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Fifth Street Arranges Facility in Acquisition of Valet Parent

October 06, 2015, 07:00 AM
Filed Under: Specialty Industries

Fifth Street Asset Management announced that its affiliate, Fifth Street Management LLC, served as lead arranger and administrative agent for a one-stop financing facility in connection with the acquisition of Valet Parent, Inc. ("Valet Waste") by funds managed by Ares Management, L.P. and Harvest Partners, LP. Based in Tampa, Florida, Valet Waste is a leading national provider of value-added amenity services to the multifamily housing industry. The financing facility, which consists of a revolving credit facility and first lien term loan, includes investments from Fifth Street Finance Corp.and Fifth Street Senior Floating Rate Corp.

Ares' Private Equity Group has approximately $15 billion of assets under management across three strategies: North American and European flexible capital, U.S. power and energy assets and China growth capital. Harvest Partners is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of North American middle market companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors.

"With a seasoned management team, scalable technology platform and longstanding track record of providing high quality service and amenities, Valet Waste is a trusted market leader in its industry that represents a strong addition to our investment portfolios," commented Sunny Khorana, Managing Director, Head of Sponsor Coverage at Fifth Street, adding, "We are pleased to support two preeminent investors, Ares and Harvest Partners, as they work with the company's leadership to execute on its long-term growth strategy."

Fifth Street Asset Management Inc. is a nationally recognized credit-focused asset manager. The firm has over $5 billion of assets under management across two publicly-traded business development companies, Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp. as well as multiple private investment vehicles.

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