Ares, Crescent Capital to take control of Savers from Green, TPG: Bloomberg

Ares Management and Crescent Capital Corp are taking control of Savers LLC, a for-profit thrift-store chain, from Leonard Green & Partners and TPG, Bloomberg is reporting. Ares and KKR are backing about $590 million of funded debt, according to a restructuring agreement cited by the story. Ares and Crescent are injecting $165 million in cash and would collectively hold a controlling stake in the company, Bloomberg said. Savers plans to complete the deal out of court within the next two weeks but is prepared to file for bankruptcy protection, the story said.