Ares Capital Corporation is providing additional details on its financing commitments closed during the second quarter of 2016. Financing commitments made by Ares Capital in the second quarter totaled over $530 million across 11 transactions.
“Ares Capital’s size and scale has always been a key competitive advantage as we are able to offer full financing solutions to our clients,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Our market-leading position continues to provide us with investment opportunities, which we believe translate into attractive risk-adjusted returns for our shareholders.”
Below is a description of seven transactions that closed during the second quarter.
Advanced Dermatology / Harvest Partners
Ares Capital served as joint lead arranger and joint bookrunner for a $320.0 million senior secured credit facility to support Harvest Partners’ acquisition of Advanced Dermatology. Advanced Dermatology & Cosmetic Surgery is a dermatology-focused physician practice management company, with clinics around the United States which provide clinical, cosmetic, and pathology services.
North American Partners in Anesthesia (NAPA) / American Securities
Ares Capital served as administrative agent and lead arranger for a $150.0 million second lien term loan to support American Securities’ acquisition of NAPA. Founded in 1986, NAPA is a leading single-specialty anesthesia and perioperative management company in the United States. NAPA is comprised of highly respected clinical staff, providing thousands of patients with superior and attentive care.
Accruent / Genstar Capital
Ares Capital served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Genstar Capital’s acquisition of Accruent. Accruent helps real estate and facilities leaders deliver long-term, world-class operational and financial performance through industry-specific suites that deliver greater customer value.
Gentle Dental / Audax Group
Ares Capital served as administrative agent, revolver agent, lead arranger and bookrunner for a senior secured credit facility to support a refinancing of Gentle Dental, an Audax Group portfolio company. Gentle Dental is a leading dental services organization that supports a network of dentists across 33 dental centers in the New England region. Gentle Dental affiliated practices provide comprehensive general dental services as well as specialty services.
Implus Footcare / Berkshire Partners
Ares Capital served as administrative agent for an incremental first lien term loan to support Implus Footcare’s acquisition of Spenco. Spenco is a leading producer of high quality insoles, foot care products, and shoes and provides advanced sports medicine and first aid products. Headquartered in Durham, North Carolina, Implus is an innovative provider of products ranging from footcare and seasonal accessories to fitness and recovery solutions. Implus proudly distributes to over 75,000 retail outlets across North America and in 70 countries worldwide.
MedAssets-Precyse / Pamplona Capital Management
Ares Capital invested in a second lien term loan to support the merger of MedAssets and Precyse, existing portfolio companies of Pamplona Capital Management. The combined MedAssets-Precyse enterprise, now known as nThrive, is the leader in providing end-to-end revenue cycle services, technology and education solutions. The integrated companies offer extensive capabilities to improve organizations' operational health, grow business and ultimately improve the quality of healthcare.
Towne Park / TA Associates
Ares Capital served as administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support a dividend recapitalization of Towne Park, a TA Associates’ portfolio company. Towne Park is one of the largest providers of outsourced valet parking and self-parking management in North America. From coast-to-coast, the company employs thousands of people and serves more than 750 properties from boutique hotels to large resorts and from downtown hospital campuses to community medical centers.
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. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. .