$12.8 Billion in New Commitments Closed in the Second Quarter, Reaching a Record of $38.3 Billion Closed in the 12 Months Ended June 30, 2024
NEW YORK, NY / ACCESSWIRE / August 2, 2024 / Ares Management Corporation (NYSE:ARES) announced today that funds managed by its Credit Group (collectively "Ares") closed approximately $12.8 billion in U.S. direct lending commitments across 93 transactions during the second quarter of 2024 and approximately $38.3 billion in direct lending commitments across 295 transactions in the 12 months ended June 30, 2024. The $38.3 billion of commitments over the 12-month period represents a new record for the U.S. Direct Lending business. Below is a description of selected transactions that Ares closed during the second quarter of 2024.
Accertify / Accel-KKR
Ares served as the administrative agent, sole lead arranger and book runner for a senior secured credit facility to support Accel-KKR's acquisition of Accertify. Accertify is a leading provider of fraud prevention, chargeback management, account protection, and payment gateway solutions.
Bluegrass Ingredients / TA Associates
Ares served as the administrative agent, sole lead arranger and sole book runner for a senior secured credit facility to support TA Associates' acquisition of Bluegrass Ingredients. Bluegrass Ingredients develops and manufactures customized natural and clean label flavorings, primarily specialty dairy powders, for the food & beverage end market.
Community Veterinary Partners ("CVP") / OMERS Private Equity
Ares served as the administrative agent, joint lead arranger and joint book runner for a senior secured credit facility to support the sponsor's continued growth plans for CVP. CVP is a leading veterinary network and operator of vet hospitals with 140+ practices across 18 states with regional density in the Northeast and Mid-Atlantic regions.
Dotmatics / Insight Partners
Ares served as the administrative agent, joint lead arranger and joint book runner for a senior secured credit facility to support the sponsor's continued growth plans for Dotmatics. Dotmatics is a premier provider of data analytics, statistics and graphing software solutions for scientific research applications.
Elida Beauty / Yellow Wood Partners
Ares served as the administrative agent, joint lead arranger and joint book runner for a senior secured credit facility to support Yellow Wood Partners' acquisition of Elida Beauty. Elida Beauty is a personal care platform that markets and distributes consumer brands in North America, Europe and throughout the globe.
HuFriedy Group / Peak Rock Capital
Ares served as administrative agent and joint lead arranger for a senior secured credit facility to support Peak Rock Capital's acquisition of HuFriedy Group. HuFriedy is a market-leading manufacturer and marketer of dental instruments, infection prevention & control products, and conscious sedation equipment.
Pye Barker Fire & Safety / Leonard Green & Partners and Altas Partners
Ares served as the joint lead arranger for a senior secured credit facility to support the sponsors' continued growth plans for Pye Barker. Pye Barker is a market leading provider of highly recurring, non-discretionary, and non-deferrable fire protection services to commercial customers in a variety of end markets across the United States.
Quick Quack Car Wash / Seidler Equity Partners, KKR and Management
Ares served as the joint lead arranger and joint book runner for a senior secured credit facility to support the continued growth plans for Quick Quack. Quick Quack is a leading express car wash platform with locations across California, Texas, Utah, Arizona, and Colorado.
Reddy Ice / Stone Canyon Industries
Ares served as the administrative agent, lead arranger and joint book runner for a senior secured credit facility to support the sponsor in executing on the Company's acquisition strategy and continued growth plans. Reddy Ice is a leading packaged ice producer and distributor in North America, providing bagged ice to customer locations across the Central, Mid-Atlantic, Southeast and West regions of the U.S.
RLDatix / TA Associates and Five Arrows Capital
Ares served as a lender for a senior secured credit facility to support the sponsors' continued growth plans for RLDatix. RLDatix is a global provider of Connect Healthcare Operations including patient safety, compliance and workforce management software for the healthcare industry.
Sunvair Aerospace Group / Greenbriar Equity Partners
Ares served as the administrative agent, sole lead arranger and book runner for a senior secured credit facility to support Greenbriar Equity Partners' acquisition of Sunvair. Sunvair is a global provider of aircraft component maintenance, repair, and overhaul (MRO) services, specializing in engineering-centric aircraft accessory repair and landing gear overhauls.
About Ares Management Corporation
Ares Management Corporation (NYSE:ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2024, Ares Management Corporation's global platform had over $447 billion of assets under management, with more than 2,950 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
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SOURCE: Ares Management Corporation
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