NEW YORK & NORWALK, Conn.--(BUSINESS WIRE)--The Senior Secured Loan Program (SSLP), jointly managed by an affiliate of Ares Capital Corporation (“Ares Capital”) and an affiliate of GE Capital, announced that during the first quarter of 2015 it closed six financing transactions, including refinancings of existing portfolio companies, totaling over $1.0 billion. Since January 1, 2010 through March 31, 2015, the SSLP has committed approximately $19.2 billion to middle market borrowers.
Below is a description of four of the transactions that closed during the first quarter.
Diversified Foodservice Supply / New Mountain Capital
Ares Capital and GE Capital Markets served as joint lead arrangers and joint bookrunners in a $194.0 million senior secured term loan provided by the SSLP to support the acquisition of Diversified Foodservice Supply by a fund managed by New Mountain Capital. Diversified Foodservice Supply is a leading distributor of maintenance, repair and operations parts, supplies, and equipment to the foodservice industry. The company currently operates through multiple brands including AllPoints Foodservice Parts & Supplies, Tundra Restaurant Supply, Franklin Machine Products, Mill Hardware and Restaurant Parts & More.
Gehl Foods / Wind Point Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a $161.5 million senior secured term loan provided by the SSLP to support the acquisition of Gehl Foods by Wind Point Partners. Gehl Foods is a Germantown, Wisconsin-based maker of ready-to-serve, real dairy products. The company uses an advanced aseptic process to eliminate microorganisms that cause dairy foods to spoil and at the same time locks in freshness and taste.
Industrial Service Solutions
Ares Capital and GE Capital Markets served as joint lead arrangers and joint bookrunners in a $173.9 million senior secured term loan provided by the SSLP to support a refinancing of Industrial Service Solutions. 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.
Zywave / Aurora Capital Group
GE Capital Markets and Ares Capital served as joint lead arrangers and joint bookrunners in a senior secured credit facility provided by the SSLP to support the dividend recapitalization of Zywave, an Aurora Capital Group portfolio company. Zywave is the leading provider of SaaS technology solutions for the employee benefits and property and casualty insurance distribution industry. The company’s solutions include technology-enabled content and communication, agency automation, and business intelligence and analytics, designed to help insurance brokers of all sizes gain profitable market share.
About Senior Secured Loan Program
The Senior Secured Loan Program was formed in December 2007 to invest in the senior secured debt of middle-market companies. Its members are comprised of Ares Capital Corporation and GE Global Sponsor Finance LLC. The program is co-managed by GE Commercial Finance Investment Advisory Services LLC and Ares Capital Management LLC and transactions require approval by the individuals appointed by the members of the SSLP. The SSLP has $11 billion of available capital and can hold up to $350 million in a single transaction for borrowers across a wide range of industry sectors. The SSLP benefits borrowers by virtue of greater speed, simplicity and certainty, with proven partners.
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.
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. For more information, visit www.ge.com
About GE Capital
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, New York, Toronto and San Francisco, GE Antares is the leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. Providing more than $123 billion in financing over the past five years alone, GE Capital was named 2014 Lender of the Year by Mergers & Acquisitions. GE Antares was also recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively. For more information, visit www.geantares.com.