Oklahoma. Apex is managing construction and will manage the asset during operations.
PerfectServe / MemorialCare Innovation Fund, Piper Jaffray Merchant Banking, River Cities Capital Funds, Spring Mill Venture Partners, Village Ventures
Ares Capital served as administrative agent for a $16.0 million term loan to provide growth capital to PerfectServe. PerfectServe provides PerfectServe Synchrony, which unites physicians, nurses and other care team members and facilitates interaction among them. The solution automatically identifies and provides immediate access to the right care team member, enabling effective population health management through communication-driven workflows.
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects.