NEW YORK--(BUSINESS WIRE)--Ares Capital Corporation (“Ares Capital” – NASDAQ:ARCC) is providing additional details on its financing commitments closed during the third quarter of 2014, which were included in Ares Capital’s earnings announcement released on November 4, 2014. Financing commitments made by Ares Capital in the third quarter totaled more than $1.3 billion.
“In the third quarter, Ares Capital continued to be an active provider of financing to middle market companies with more than $1.3 billion invested in 30 different transactions across a variety of industries, including healthcare services, energy and aerospace and defense,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “We continue to utilize our distinct competitive advantages in scale and flexibility to originate growth capital and acquisition financings for a diverse group of borrowers.”
Below is a description of six of the transactions that closed during the third quarter.
Data Device Corporation / Behrman Capital
Ares Capital served as the joint lead arranger and joint book runner for a $330 million senior secured first lien credit facility and an $80 million second lien credit facility to support a refinancing of DDC’s existing first and second lien term loans. A Behrman Capital portfolio company, DDC is a leading supplier of aerospace and defense electronics products with entrenched positions on virtually all key military ground and air platforms in the U.S.
MyHealthDirect / Chrysalis Ventures & Arboretum Ventures
Ares Capital served as agent for a term loan to support general growth initiatives along with a revolving credit facility to MyHealthDirect, an existing portfolio company of Chrysalis Ventures and Arboretum Ventures. Based in Nashville, TN, MyHealthDirect provides web-based access management solutions to healthcare providers and payers.
North American Partners in Anesthesia (“NAPA”) / Moelis Capital Parnters
Ares Capital served as joint lead arranger, joint bookrunner, administrative agent and collateral agent for a $30 million incremental term loan to support the acquisition of Total Anesthesia by NAPA, an existing Moelis Capital Partners portfolio company. Founded in 1986, NAPA is the leading single specialty anesthesia and perioperative management company in the United States.
The Dwyer Group / Riverside Company
Ares Capital served as the agent for a $52.7 million senior subordinated loan to support the acquisition of Dwyer group by Riverside Company. Dwyer is one of the world’s largest franchising organizations with seven well-known concepts, 1,324 North American-based franchisees, and 282 franchisees operating through international master licenses.
U.S. Anesthesia Partners, Inc. / WCAS
Ares Capital served as administrative agent, joint lead arranger, joint bookrunner and collateral agent in a $130 million second lien credit facility to support the recapitalization of U.S. Anesthesia Partners, a portfolio company of WCAS. U.S. Anesthesia is one of the largest pure-play anesthesia providers in the U.S. with dominant market share in the Houston, Dallas, Austin, and Orlando MSAs.
Ares Capital served as administrative agent for a $75 million term loan to support a refinancing of Visa Sand’s existing debt and provide growth capital. Vista Sand is a privately-held company that mines, processes and distributes silica sand to the oil and gas industry as well as other industrial end users.
About Data Device Corporation
Data Device Corporation is the world leader in the design and manufacture of high-reliability data bus products, motion control, and solid-state power controllers for aerospace, defense, and industrial automation applications. DDC headquarters and their design and manufacturing operations are located in Bohemia, NY. For more information, visit www.ddc-web.com.
About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in four industries: health care, specialty manufacturing, business to business outsourcing and defense. The firm has raised five private equity funds with a combined capital base in excess of $3.0 billion. For more information, visit www.behrmancap.com.
MyHealthDirect is the leader in consumer healthcare access solutions, making it easy for consumers to interact with the healthcare system. MyHealthDirect solutions are enabling over 1.7 million annual appointments, improving access for over 30 million consumers in partnership with some of the nation’s largest health systems, providers and payors. By providing online scheduling systems, referral management tools and event-driven analytics, MyHealthDirect connects patients with the right provider, at the right time, from anywhere. Founded in 2005, MyHealthDirect is (HIPAA) HITRUST certified and is headquartered in Nashville, TN. For more information, visit www.myhealthdirect.com.
About Chrysalis Ventures
Chrysalis Ventures manages one of Mid-America’s largest funds for early-stage and growth investments with approximately $400 million under management. Since 1993, the Company has invested in over 65 companies, primarily in the healthcare and technology sectors. With headquarters in Louisville, Kentucky, Chrysalis has offices in Cleveland, Pittsburgh, and Ann Arbor. The Company seeks to partner with entrepreneurs to build enduring businesses in industries undergoing significant transformation. For more information, visit www.chrysalisventures.com.
About Arboretum Ventures
Located in Ann Arbor, Arboretum Ventures is an early-stage venture capital firm that invests in high potential private healthcare and life sciences companies. Founded in 2002, Arboretum currently manages $235 million in capital. Arboretum takes pride in a hands-on, constructive approach to assisting our portfolio companies, born from their own experience in startups. Arboretum combines this entrepreneurial experience with a set of key relationships within the healthcare and medical technology industries to help entrepreneurs develop valuable businesses. For more information, visit www.arboretumvc.com.
Founded in 1986, NAPA is the leading single specialty anesthesia management company in the United States. NAPA is comprised of the most respected clinical staff, providing thousands of patients with superior and attentive care. The company is known for partnering with hospitals and other health care facilities across the nation to provide anesthesia services and perioperative leadership that maximize operating room performance, enhance revenue, and demonstrate consistent patient and surgeon satisfaction rankings. For more information, visit www.NAPAnesthesia.com.
About Moelis Capital Partners
Moelis Capital Partners is a middle market private equity firm founded in 2007 in connection with the formation of Moelis & Company, a global investment bank. Moelis Capital Partners manages over $850 million of committed private equity capital and specializes in traditional private equity investments in the middle market. For more information, visit www.moeliscapital.com.
About The Dwyer Group
The Dwyer Group, Inc., based in Waco, Texas, is a holding company of seven franchise businesses, each selling and supporting a different franchise under the following service marks: Aire Serv®, Glass Doctor®, The Grounds Guys™, Mr. Appliance®, Mr. Electric®, Mr. Rooter® (Drain Doctor in the UK and Portugal), and Rainbow International®. Collectively, these independent franchise concepts offer customers world-wide a broad base of residential and commercial services. In addition, Dwyer operates glass shops in New England under the Portland Glass brand name. For more information, visit www.dwyergroup.com.
About Riverside Company
The Riverside Company is a global private equity firm investing in growing businesses valued at up to $250 million. Since its founding in 1988, Riverside has invested in more than 340 transactions. The firm’s international portfolio includes more than 70 companies. For more information, visit www.riversidecompany.com.
About U.S. Anesthesia Partners, Inc.
U.S. Anesthesia Partners is a single-specialty physician services organization that offers practice management services to anesthesiologists. It was recently formed by WCAS and members to identify and partner with leading, quality groups of anesthesiologists who seek a strategy partner with the capital resources and expertise to invest in their practice support infrastructure and position them for continued success and growth within their markets. Key elements of USAP’s business model are its single-specialty and its ability to offer anesthesiologists equity ownership in USAP. For more information, visit www.usanesthesiapartners.com.
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe focuses its investment activity in two growth industries: healthcare and information/business services, primarily in the United States. Since its founding in 1979, the Firm has organized 15 limited partnerships with total capital of $20 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P. For more information, visit www.welshcarson.com.
About Vista Sand
Vista Sand, headquartered in Granbury, Texas, is one of the largest providers of 100 mesh silica sand and a top provider of high quality silica sand to users including some of the largest oilfield service companies. Founded in 2003, the Company is strategically located near major oil and gas basins in Texas. For more information, visit www.vistasand.com.
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 with approximately $79 billion of assets under management as of June 30, 2014. 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.