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Ares Management Corporation Announces U.S. Direct Lending Origination Activity for Second Quarter and Last Twelve Months
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Rhea-AI Summary
Ares Management Corporation (NYSE: ARES) reported approximately $5.9 billion in U.S. direct lending commitments across 58 transactions for Q2 2022, compared to $9.0 billion in the same quarter last year. In the last twelve months, Ares closed approximately $31.8 billion in commitments across 259 transactions, down from $21.8 billion a year prior. Additionally, Ares acquired a portfolio of $2.4 billion in middle market loans during Q2 2022.
Positive
Closed approximately $5.9 billion in direct lending commitments in Q2 2022.
Acquired a portfolio of $2.4 billion of middle market loans.
Negative
Direct lending commitments decreased from $9.0 billion in Q2 2021 to $5.9 billion in Q2 2022.
Total commitments declined from $21.8 billion in the last twelve months ending June 30, 2021, to $31.8 billion in the same period for 2022.
Approximately $5.9 Billion in New Commitments Closed in the Second Quarter and Approximately $31.8 Billion closed in the Last Twelve Months Ended June 30, 2022
NEW YORK--(BUSINESS WIRE)--
Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.9 billion in U.S. direct lending commitments across 58 transactions during the second quarter of 2022 and approximately $31.8 billion in direct lending commitments across 259 transactions in the last twelve-month period ended June 30, 2022. In addition, Ares also acquired a portfolio of approximately $2.4 billion of middle market loans during the second quarter. This compares to the $9.0 billion in commitments closed on 77 transactions during the second quarter of 2021 and approximately $21.8 billion in commitments on 221 transactions in the twelve-month period ended June 30, 2021. Below is a description of selected transactions that Ares closed during the second quarter.
AffiniPay / TA Associates
Ares served as the administrative agent and sole lead arranger for a senior secured credit facility to support AffiniPay’s acquisition of MyCase. AffiniPay is a market leader in professional services payments serving legal, accounting, architectural, engineering and construction firms.
American Technologies, Inc. / TSG Consumer Partners
Ares served as the administrative agent for a senior secured credit facility to support TSG Consumer Partners’ growth plans for American Technologies, Inc (ATI). ATI is a leading disaster recovery firm that provides a wide range of restoration, remediation and reconstruction services across a spectrum of industries and end markets.
Beeline / Stone Point Capital
Ares served as the joint lead arranger and joint bookrunner for a senior secured credit facility to support Stone Point Capital’s acquisition of Beeline. Beeline is a leading provider of extended workforce management software supporting global enterprises.
Bottomline Technologies / Thoma Bravo
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support Thoma Bravo’s acquisition of Bottomline Technologies. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions.
Crete Mechanical Group / Ridgemont Equity Partners
Ares served as the administrative agent, joint lead arranger and sole bookrunner for a senior secured credit facility to support Ridgemont Equity Partners’ growth plans for Crete Mechanical Group (CMG). CMG is a leading provider of commercial HVAC, electrical, plumbing and building automation services to industrial, multi-family, government, healthcare, education and other end markets.
Foundation Risk Partners / Warburg Pincus
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Warburg Pincus’ growth plans for Foundation Risk Partners (FRP). FRP is a leading national insurance broker, providing property & casualty and employee benefits services primarily to middle-market commercial and personal clients.
Kaseya / Insight Partners
Ares served as the joint lead arranger and joint book runner for a senior secured credit facility to support Kaseya’s acquisition of Datto, Inc. Kaseya is a premier provider of unified IT management and security software for managed service providers and small to medium-sized businesses.
Mimecast / Permira Advisers
Ares served as the administrative agent and joint lead arranger for a senior secured credit facility to support Permira Advisors’ acquisition of Mimecast. Mimecast is a leading provider of next-generation cybersecurity software focused on e-mail security for businesses.
Premise Health / OMERS Private Equity
Ares served as the administrative agent, joint lead arranger, and joint lead bookrunner for a senior secured credit facility to support Premise Health, an existing portfolio company of OMERS Private Equity. Premise Health is a leading provider of employer-sponsored healthcare, operating 850+ onsite health clinics and pharmacies in 45 states to serve blue-chip customers across a diverse range of end-markets.
Woodstream / Bansk Group
Ares served as the administrative agent, joint lead arranger and joint bookrunner for a senior secured credit facility to support Bansk Group’s growth plans for Woodstream. Woodstream manufactures, designs, and markets pest control and animal products such as rodent traps, insect traps, and bird feeders in the United States, Canada and Europe.
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 June 30, 2022, Ares Management Corporation's global platform had approximately $334 billion of assets under management, with over 2,300 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
