GE Capital International and Ares Management have acted as mandated lead arrangers for unitranche, working capital and acquisition facilities for DORC Holding BV. The facilities were primarily used to fund Montagu Private Equity’s acquisition of DORC, a provider of medical instruments and equipment for ophthalmic surgery.
GE Capital International and Ares Management Ltd. have acted as Mandated Lead Arrangers for €110 million of unitranche, working capital and acquisition facilities for DORC Holding BV (“DORC”). The facilities were primarily used to fund Montagu Private Equity’s acquisition of DORC, a leading provider of medical instruments and equipment for ophthalmic surgery.
This financing is the latest transaction intended for GE Capital International and Ares Management’s “European Senior Secured Loan Programme” (ESSLP) joint venture for unitranche funding. The €1.75bn ESSLP programme is structured to provide flexible unitranche financing to European mid-market borrowers. Since the programme was launched, it has committed more than €700 million in unitranche financing.
Ruud Kole, Executive Director at GE Capital, said: “This financing represents our first unitranche financing to the mid-market in the Netherlands and demonstrates that unitranche lending is a compelling alternative to more traditional finance structures across Europe.
“Given that the loans are held by GE Capital and Ares, there is no need for syndication and there is ample ability to scale up our commitment for future acquisitions. We were able to add value to the Company and Montagu through the flexibility this financing structure offers.”
The unitranche structure that GE and Ares provides is a one-stop financing solution, making available term facilities as well as committed undrawn facilities. The ESSLP partnership replicates the very successful $11 billion SSLP in the United States run by GE and Ares Management LLC.
Jonathon Ferguson, Director at Ares Management Ltd., said: “We are delighted to partner with both Montagu and DORC’s Management Team on this transaction. Through the ESSLP programme, we have provided a flexible financing solution that is structured to support their future growth plans. We will continue to focus on providing financing solutions to high-quality middle market companies and their sponsors.”
About GE Capital International
GE Capital International is a leading, global provider of specialist finance to the mid-market, with headquarters in London and serving customers from 30 markets across EMEA and Asia Pacific.
With ~25,000 employees and revenues of more than $11B, GE Capital International is focused on driving growth in its core commercial leasing & lending products and markets. It provides mid-market customers with a wide range of financing solutions including accounts receivable management, inventory finance, asset backed lending, cross-border financing, leveraged finance, leasing/vendor finance and fleet management solutions. For more info, visit www.gecapital.com.
GE Capital is one of Europe’s leading providers of leveraged finance for mid-market private equity backed transactions and has a leveraged loan portfolio in excess of €5 billion across EMEA covering 160 companies in the region.
Ares Management LLC is a global alternative asset manager and SEC registered investment adviser with approximately $74 billion of assets under management and 700 employees as of December 31, 2013. Ares is headquartered in Los Angeles with professionals located across the United States, Europe and Asia and invests across the capital structure – from senior debt to common equity. Ares’ investment activities are managed by dedicated teams in its Capital Markets, Private Debt, Private Equity and Real Estate investment platforms. Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole. This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value. For additional information, visit www.aresmgmt.com.
About DORC Holding BV
Established in 1983, D.O.R.C. is a leading provider of innovative instruments and equipment for ophthalmic surgery. The product range includes high precision disposable and re-usable instruments, surgical liquids and surgical machinery that is used for vitreoretinal and cataract procedures. Headquartered in Zuidland, the Netherlands, D.O.R.C. serves a global customer base including surgical centres, hospitals and physicians across the US, Europe, the mid-East, Asia and South America. The company has more than 300 employees worldwide and generated over €80m of sales in 2013.
For media enquiries, please contact:
External Communications and Corporate Affairs Manager
GE Capital EMEA
+44 208 1852 494 / +44 7787 415 891
Ares Management Ltd.
+1 212 397 1030