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Ares Management Corporation Announces U.S. Direct Lending Origination Activity for Fourth Quarter and Last Twelve Months 2022
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Ares Management Corporation (NYSE: ARES) reported substantial growth in direct lending commitments, closing approximately $8.3 billion in Q4 2022 and $26.4 billion for the year ending December 31, 2022. Over 50 transactions were completed in the fourth quarter alone. Key transactions included facilitating credit facilities for notable acquisitions such as Avalara by Vista Equity Partners and Zendesk by Permira Advisors and Hellman & Friedman. As of December 31, 2022, Ares managed about $352 billion in assets globally, showcasing a robust investment landscape amidst diverse market cycles.
Positive
Closed approximately $8.3 billion in U.S. direct lending commitments in Q4 2022 across 50 transactions.
Totaling approximately $26.4 billion in direct lending commitments in the last twelve months.
Involved in major transactions including support for acquisitions of Avalara, Zendesk, and Hanger, indicating strong market presence.
Ares managed approximately $352 billion in assets under management as of December 31, 2022.
Negative
None.
Approximately $8.3 Billion in New Commitments Closed in the Fourth Quarter and Approximately $26.4 Billion closed in the Last Twelve Months Ended December 31, 2022
NEW YORK--(BUSINESS WIRE)--
Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $8.3 billion in U.S. direct lending commitments across 50 transactions during the fourth quarter of 2022 and approximately $26.4 billion in direct lending commitments across 208 transactions in the last twelve-month period ended December 31, 2022. Below is a description of selected transactions that Ares closed during the fourth quarter.
Avalara / Vista Equity Partners Ares served as the joint lead arranger and joint bookrunner for a senior secured credit facility to support Vista Equity Partners’ acquisition of Avalara. Avalara is a leading provider of cloud-based, mission-critical sales & use tax compliance software across a variety of end markets and size tiers.
Community Veterinary Partners / OMERS Private Equity Ares served as the administrative agent, sole lead arranger and sole bookrunner for an upsize to the senior secured credit facility to support OMERS Private Equity’s continued growth plans for Community Veterinary Partners. CVP is a leading veterinary network and operator of GP / Specialty vet hospitals with 100+ practices across 18 states.
Computer Services, Inc. / Centerbridge Partners & Bridgeport Partners Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support Centerbridge Partners and Bridgeport Partners’ joint acquisition of Computer Services, Inc. (“CSI”). CSI is a leading infrastructure software provider to SMB community banks in the United States.
Hanger, Inc. / Patient Square Capital Ares served as the administrative agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support Patient Square Capital’s acquisition of Hanger. Hanger is a leading national provider of orthotics and prosthetics clinical services and products that assist in enhancing or restoring the physical capabilities of patients with disabilities, diseases, or injuries.
Infinity Home Services / LightBay Capital and Freeman Spogli & Co. Ares served as the administrative agent, lender, joint lead arranger and joint bookrunner for a senior secured credit facility to support LightBay and Freeman Spogli’s acquisition of Infinity Home Services. Infinity Home Services is a leading provider of residential roofing and exterior repair and replacement services.
Inszone Insurance Services / BHMS Investments
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support BHMS Investments’ continued growth plans for the Inszone Insurance Services. Inszone is a west-coast based insurance brokerage platform offering business, personal, vehicle, home insurance and additional products.
Lipari Foods / Littlejohn & Co. Ares served as a joint lead arranger and joint bookrunner for a new senior secured credit facility to support Littlejohn & Co.’s acquisition of Lipari Foods. Lipari Foods is a leading distributor and value‐added manufacturer of “perimeter‐of‐the‐store” specialty foods across the United States.
MacLean Power Systems / Centerbridge Partners Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Centerbridge Partners’ investment in MacLean Power Systems. MacLean Power Systems is a leading manufacturer and supplier of highly engineered products for transmission, distribution, substation and communications infrastructure.
Nielsen / Elliott Investment Management L.P. & Brookfield Asset Management
Ares served as the administrative agent for a senior secured credit facility to support Elliott Investment Management L.P. and Brookfield Asset Management’s take-private acquisition of Nielsen Holdings, Inc. Nielsen is a provider of independent, third-party measurement data and ratings to the TV advertising industry.
Zendesk, Inc. / Permira Advisers and Hellman & Friedman
Ares served as joint lead arranger for a senior secured credit facility to support Permira Advisors and Hellman & Friedman’s acquisition of Zendesk. Zendesk is a leading provider of cloud-based, mission-critical customer support solutions to customers across end markets and all sizes.
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, private equity, real estate 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 December 31, 2022, Ares Management Corporation's global platform had approximately $352 billion of assets under management, with over 2,550 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
