Ares Management Corporation Announces U.S. Direct Lending Origination Activity for Third Quarter and Last Twelve Months

Rhea-AI Summary

Ares Management Corporation (NYSE: ARES) reported approximately $5.7 billion in new direct lending commitments closed in Q3 2022 across 45 transactions, amounting to $32 billion in the last twelve months. This represents a decrease from $7.2 billion in Q3 2021. The company facilitated several notable transactions, including funding for Discovery Life Sciences, Evolent Health, and Tempus. As of September 30, 2022, Ares managed approximately $341 billion in assets globally across multiple investment sectors.

Positive

• Achieved $5.7 billion in new commitments in Q3 2022, indicating continued operational activity.
• Total commitments of $32 billion over the last twelve months reflect substantial financing activity.

Negative

• New commitments decreased from $7.2 billion in Q3 2021, signaling a potential slowdown in growth.

Approximately $5.7 Billion in New Commitments Closed in the Third Quarter and Approximately $32 Billion closed in the Last Twelve Months Ended September 30, 2022

NEW YORK--(BUSINESS WIRE)-- Ares Management Corporation announced today that funds managed by its Credit Group (collectively “Ares”) closed approximately $5.7 billion in U.S. direct lending commitments across 45 transactions during the third quarter of 2022 and approximately $32 billion in direct lending commitments across 251 transactions in the last twelve-month period ended September 30, 2022. This compares to the $7.2 billion in commitments closed on 54 transactions during the third quarter of 2021 and approximately $27 billion in commitments on 244 transactions in the twelve-month period ended September 30, 2021. Below is a description of selected transactions that Ares closed during the third quarter.

Discovery Life Sciences / Water Street Healthcare Partners

Ares served as the administrative agent, lead arranger, and bookrunner for a senior secured credit facility to support Discovery Life Sciences’ acquisition of AllCells. Discovery combines the world’s largest commercial biospecimen inventory and procurement network with preeminent multi-omic service laboratories to accelerate precision medicine programs for cancer, infectious disease, and other complex conditions.

Evolent Health

Ares served as the administrative agent for a senior secured credit facility to support Evolent Health’s acquisition of Implantable Provider Group (IPG). Evolent Health provides risk-based and non-risk-based services to health plans and providers.

Five Star Food Service / Freeman Spogli & Co.

Ares served as an administrative agent, joint lead arranger, and joint bookrunner for a senior secured credit facility to support Freeman Spogli & Co.’s growth plans for Five Star Food Service. Five Star is a provider of on-site vending and micro market solutions to employers.

LeanTaaS / Bain Capital (US)

Ares served as the lead arranger and bookrunner for a senior secured credit facility to support Bain Capital’s acquisition of LeanTaaS. LeanTaas provides a suite of SaaS tools that use predictive analytics to optimize healthcare asset utilization.

Legacy Service Partners

Ares served as an administrative agent for a senior secured credit facility to support Legacy Service Partner’s continued growth. Legacy Service Partners is a family of home services brands focused on residential HVAC, plumbing, and electrical services.

LJP Waste Solutions / Nonantum Capital Partners

Ares served as the administrative agent and sole lender for a senior secured credit facility to support Nonantum Capital Partners’ acquisition of LJP Waste Solutions. LJP is a leading regional provider of non-hazardous solid waste and recycling services that specializes in zero landfill and waste-to-energy solutions.

NSM Insurance / The Carlyle Group

Ares served as a joint lead arranger and joint bookrunner for a senior secured credit facility to support The Carlyle Group’s acquisition of NSM. NSM is a leading national insurance program administrator and managing general agent.

Pueblo Mechanical & Controls / OMERS Private Equity

Ares served as the administrative agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support OMERS Private Equity’s acquisition of Pueblo Mechanical & Controls. Pueblo Mechanical & Controls performs a broad offering of HVAC and plumbing maintenance, replacement, retrofit, repair, and installation services for commercial facilities, school districts, governmental agencies, and municipalities throughout the southwest and Rocky Mountain regions.

Reorg / Permira

Ares served as the joint lead arranger for a senior secured credit facility to support Permira’s acquisition of Reorg. Reorg is a leading global provider of data, analytics and intelligence for the credit markets.

Revenue Management Solutions / Thompson Street Capital Partners

Ares served as the administrative agent, lead arranger and bookrunner for a senior secured credit facility to support Revenue Management Solutions (RMS) in their acquisition of OrboGraph. RMS is the leading technology-based healthcare remittance automation platform.

Talent Systems / RedBird Capital Partners

Ares served as the administrative agent and lead arranger for a senior secured credit facility to support RedBird Capital Partners’ acquisition of Talent Systems. Talent Systems is the preeminent casting software and talent marketplace for the entertainment industry.

Tempus

Ares served as the administrative agent, lead arranger, and bookrunner for a senior secured credit facility to support Tempus’ growth initiatives. Tempus is a provider of technology enabled precision medicine solutions.

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 September 30, 2022, Ares Management Corporation's global platform had approximately $341 billion of assets under management, with approximately 2,500 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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Investor Relations:

Carl Drake, 888-818-5298

cdrake@aresmgmt.com

or

John Stilmar, 888-818-5298

jstilmar@aresmgmt.com



Media:

Priscila Roney, 212-808-1185

media@aresmgmt.com

Source: Ares Management Corporation

FAQ

What were Ares Management's new commitments in Q3 2022?

Ares Management closed approximately $5.7 billion in new direct lending commitments in Q3 2022.

How much did Ares Management earn in total commitments over the last year?

Ares Management had approximately $32 billion in total commitments for the twelve-month period ended September 30, 2022.

How does Ares Management's Q3 2022 performance compare to Q3 2021?

In Q3 2022, Ares closed $5.7 billion in commitments, down from $7.2 billion in Q3 2021.

What is the total asset management of Ares Management as of September 30, 2022?

Ares Management manages approximately $341 billion in assets globally as of September 30, 2022.