NEW YORK & NORWALK, Conn.--(BUSINESS WIRE)--Aug. 6, 2014-- 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.
Source: Ares Capital Corporation
Ares Capital Corporation
Carl Drake, 888-818-5298
Jana Markowicz, 888-818-5298
GE Antares Capital
Alexandra Abrams, 312-441-7356
GE Capital, Americas
Tara Lambropoulos, 312-441-7854