Ares Capital Corp said it was the agent for a US$310 million senior secured credit facility that supported a refinancing alongside the purchase of a Canadian business by U.S.-based Industrial Container Services (ICS). ICS bought the industrial container division of The Bodtker Group, a Calgary-based provider of lubricants, chemicals and packaging products, in late January. No financial terms were released. In a separate statement, ICS, a provider of reusable container solutions, said the acquisition gives the company geographic reach it would not have been able to achieve on its own. Based in Maitland, Florida, ICS has been backed by U.S. private equity firm Aurora Capital Group since 2011.
PRESS RELEASE
Ares Capital Corporation Highlights Fourth Quarter 2015 Financing Commitments
$970 Million in New Commitments Closed in the Fourth Quarter of 2015; $3.8 Billion in Total New Commitments Closed in 2015
March 01, 2016
NEW YORK–(BUSINESS WIRE)–Ares Capital Corporation (NASDAQ:ARCC) is providing additional details on its financing commitments closed during the fourth quarter of 2015. Financing commitments made by Ares Capital in the fourth quarter totaled over $970 million across 24 transactions.
“We continue to experience competitive advantages from our direct origination focus and scale,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “While staying highly selective, we made investment commitments of $3.8 billion during 2015, continuing to support our existing portfolio companies and selectively adding new companies to the portfolio.”
Below is a description of five transactions that closed during the fourth quarter.
Industrial Container Services / Aurora Capital Group
Ares Capital served as administrative agent and collateral agent for a $310 million senior secured credit facility to support a refinancing alongside the acquisition of Bodtker Group by Industrial Container Services (“ICS”), an existing Aurora Capital Group portfolio company. Serving the Canadian marketplace for over 35 years, the Bodtker Group is one of Canada’s largest privately held industrial container solutions providers, focusing on reconditioning, distribution and manufacturing. Pro forma for the transaction, ICS is the largest provider of reusable container solutions in North America. ICS operates 49 strategically located facilities across the United States and Canada.
KeyImpact / J.W. Childs Associates
Ares Capital served as joint lead arranger, joint bookrunner and administrative agent for a $130 million senior secured credit facility to support the acquisition of KeyImpact by J.W. Childs Associates, L.P. Formed in 2000, through the merger of Key Brokerage in New Jersey and Impact Sales in Maryland, KeyImpact has grown to become the largest independent foodservice sales and marketing agency in the United States. KeyImpact represents manufacturers of food, as well as packaging and supplies, and provides sales and marketing services to distributors and operators across all segments of the foodservice trade channel.
Shoes for Crews / CCMP Capital
Ares Capital served as sole lead arranger, sole bookrunner and administrative agent for a $100 million second lien term loan to support the acquisition of Shoes for Crews by CCMP Capital. Shoes for Crews is the leading designer and marketer of slip-resistant footwear worldwide. Headquartered in West Palm Beach, Florida, Shoes for Crews began producing slip-resistant footwear in 1984.
KPS Global / D Cubed Group
Ares Capital served as lead arranger, bookrunner and administrative agent for a $75 million senior secured credit facility to support the formation of KPS Global by D Cubed Group. KPS Global is a leading provider of walk-in cooler and freezer systems in the United States.
Eagle Family Foods / Kelso & Co.
Ares Capital served as lead arranger, bookrunner and administrative agent for a senior secured credit facility to support the acquisition of Eagle Family Foods by funds affiliated with Kelso & Co. Founded in 1856, Eagle Family Foods is one of the largest producers of branded and private label canned milk products in the U.S. The company manufactures both evaporated and sweetened condensed milk products sold under the Eagle, Magnolia, PET, Meadow Gold and Milnot brands, in addition to its large private label offering.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects. 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 (“BDC”) and as of December 31, 2015, was the largest BDC by total assets and market capitalization. Ares Capital 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. For more information about Ares Capital Corporation, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
Contacts
Ares Capital Corporation
Carl Drake, 888-818-5298
cdrake@aresmgmt.com
or
Jana Markowicz, 888-818-5298
markowicz@aresmgmt.com
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