Ares Capital Corporation (“Ares Capital” – NASDAQ:ARCC) is providing additional details on its financing commitments closed during the first quarter of 2015, which were included in Ares Capital’s earnings announcement released on May 4, 2015. Financing commitments made by Ares Capital in the first quarter totaled approximately $500 million.
“In the first quarter, Ares Capital used its scale and flexibility to make 18 new commitments across a broad spectrum of senior and junior capital investments, including four loans to venture capital backed companies,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “We continue to be viewed as a leading and attractive source of capital for sponsors and management teams seeking larger and more flexible financing solutions.”
Below is a description of nine of the transactions that closed during the first quarter.
PowerPlan / Thoma Bravo
Ares Capital served as joint lead
arranger and joint bookrunner for a $195.0 million first lien senior
secured credit facility and administrative agent, collateral agent, sole
lead arranger and sole bookrunner for a $90.0 million second lien credit
facility to support the acquisition of PowerPlan by Thoma Bravo. Ares
Capital also made an equity co-investment in connection with the
transaction. PowerPlan is an enterprise software company devoted to
helping asset-centric businesses in the utilities, oil and gas,
transportation, telecommunications, and mining industries optimize their
financial performance. PowerPlan combines purpose-built software for
asset-centric accounting and tax and budgeting/analytics with domain
expertise to help executives generate cash, mitigate compliance risk and
enable a culture of cost management.
Netsmart / Genstar Capital
Ares Capital served as
administrative agent, lead arranger and bookrunner for a $90.0 million
second lien credit facility to support a refinancing and
recapitalization of NetSmart Technologies, Inc., a Genstar Capital
portfolio company. Netsmart is committed to helping health and human
services providers deliver effective, outcomes-based care. Netsmart
serves more than 20,000 clients across all 50 states, resulting in
approximately 450,000 users of its software and technology solutions.
Netsmart clients include mental health and addiction services agencies,
health homes, psychiatric hospitals, private and group mental health
practices, public health departments, social services and child and
family services agencies, managed care organizations, and vital records
offices.
Simpson Performance Products, Inc. / Bruckmann, Rosser, Sherrill &
Co. L.L.C.
Ares Capital served as administrative agent, lead
arranger and sole bookrunner for a $32.0 million senior secured credit
facility to support the acquisition of Simpson Performance Products,
Inc. by Bruckmann, Rosser, Sherrill & Co. L.L.C. Simpson is the leading
provider of critical motorsports safety equipment. Backed by
best-in-class technical expertise, the company has built a loyal
following in the motorsports community among both professional and
amateur drivers. In addition to the respected Simpson brand, the company
designs, manufactures and markets the leading HANS brand of advanced
head and neck restraints.
Kay Wind Holdings II, LLC / Apex Clean Energy
Ares Capital
served as administrative agent and lead arranger for a $28.8 million
holding company term loan to support construction of the Kay Wind
Project, a wind power generation facility project developed by Apex
Clean Energy. Kay Wind is a 299-MW wind power generation facility under
construction in Kay County, Oklahoma. Apex is managing construction and
will manage the asset during operations.
iControl Networks, Inc. / Charles River Ventures, Comcast Ventures,
Cisco Systems, Intel Capital, Kleiner Perkins Caufield & Byers and
Rogers Communications
Ares Capital served as administrative
agent for a $20.0 million second lien credit facility to provide growth
capital to iControl Networks, Inc. iControl Networks’ vision is to
provide a connected home solution for every household. iControl is
making the connected home a reality through its software platforms,
which are deployed by home security companies and service providers, and
the all-in-one Piper home security, video monitoring and automation
device for consumers.
Joule Unlimited Technologies, Inc. / Flagship Ventures
Ares
Capital served as administrative agent for a $15.0 million first lien
term loan to support a refinancing of Joule Unlimited Technologies, Inc.
Joule has pioneered a CO2-to-fuel production platform, effectively
reversing combustion through the use of solar energy. The company’s
platform applies engineered catalysts to continuously convert waste CO2
directly into renewable fuels, such as ethanol or hydrocarbons, for
diesel, jet fuel and gasoline.
TraceLink / FirstMark Capital
Ares Capital served as the
agent for a $12.0 million senior secured credit facility to support a
refinancing and provide growth capital for TraceLink, a FirstMark
Capital portfolio company. TraceLink protects patients, enables health,
grows profits and ensures compliance for companies across the global
Life Sciences network through the TraceLink Life Sciences Cloud. The
TraceLink Life Sciences Cloud is an Amazon AWS-based cloud application
platform enabling complete global connectivity, visibility and
traceability of pharmaceuticals from ingredient to patient.
AdaptiveMobile Security Limited / Intel Capital and Doughty Hanson &
Co.
Ares Capital served as the administrative agent for a $4.6
million term loan to provide growth capital to AdaptiveMobile Security
Limited. Founded in 2004, AdaptiveMobile is
a world leader in mobile security protecting over 1.3 billion
subscribers worldwide and the only mobile security company offering
products designed to protect all services on both fixed and mobile
networks through in-network and cloud solutions.
Performance Health / Gridiron Capital
Ares Capital served as
administrative agent, lead arranger and sole bookrunner for a second
lien credit facility to support a recapitalization of Performance
Health, a Gridiron Capital portfolio company. Performance Health is the
leading designer, manufacturer and marketer of branded rehabilitation
and wellness products sold into a variety of markets through a diverse
national and multi-national distribution network and leading U.S.
retailers. Performance Health delivers clinically-endorsed, efficacious
and cost-effective solutions to both hands-on health practitioners and
consumers.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle-market companies, venture capital-backed businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a subsidiary of Ares Management, L.P. (“Ares Management”) (NYSE:ARES). Ares Management is a publicly traded, leading global alternative asset manager. For more information, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
Contacts:
Carl Drake, 888-818-5298
cdrake@aresmgmt.com
or
Jana
Markowicz, 888-818-5298
markowicz@aresmgmt.com