Business & Finance
Business and Finance
Business and Finance
Tue, September 13, 2011 Ares Capital Corporation Closes New Financing Transactions
NEW YORK--([ BUSINESS WIRE ])--Ares Capital Corporation (NASDAQ: ARCC) announced today that investment transactions closed to date in the third quarter of 2011 include the closing of four new financing commitments. Ares Capital served as administrative agent in three of the transactions and as co-syndication agent in the fourth.
"We believe that these transactions illustrate the attractiveness of our scale and flexible capital to middle market companies and financial sponsors"
Below is a brief description of these four transactions:
AmSafe Industries, Inc. / Berkshire Partners LLC and Greenbriar Equity Group LLC
Ares Capital served as administrative agent in a $385 million senior secured credit facility to support the refinancing of AmSafe Industries, Inc. by Berkshire Partners LLC and Greenbriar Equity Group LLC. AmSafe Industries provides safety and securement products for the aerospace, defense, and ground transportation industries.
Industrial Container Services, LLC ("ICS") / Aurora Capital Group
Ares Capital served as lead arranger and administrative agent in a $236.5 million senior secured credit facility to support the acquisition of Industrial Container Services, LLC by Aurora Capital Group. ICS was an existing portfolio company of Ares Capital and provides reusable container solutions to customers in a wide range of end markets.
Cornerstone Records Management / Sterling Partners
Ares Capital served as a co-syndication agent in a senior secured credit facility to support the refinancing of Cornerstone Records Management by Sterling Partners. Cornerstone Records Management provides storage and management of hard copy records, document destruction services, electronic media vaulting and other related services.
The InfiLaw System / Sterling Partners
Ares Capital served as lead arranger, administrative agent and collateral agent in a senior secured credit facility to support the recapitalization of The InfiLaw System (aInfiLawa) by Sterling Partners. In addition, Ares Capital was the lead investor in a redeemable non-voting preferred equity tranche. InfiLaw is a national network of ABA accredited law schools.
aWe believe that these transactions illustrate the attractiveness of our scale and flexible capital to middle market companies and financial sponsors,a said Michael Arougheti, President of Ares Capital Corporation. aWe are pleased to be able to make investments in such high quality companies.a
About AmSafe Industries, Inc.
AmSafe Industries, Inc. is the world leader in safety and securement products for the aerospace, defense, and ground transportation industries. AmSafe's innovative products can be found on virtually every commercial aircraft in the world and include seatbelts, restraints, airbags, cargo and barrier nets, tie-downs and cabin interior textiles, and its textile armor protection system and restraints can be found on a wide range of military vehicles worldwide. Headquartered in Phoenix, Arizona, AmSafe operates manufacturing and service facilities around the globe and is committed to providing quality products and timely, cost effective solutions to customers worldwide. For more information, visit [ www.amsafe.com ].
About Berkshire Partners LLC
Berkshire Partners, the Boston-based investment firm, has invested in over 100 leading middle market companies for over twenty-five years through eight private equity investment funds with aggregate capital of $11 billion. Berkshire has developed specific industry experience in several areas including consumer products and retail, business services, industrial manufacturing, transportation and communications. Representative investments include Amscan/Party City, Bare Escentuals, Carter's, Crown Castle International, NEW Asurion and TransDigm. The firm seeks to invest $50 million to $500 million of equity capital in each portfolio company. For more information, visit [ www.berkshirepartners.com ].
About Greenbriar Equity Group LLC
Greenbriar Equity Group LLC, a private equity firm with $1.5 billion of committed capital, focuses exclusively on the global transportation industry, including companies in aerospace and defense, freight and passenger transport, automotive, logistics, and related sectors. Greenbriar invests with proven management teams who are interested in being significant equity owners in their companies as well as with corporate partners who are interested in raising capital. Greenbriara�s partners bring many decades of experience at the highest levels within the transportation industry. For more information, visit [ www.greenbriarequity.com ].
About Industrial Container Services, LLC (aICSa)
Industrial Container Services (aICSa) is the largest provider of reusable container solutions in the United States. Through its 18 strategically located facilities in 13 states, ICS is well-positioned to service national as well as regional customers. ICS strives to be the supplier that customers call first for high quality, environmentally responsible products at the best possible value. The Company offers unparalleled expertise with over 100 years experience in the industrial container industry. ICS is focused on anticipating customer needs and exceeding expectations. The Company offers the most complete container management system available including supply, reconditioning and retrieval. For more information, visit [ www.iconserv.com ].
About Aurora Capital Group
Aurora Capital Group is a Los Angeles-based private investment firm managing over $2.0 billion of capital across several private equity funds. Aurora's traditional private equity vehicle, Aurora Equity Partners, focuses principally on control-investments in middle-market businesses with leading market positions, strong cash flow profiles, and actionable opportunities for growth in partnership with operating management. Aurora Resurgence invests in debt and equity securities of middle-market companies and targets complex situations including corporate carve outs. Aurora's investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information, visit [ www.auroracap.com ].
About Cornerstone Records Management
Cornerstone Records Management LLC is a full solution RIM partner, operating in select geographies, that helps its customers achieve their operating and compliance objectives in a flexible and responsive manner. Serving a broad customer base, Cornerstone provides a wide range of services including the storage and management of hard copy records, both plant based and mobile document destruction services, electronic media vaulting, and digital imaging. For more information, visit [ www.cornerstone-rm.com ].
About Sterling Partners
Sterling Partners is a leading private equity firm with over 25 years of experience partnering with entrepreneurs to build market-leading businesses. Sterling invests growth capital in industries(particularlyeducation, healthcare and business services) with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals. Sterling Partnershas offices in Chicago, Baltimore and Miami. For more information, visit [ www.sterlingpartners.com ].
About The InfiLaw System
The InfiLaw System is a consortium of independent, community based law schools that is establishing itself as a leader in making legal education more responsive to the realities of new careers dynamics. The InfiLaw System includes Florida Coastal School of Law in Jacksonville, FL, Phoenix School of Law in Phoenix, AZ and Charlotte School of Law in Charlotte, NC. Its mission is to establish student-centered, ABA accredited law schools in underserved markets that graduate students with the skills of a second-year associate and achieve true diversity programs aimed at student academic and career success. In addition, InfiLaw provides an ongoing commitment to encouraging innovation, facilitating law school quality, fostering a humility-based culture, continuously improving the academic profile and outcomes of each school and securing funding for new campuses. For more information, visit [ www.infilaw.com ].
About Ares Capital Corporation
Ares Capital is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. With offices in Atlanta, Chicago, Los Angeles, New York and Washington, D.C., Ares Capital is a specialty finance company that provides integrated debt and equity financing solutions to U.S. middle-market companies. Ares Capital invests primarily in first- and second-lien loans and mezzanine debt, which in some cases includes an equity component. To a lesser extent, Ares Capital also makes equity investments. Ares Capital is externally managed by Ares Capital Management LLC, a wholly owned subsidiary of Ares Management LLC, a global alternative asset manager and a Securities and Exchange Commission registered investment adviser. As of June 30, 2011, Ares Management LLC had approximately $41 billion of committed capital under management. For more information, visit [ www.arescapitalcorp.com ].
