NEW YORK--(BUSINESS WIRE)--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 &
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
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 &
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.