Ares Capital Corporation Highlights Select Financing Commitments Closed
During the Second Quarter
NEW YORK -- August 6, 2013
Ares Capital Corporation (NASDAQ: ARCC) announced today that it is providing
additional details on three of its financing commitments closed during the
second quarter of 2013, which were included in this morning’s previously
released earnings announcement. Financing commitments by Ares Capital in the
second quarter totaled more than $1.2 billion.
“During the second quarter, we found more compelling investment opportunities
as market activity rebounded from depressed first quarter levels,” said Kipp
deVeer, President of Ares Capital. “We continue to benefit from our deep
relationships within the financial sponsor community as well as our incumbent
relationships and the growth capital needs within our own portfolio.”
Below is a description of three select transactions closed during the second
CSC ServiceWorks, Inc. / Pamplona Capital Management
Ares Capital served as documentation agent in a $325 million second lien term
loan in support of the acquisition of Coinmach Service Corporation and
AIR-serv Holdings Inc. by Pamplona Capital Management. Coinmach is the largest
supplier of outsourced laundry equipment services for multi-family housing
properties in the United States. AIR-serv is the largest provider of pay air
services for automobile tire inflation in North America. The merger of the two
companies formed CSC ServiceWorks, Inc.
Tripwire,Inc. / Thoma Bravo, LLC
Ares Capital served as administrative agent, collateral agent and lead
arranger in a $175 million senior secured credit facility to support the
acquisition of nCircle Network Security Inc. by Tripwire, Inc., a portfolio
company of Thoma Bravo, LLC. Through this transaction, Ares Capital increased
its commitment to Tripwire by $85 million. Tripwire is a leading provider of
IT compliance and security software and nCircle is a leading provider of IT
vulnerability assessment software solutions.
Industrial Service Solutions / Bolder Capital
Ares Capital served as administrative agent, lead arranger and bookrunner for
an $85 million senior secured credit facility to support the refinancing of
Industrial Service Solutions, a portfolio company of Bolder Capital. Ares
Capital’s financing commitment also provides growth capital to support future
acquisitions. Industrial Service Solutions is a uniquely positioned industrial
services holding company of geographically diverse but complementary
independent service companies that offer field services, shop services and
supply services to a wide variety of end user markets.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop
financing solutions to U.S. middle market companies and private equity
sponsors. The Company 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
wholly owned subsidiary of Ares Management LLC.Ares Management is a global
alternative asset manager and a SEC-registered investment adviser with
approximately $66 billion of committed capital under management as of June 30,
2013 and pro forma for the acquisition of AREA Property Partners on July 1,
2013. For more information, visit www.arescapitalcorp.
About CSC ServiceWorks, Inc.
CSC ServiceWorks is the leading provider of multi-family housing and
commercial laundry solutions and the industry leader in air-vending services
at convenience stores and gas stations. CSC’s family of businesses includes
Coinmach Corp., ASI Campus Laundry Solutions, SDI Laundry Solutions, Appliance
Warehouse of America, AIR-serv, AirValet, and Super Laundry. CSC ServiceWorks
employs more than 2,250 dedicated professionals and provides services for
nearly one million air and laundry systems throughout the U.S., Canada, and
Europe. For more information, visit www.coinmachservicecorp.com.
About Pamplona Capital Management
Pamplona Capital Management is a specialist investment manager established in
2005 that provides an alternative investment platform across private equity,
funds of hedge funds and single manager hedge fund investments. Pamplona
manages over $6.0 billion in assets for a variety of clients including public
pension funds, international wealth managers, multinational corporations,
family offices and funds of hedge funds. Pamplona is currently managing its
third private equity fund, Pamplona Capital Partners III, LP, which was raised
in 2011 and has committed capital of $2.6 billion. Pamplona invests long-term
capital across the capital structure of its portfolio companies in both public
and private market situations. For more information, visit
About Tripwire, Inc.
Tripwire is a leading global provider of IT security and compliance solutions
for enterprises, government agencies and service providers who need to protect
their sensitive data on critical infrastructure from breaches,
vulnerabilities, and threats. Thousands of customers rely on Tripwire's
critical security controls like security configuration management, file
integrity monitoring, log and event management. Tripwire solutions provide
integrated controls for unprecedented visibility and intelligence into
business goals. For more information, visit www.tripwire.com.
About nCircle Network Security, Inc.
nCircle is the leading provider of information risk and security performance
management solutions to more than 6,500 businesses and government agencies
worldwide. nCircle solutions enable enterprises of all sizes to (1) automate
compliance and reduce risk, and (2) measure and compare the performance of
their IT security program with their own goals and industry peers. nCircle
solutions may be deployed on a customer’s premises, as a cloud-based service,
or in combination, for maximum flexibility and value. For more information,
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm building on a 30+ year
history of providing equity and strategic support to experienced management
teams and growing companies. The firm applies its own industry consolidation
investment strategy and process, which seeks to create value by partnering
with a company’s management to improve business operations and make strategic
acquisitions that will accelerate growth. Thoma Bravo invests across multiple
industries, with a particular focus on application and infrastructure software
and financial and business services. The firm currently manages a series of
private equity funds representing almost $4 billion of equity commitments. For
more information, visit www.thomabravo.com.
About Industrial Service Solutions
Industrial Service Solutions (ISS) is a uniquely positioned company that
offers a broad set of competitively priced service value propositions for
critical to process equipment across a diverse set of industrial end user
markets. Equipment platforms include: Valves & Actuation, Compressor & Blower,
Motor & Pump and various categories of Process Equipment, such as mixers,
extruders and calendar drives. For more information, visit www.iss-na.com.
About Bolder Capital
Bolder Capital is a co-investment relationship with The Edgewater Funds and JZ
Capital Partners. Bolder brings access to over $1 billion in assets under
management and experience from hundreds of private equity transactions dating
back over 35 years. The firm focuses on partnering with experienced CEOs to
build leading middle market companies through organic and acquisition growth.
For more information, visit www.boldercapital.com.
Ares Capital Corporation
Carl Drake, 404-814-5204
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