Twin Brook Capital beefs up team with two new additions

Twin Brook Capital, a lending subsidiary of Angelo, Gordon & Co, has appointed Betsy Booth as a vice president of underwriting. Previously, Booth worked at Ares Capital Management where she served as a senior associate. And, as previously reported by PE HUB, Twin Brook recently hired Michael LaBelle as a vice president of underwriting. Prior to joining Twin Brook, LaBelle worked at National Express Corporation where he was a director in corporate development.


Thoma Bravo buys iPipeline

Thoma Bravo has acquired Exton, Pennsylvania-based iPipeline, a tech provider of cloud-based software solutions for the life insurance sector. The sellers were NewSpring Capital, Technology Crossover Ventures and Volition Capital. No financial terms were disclosed. Golub Capital and Ares Capital Corp provided funding for the deal. Credit Suisse was the lead financial advisor to iPipeline on the transaction while Bank of America Merrill Lynch and William Blair served as co-advisors.


Sumitomo Mitsui Banking to buy GE’s European Sponsor Finance for $2.2 bln

GE said Tuesday that it has agreed to sell its European Sponsor Finance business to Sumitomo Mitsui Banking Corp. Europe Ltd., a  subsidiary of Sumitomo Mitsui Banking Corp., for about $2.2 billion. The GE business provides sponsor finance for European mid-market private equity deals. GE Capital is keeping its $1 billion investment in the European Senior Secured Loan Programme and European Loan Programme, both joint ventures between GE Capital and Ares Capital. The deal is expected to close in third quarter. Bank of America Merrill Lynch and Citigroup Global Markets advised GE.


Ares, Varagon Capital form J.V. to make middle market loans

Ares Capital Corp. and Varagon Capital Partners are forming a joint venture to make senior secured loans to middle-market companies. The J.V. will be called Senior Direct Lending Program (SDLP) that will seek to follow the success Ares had with GE Capital with its J.V., the Senior Secured Loan Program. The SDLP will underwrite and hold first lien loans, including stretch senior and unitranche loans, that are originated by Ares and Varagon. SDLP will commit and hold individual loans of up to $300 million, while Ares may also co-invest with the SDLP.


Ares Capital leads funding round for Brandtone

Dublin, Ireland-based mobile marketing company Brandtone has secured 18.5 million euros in funding. Ares Capital Corp led the round with participation from return backers Unilever, Syngenta, Verlinvest and Vision Private Equity.


Vestar completes Woodstream acquisition

Vestar Capital Partners has closed its previously announced buy of Woodstream from Brockway Moran and CHS Capital. No financial terms were disclosed. GE Capital and Ares Capital Corporation provided debt financing for the transaction. Headquartered in Lititz, Pennsylvania, Woodstream is a maker of branded pest control and lawn and garden products.


Riverside invests in Greenphire

The Riverside Company has made an undisclosed investment in Greenphire, a provider of software for clinical research payment processing management and analytics. No financial terms were disclosed. Jones Day and Deloitte advised Riverside on the transaction while Ares Capital provided financing.


Riverside completes Five Star acquisition

Riverside has acquired Five Star Painting as an add-on for its Dwyer Group platform. No financial terms were disclosed. Madison Capital, GE Capital, NXT Capital and Ares Capital provided financing for the transaction while Jones Day, KPMG, Fisher Zucker and Cassels Brock advised Riverside on the deal. Based in Spanish Fork, Utah, Five Star is a franchisor of interior and exterior painting services.

Powervation grabs $7 mln in debt and equity funding

Intelligent digital power firm Powervation, which is headquartered in Ireland, has raised $7 million in debt and equity financing. Ares Capital agreed to provide $3 million in debt funding while Powervation’s return backers that include Scottish Equity Partners, Braemar Energy Ventures, Intel Capital, VentureTech, 4th Level Ventures and Semtech Corp, are providing $4 million in equity funding.


MyHealthDirect nabs $8 mln

MyHealthDirect has raised $8 million in funding. The investors were Chrysalis Ventures, Arboretum Ventures and Ares Capital Corp. Based in Nashville, MyHealthDirect is a provider of patient access solutions.


Kinderhook celebrates 23x gain on Tectum Holdings

Kinderhook Industries has sold a majority stake in Tectum Holdings (THI) to TA Associates. The sale represents a return in excess of $300 million for Kinderhook Capital Fund II, translating to approximately 23x Kinderhook’s invested capital.


Ares Capital sells CitiStorage to Recall

Recall Holdings Limited has acquired CitiStorage for a consideration of $47.2 million. The seller was Ares Capital Corp. Based in Brooklyn, NY, CitiStorage is a records management firm.

Panda Power Funds Secures Financing for Power Plant

Panda Power Funds affiliate Panda Sherman Power has successfully completed the financing on its planned 758-megawatt natural gas-fueled, combined-cycle power plant in Sherman, Texas. The company will immediately start construction on the 204-acre site and expects commercial operations to begin by the end of 2014. Goldman Sachs and Credit Suisse arranged the senior debt financing for the plant. Ares Capital was the documentation agent.

Ares Offers $1.55B for 99 Cents Only Stores

Ares Capital has offered $1.55 billion for 99 Cents Only Stores, topping a $1.41 billion offer reportedly made by Leonard Green & Partners, Reuters reported, citing the New York Post. Ares reportedly offered $22 a share for the company. Shares of 99 Cents closed at $20.05 Thursday.

Ares Capital Commits $59 Mln for La Paloma Refinancing

Ares Capital said Monday that it committed $59 million in a $110 million second lien term loan that supports the refinancing of La Paloma Generating Co. Kern County, Calif.-based La Paloma is a four-unit, 1,022 MW natural gas-fired power facility owned by EIG Global Energy Partners and Rockland Capital.

Ares, Veronis Suhler Partner on Debt Deal

Ares Capital Corp. and Veronis Suhler Stevenson have closed on a deal providing $86.5 million in debt financing to an undisclosed provider of educational resources and services in the medical space. Ares Capital and VSS have a collaboration agreement focused on bringing flexible senior debt financing to middle market companies in the information, education, media and marketing services industries.

PE Firms Partner On Recycling Platform

After acquiring the recycling technology assets of FCR Inc., five private equity firms have partnered to launch Re Community Holdings LP, a platform focused on recycling communities. Pegasus Capital, Intersection, MissionPoint Capital Partners, HarbourVest Partners LLC, and Ares Capital Corporation have partnered on the effort, which is designed to enable community partners to generate additional revenue, recover community owned resources, create new jobs, fund budget shortfalls, and reduce their carbon footprint, the firms said in a release.

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