Approximately $1.7 Billion in New U.S. Direct Lending Commitments Closed in the Second Quarter and Approximately $4.4 Billion in the Year-to-Date Period
Ares Management Corporation (NYSE: ARES) is providing 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 $1.7 billion in commitments across 24 transactions during the second quarter and approximately $4.4 billion in commitments across 64 transactions in the year-to-date period.
Below is a description of selected transactions that Ares closed during the second quarter.
Command Alkon / Thoma Bravo
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Thoma Bravo’s acquisition of Command Alkon. Command Alkon is a leading provider of purpose-built, mission-critical integrated software and technology solutions to the heavy construction industry.
Convey Health Solutions / TPG Capital
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support TPG’s growth plans for Convey Health Solutions. Convey is a leading provider of plan administration software, technology-enabled services and advisory solutions for health plans.
CSC Serviceworks / Pamplona Capital Management
Ares served as the administrative agent and lead arranger for an incremental senior secured credit facility to support Pamplona’s growth plans for CSC Serviceworks. CSC is a leading provider of outsourced laundry equipment services for multi-family housing properties.
HealthEdge Software / Blackstone
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Blackstone’s acquisition of HealthEdge Software, Inc. HealthEdge provides next generation, mission-critical core administrative processing systems solutions to healthcare payors, which help them better administer benefits, configure plans, manage providers and enroll participants.
Labstat / Warburg Pincus
Ares served as the administrative agent for a senior secured credit facility to support Warburg’s strategic growth plans for Labstat. Labstat is a leading provider of specialty analytical chemistry, microbiology and toxicology testing services.
Prometheus Group / Genstar Capital
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support the continued growth of Prometheus Group. Prometheus is an industry leading provider of comprehensive plant maintenance and scheduling software.
Supply Source Enterprises / HIG Capital Management
Ares served as the administrative agent and sole lead arranger for a senior secured credit facility to support HIG Capital Management’s acquisition of Supply Source Enterprises (SSE). SSE is a leading manufacturer of branded and private label personal protective equipment, janitorial, safety, hygiene and sanitation products.
About Ares Management Corporation
Ares Management Corporation is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had approximately $165 billion of assets under management as of June 30, 2020 with more than 1,300 employees operating across North America, Europe, Asia and Australia, pro forma for the acquisition of SSG Capital Holdings Limited which closed on July 1, 2020.
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