The Senior Secured Loan Program (SSLP), jointly managed by an affiliate
of Ares Capital Corporation (“Ares Capital”) and an affiliate of GE
Capital, announced today that during the second quarter it closed nine
financing transactions, including refinancings of existing portfolio
companies, totaling $1.2 billion. Since January 1, 2010, the SSLP has
committed approximately $15.9 billion to middle market borrowers,
including $1.7 billion across 13 transactions year-to-date.
Below is a description of three of the transactions that closed during
the second quarter.
Athletico Physical Therapy / Harvest Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a $153.0 million senior secured term loan provided
by the SSLP to support the acquisition of Athletico Physical Therapy by
Harvest Partners. Athletico is a Chicago-based, clinician-owned physical
therapy business.
Connoisseur Media, LLC
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a senior secured term loan and two senior secured
delayed draw term loans provided by the SSLP to support the refinancing
of Connoisseur’s current capital structure and its current and future
radio station acquisition strategy, including two recently signed
acquisitions, of WDRC and WALK. Connoisseur, based in Westport, CT, owns
and operates 36 radio stations (25 FMs and 11 AMs) in 10 markets.
Through its GE Antares Capital unit, GE Capital also provided a senior
secured revolving credit facility in support of the transaction.
Implus Corporation / Trilantic Capital Partners
GE Capital Markets and Ares Capital served as joint lead arrangers and
joint bookrunners in a senior secured term loan provided by the SSLP to
support the recapitalization of Implus Corporation, a portfolio company
of Trilantic Capital Partners. Implus is an innovative manufacturer of
more than a dozen brands in the $1 billion footwear and recreational
accessory marketplaces.
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 the U.S. middle market.
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 $77 billion of
assets under management as of March 31, 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.
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 (https://twitter.com/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. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago,
Los Angeles, New York, and San Francisco, GE Antares is a leading middle
market lender, offering a “one-stop” source for GE’s lending and other
services offered to middle market private equity sponsors. GE Antares
was 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
geantares.com.
About Athletico Physical Therapy
Athletico Physical Therapy provides orthopedic rehabilitation services
to communities and organizations throughout Illinois, Wisconsin, and
Indiana. To demonstrate our commitment to both our patients and
referring physicians, we measure functional patient outcomes and patient
satisfaction with national data comparison using a third-party outcomes
system. Our services include physical and occupational/hand therapy,
work rehabilitation, performing arts rehabilitation, women’s health
therapy, pediatric physical therapy, vestibular rehabilitation,
concussion management and athletic training. Expanded services include
aquatic therapy, ART, Graston Technique, performance enhancement,
fitness center memberships, personal training, golf fitness, endurance,
nutrition, massage therapy and complimentary injury screens. For more
information, visit www.athletico.com.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvestpartners.com)
is a leading New York-based private equity investment firm pursuing
management buyouts and recapitalizations of middle market companies in
North America. Harvest focuses on acquiring profitable companies in the
business and industrial services, manufacturing and distribution,
healthcare, midstream energy, and consumer products and retail sectors.
This strategy leverages Harvest’s 30+ years of experience in financing
organic and acquisition-oriented growth companies. For more information,
visit www.harvestpartners.com.
About Connoisseur Media
Connoisseur Media is headquartered in Westport, CT. The company owns
and/or operates 36 stations in 10 markets – Billings, MT, Bloomington,
IL, Erie, PA, Omaha, NE, Wichita, KS, Long Island, NY, Trenton, NJ,
Allentown and Stroudsburg, PA, and Bridgeport, Stamford and New Haven,
CT. For more information, visit www.connoisseurmedia.com.
About Implus Corporation
Headquartered in North Carolina’s Research Triangle Park, Implus has
evolved to become an innovative manufacturer of sporting goods and
outdoor accessories. Implus’ brand family includes Airplus®,
Apara™, Granger’s®, Highgear®,
ICEtrekkers®, Little Hotties®, New Balance®Sports
Monitors, Perfect®, Sneaker Balls®, Sof Comfort®,
Sof Sole® and Yaktrax®. From insoles, socks, shoe
care and seasonal accessories to navigational tools and fitness
equipment, Implus proudly distributes in over 75,000 retail outlets
across North America and in 70 countries worldwide. For more
information, visit www.implus.com.
About Trilantic Capital Partners
Trilantic Capital Partners is a global private equity firm focused on
control and significant minority investments in North America and Europe
managed by Trilantic North America and Trilantic Europe. Trilantic
employs flexible transaction structures and has a strong heritage of
partnering with family-owned businesses and providing growth capital to
outstanding management teams. Trilantic primarily targets investments in
the consumer, energy, industrials, TMT, healthcare, financial and
business services sectors, and currently manages five private equity
funds with aggregate capital commitments of $6.1 billion. For more
information, visit www.trilantic.com.
Copyright Business Wire 2014