Brings Total Year-to-Date Commitments to $1.4 billion
NEW YORK & NORWALK, Conn.--(BUSINESS WIRE)--
The Senior Secured Loan Program (SSLP), jointly managed by an affiliate
of Ares Capital Corporation and an affiliate of GE Capital, announced
today that it closed seven financing transactions, including
refinancings of existing portfolio companies, totaling $1.1 billion
during the second quarter of 2013. Since January 1, 2010, the SSLP has
committed approximately $10.6 billion to middle market borrowers,
including $1.4 billion across 12 transactions year-to-date.
Below is a brief description of select second quarter SSLP transactions.
Argon Medical Devices, Inc. / RoundTable Healthcare Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $241 million senior secured term loan provided by
SSLP to support the acquisition of Angiotech Pharmaceutical’s
Interventional Products Business by Argon Medical Devices, Inc.,
(“Argon”) a current portfolio company of RoundTable Healthcare Partners
(“RoundTable”). Argon is a leading manufacturer and supplier of
specialty single-use medical devices utilized in the interventional
medicine, vascular surgery and critical care market segments. Through
its GE Antares Capital subsidiary, GE Capital also provided a $15
million senior secured revolving credit facility in support of the
transaction.
Restaurant Technologies, Inc. / EQT
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $204 million senior secured term loan provided by
the SSLP to support the recapitalization of Restaurant Technologies,
Inc., a portfolio company of EQT Infrastructure I. RTI is a provider of
bulk cooking oil management services, primarily to the restaurant and
fast food service industries. Through its GE Antares Capital subsidiary,
GE Capital also provided a $25 million senior secured revolving facility
in support of the transaction.
Noranco, Inc. / MidOcean Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $137 million senior secured term loan provided by
SSLP to support the acquisition of Noranco, Inc. by MidOcean Partners.
Noranco is a supplier of complex machined and sheet metal components,
kits and assemblies for the aerospace industry. Through its GE Antares
Capital subsidiary, GE Capital also provided a $30 million senior
secured revolving credit facility in support of the transaction.
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 $9 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 financing solutions to U.S. middle market companies and private
equity sponsors. 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 wholly owned
subsidiary of Ares Management LLC, 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 AREA Property Partners acquisition which closed July 1, 2013.
For more information, visit www.arescapitalcorp.com.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on
things that matter. The best people and the best technologies taking on
the toughest challenges. Finding solutions in energy, health and home,
transportation and finance. For more information, visit ge.com.
About GE Antares Capital
GE Antares Capital is a unit of GE Capital, Sponsor Finance. With
offices in Atlanta, Chicago, Los Angeles, New York and San Francisco, GE
Antares is a leading lender to middle market private equity sponsors. GE
Capital Markets has ranked #1 in the U.S. Sponsored Middle Market
Bookrunner League Tables for three of the past four years. For more
information, visit www.geantares.com.
About Argon Medical Devices, Inc.
Founded in 1972, Argon is a global manufacturer of specialty medical
products headquartered in Plano, Texas. Argon offers a broad line of
medical devices for Interventional Radiology, Vascular Surgery,
Interventional Cardiology and Critical Care procedures. Current products
include the Option™ Retrievable Inferior Venal Cava Filter, Cleaner
Rotational Thrombectomy System and UltraStream™ Chronic Dialysis
Catheter. Argon also offers a complete line of PICC and midline
catheters, endomycardial biopsy forceps, introducer sheaths, pressure
transducers and other vascular products. The company’s products are sold
globally through a combination of direct sales representatives and
premier specialty distributors. For more information, visit www.argonmedical.com.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, based in Lake Forest, Illinois, is an
operating-oriented private equity firm focused exclusively on the
healthcare industry. RoundTable partners with companies that can benefit
from its extensive industry relationships and proven operating and
transaction expertise. RoundTable has established a successful track
record of working with owner/founders, family companies, management
teams, entrepreneurs and corporate partners who share a vision and
believe in the value creation potential of its partnership model.
RoundTable currently manages $1.9 billion in capital, including three
equity funds totaling $1.5 billion and two subordinated debt funds
totaling $400 million. For more information, visit www.roundtablehp.com.
About Restaurant Technologies, Inc.
Restaurant Technologies, Inc. (RTI) is the leader in smart, safe,
sustainable oil and operations management technology for the food
service industry. The company’s fully automated oil storage, handling
and disposal management system helps increase worker safety, improve
restaurant cleanliness and minimize frying oil inconveniences. RTI data
management solutions provide restaurant decision-makers with increased
visibility into oil usage for better food quality and consistency.
Headquartered in Mendota Heights, Minnesota, RTI serves nearly 20,000
customers via 41 oil depots throughout the US. For more information,
visit www.rti-inc.com.
About EQT
EQT is the leading private equity group in Northern Europe with
approximately EUR 20 billion in raised capital, portfolio companies with
total sales of more than EUR 25 billion and over 550,000 employees. The
funds’ investment philosophy is to help acquired companies grow and
develop into great and sustainable companies, both under EQT’s ownership
and with future owners. EQT’s mission since its first investment two
decades ago remains the same – create value in medium-sized to large
companies in Northern and Eastern Europe, Asia and the United States by
investing, helping them develop and transform into great, leading
companies. EQT Infrastructure I is a EUR 1.2 billion fund, launched in
2008, investing in medium-sized infrastructure businesses in the Nordic
region, parts of Continental Europe and North America. Investment
targets are regulated infrastructure, concession-based infrastructure,
market-based infrastructure and infrastructure-related services. For
more information, visit www.eqt.se.
About Noranco, Inc.
Headquartered in Toronto, Canada, Noranco is a world class, integrated
manufacturer and solutions provider to the international commercial and
military aerospace sectors. Noranco provides complex machined and sheet
metal components, assemblies and kits for leading OEMs and Tier I
suppliers in the landing gear, aero-structures and aero engines markets.
Its products portfolio is comprised of highly complex and
difficult-to-manufacture work packages for flight critical applications.
The company has operations in both the US and Canada. For more
information, visit www.noranco.com.
About MidOcean Partners
MidOcean Partners is a premier private equity firm headquartered in New
York focused on the middle market. MidOcean is committed to investing in
high quality companies with stable market positions and multiple
opportunities for growth. Targeted sectors include consumer, business
and media services, and industrial services. MidOcean utilizes a broad
foundation of expertise in its focus industries to create value for its
investors and partners. For more information, visit www.midoceanpartners.com.
Ares Capital Corporation
Carl Drake, 404-814-5204
[email protected]
or
GE
Antares Capital
Jennifer Sampson, 312-441-7055
[email protected]
or
GE
Capital, Americas
Ned Reynolds, 203-229-5717
[email protected]
Source: Ares Capital Corporation