European Capital refinances Hillarys

European Capital has refinanced portfolio company Hillarys for 113.5 million pounds. Also, the company has used the proceeds in addition to a 5.5 million equity investment to buy out Permira Debt Managers‘ minority stake in Hillarys. GE Capital International, Ares Management and Permira Debt Managers provided the credit facilities for the refinancing. Based in the U.K., Hillarys is a provider of domestic window coverings.

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Thoma Bravo-backed InfoVista snags 46.5 mln euros

InfoVista, a portfolio company of Thoma Bravo, has received 46.5 million euros in debt financing from Ares Management and GE Capital International. The ESSLP served as lead arranger for the senior loan. Based in France, InfoVista is a provider of IP and RF planning, assurance and optimization software solutions.

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Ares Management agrees to buy National Veterinary Associates

Ares Management has agreed to acquire the parent company of National Veterinary Associates, a private owner of independent freestanding veterinary hospitals in the U.S. Ares will acquire the business from Summit Partners. NVA’s senior management will retain a minority stake in the company. Terms of the deal were not disclosed. It is expected to close in the third quarter.

summerflowers
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peHUB First Read

There’s been a ton of news over the past day, including the Malaysian Airlines plane shot down, an insider trading probe of Congress is focusing on 44 hedge funds and more signals the market has reached a peak.

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Ares to acquire Pegasus Business Park

Ares Management said Monday its real estate fund have agreed to buy Pegasus Business Park from SEGRO PLC for € 83.4 million (US$113.4 million). Pegasus Business Park, located near the Brussels International Airport and eight kilometres from the city centre, was initially developed by SEGRO between 1999 and 2003. Pegasus Business Park consists of nine office buildings and an underground car park extending over 83,384 square meters.

Ares acquires Graphite’s stake in London Square

Ares Management is to acquire a majority stake in London-based residential developer and house builder London Square from Graphite Capital. Ares Management’s funds, investing alongside management, will back London Square’s development in Greater London, with the target of building 1,000 homes a year. The transaction is expected to close by the end of July 2014.

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Ares to acquire BlackBrush Oil & Gas

Ares Management‘s private equity group is to acquire BlackBrush from EIG Management Company and Tailwater Capital. BlackBrush has a history of acquiring and developing oil and gas assets across South Texas.

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PE-owned 99 Cents Only Stores hires interim CFO

Retailer chain 99 Cents Only Stores, which is owned by Ares Management and Canada Pension Plan Investment Board, has named Christopher A. Laurence as an interim chief financial officer, treasurer and secretary. Previously, Laurence worked at ThreeSixty Group, where he served as CEO for the past six years.

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Ares Management takes controlling stake through debt of Bain-backed Guitar Center

Guitar Center, a retailer of musical instruments and recording equipment, has completed a transaction that has reduced its total debt by about $500 million and annual cash interest expense by more than $70 million. As part of the deal, Ares Management has exchanged a portion of its holdings of the company’s debt into preferred stock and taken a controlling interest in Guitar Center. Bain Capital, which acquired Guitar Center in 2007 in a deal valued at $2.1 billion, will retain partial ownership along with board representation.

KBW announces new hire

Financial services investment bank KBW has named Halle Benett as co-head of diversified financials investment banking. Previously, he worked at Ares Management where he served as senior advisor. KBW is a subsidiary of Stifel Financial Corp.

Ares rejects pitches to do IPO soon – Reuters

Ares Management has been pitched on the idea of an initial public offering for the past year, but the firm that had been widely expected to be the next among major private equity firms to go public has no plans to pull the trigger just yet, writes Reuters. Sources familiar with Ares, which has about $70 billion in assets under management, said major Wall Street banks have been calling on the firm to discuss the merits of an IPO.

ITW gets private equity bids for $3 billion-plus unit – Reuters

At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works, in a deal that could fetch more than $3 billion, writes Reuters. Carlyle, Blackstone, Apollo Global Management, Bain Capital, Ares Management and a consortium of Onex Corp and the Canada Pension Plan Investment Board are among the firms that advanced to the second round of bidding.

GE Capital and Ares Management back Ethypharm

Ares Management and GE Capital are mandated lead arrangers for the senior unitranche facilities for Ethypharm, a French portfolio company of Astorg Partners. Proceeds of the facilities will be used to refinance existing indebtedness and fund future acquisitions.

Advantstar Global Closes ENK Buy

Advanstar Global has completed its previously announced buy of ENK International for $155 million. ENK organizes fashion events in New York, Las Vegas, Europe and Asia. Advanstar is backed by Anchorage Capital Group, Ares Management, and Veronis Suhler Stevenson. GE Capital, RBS Citizens and U.S. Bank provided debt financing for the deal.

Ares Dynamic Credit Allocation Fund in $320m IPO

Ares Management has announced the successful initial public offering of Ares Dynamic Credit Allocation Fund. The fund priced an offering of 16 million shares at a price of $20.00 per share, for a total issuance of $320 million. Shares will commence trading today on the New York Stock Exchange (NYSE) under the symbol ARDC.

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