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Ares Management Corporation Highlights Third Quarter and Last Twelve Months U.S. Direct Lending Commitments
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Rhea-AI Summary
Ares Management Corporation (NYSE: ARES) reported closing approximately $7.2 billion in new direct lending commitments in Q3 2021, totaling around $27 billion over the past year. This marks a significant increase from $2.0 billion during the same quarter in 2020. Key transactions include senior secured credit facilities for notable firms like Alera Group and Ardonagh. As of September 30, 2021, Ares manages approximately $282 billion in assets across various global markets.
Positive
Closed $7.2 billion in Q3 2021 direct lending commitments across 54 transactions.
Total of approximately $27 billion in commitments over the past twelve months, a significant increase over previous year.
Diverse financing activities supporting notable firms, indicating strong market presence.
Negative
None.
Approximately $7.2 Billion in New U.S. Direct Lending Commitments Closed in the Third Quarter and Approximately $27 Billion Closed in the Last Twelve Months
LOS ANGELES--(BUSINESS WIRE)--
Ares Management Corporation (NYSE: ARES) is providing 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.
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, 2021, Ares Management Corporation's global platform had approximately $282 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
