Ares Management Corporation provided 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 $7.2 billion in commitments across 54 transactions during the third quarter of 2021 and approximately $27.0 billion in commitments across 244 transactions in the last twelve-month period ended September 30, 2021. This compares to the $2.0 billion in commitments closed across 31 transactions during the third quarter of 2020 and approximately $8.4 billion in commitments across 149 transactions in the twelve-month period ended September 30, 2020.
Below is a description of selected transactions that Ares closed during the third quarter.
Alera Group / Genstar Capital
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Alera Group’s merger with Propel Insurance. Alera Group is a leading independent, national insurance and financial services firm.
The Ardonagh Group / Madison Dearborn Partners & HPS Investment Partners
Ares led a senior secured credit facility to support the sponsors’ continued growth plans for Ardonagh. Ardonagh is a leading, independent UK insurance intermediary with a diversified set of capabilities across distribution, wholesale and underwriting services.
Arrowhead Engineered Products / Genstar Capital
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Genstar’s acquisition of Arrowhead Engineered Products. Arrowhead is a leading global provider of non-discretionary, proprietary branded, aftermarket replacement parts for a wide variety of motorized vehicles and equipment.
High Street Insurance Partners / Abry Partners
Ares served as the administrative agent, lead arranger and lead bookrunner for a senior secured credit facility to support Abry Partners’ acquisition of High Street Insurance Partners. High Street is a full-service independent insurance brokerage firm providing a broad array of business insurance & risk management, employee benefits & human capital management, financial & retirement services and personal insurance solutions.
Managed Markets Insight & Technology and Evaluate / Welsh, Carson, Anderson & Stowe and Hg Capital
Ares served as the administrative agent for a senior secured credit facility to support the merger of Managed Markets Insight and Technology and Evaluate. The newly formed organization will look tobecome a leading pharma commercial intelligence provider and offer unique and comprehensive data solutions across the drug life cycle.
Sun Auto Tire & Service / Leonard Green & Partners
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Leonard Green & Partners’ acquisition of Sun Auto. Sun Auto is a leading provider of automotive aftermarket maintenance, repair and tire replacement services.
TurnPoint Services / OMERS Private Equity
Ares served as the administrative agent, sole lead arranger and sole lead bookrunner for a senior secured credit facility to support the growth of TurnPoint Services. TurnPoint is a leading regional provider of non-discretionary plumbing and HVAC maintenance services to residential and commercial customers.