Collapsed Ares deal leaves friends with benefits: Reuters Breaking Views

By Reuters News — 4 weeks ago

Two investing friends are parting ways with benefits. Ares Management, the private equity shop run by Drexel Burnham Lambert alum Tony Ressler, on Tuesday called off a $2.6 billion plan to merge with Kayne Anderson. The two couldn’t agree on how to tackle the energy sector, but nevertheless came up with a cozy solution that contrasts starkly with how some crisis-era leveraged buyouts collapsed, Reuters Breaking Views said.


Ares and Kayne to pull plug on merger; Ares will invest $150 mln into Kayne’s energy activities

By Iris Dorbian — 4 weeks ago

Ares Management and Kayne Anderson Capital Advisors LP have agreed to end their merger due to “different views as to how best to proceed with the business combination in response to the current market conditions in the energy sector.” However, this does not mark the end of the companies working together. According to a statement announcing the end of the planned merger, Ares will be investing $150 million into Kayne’s energy activities, which include private equity.


Neiman Marcus leaves IPO bankers hanging: Reuters

By Reuters News — 2 months ago

Investment bankers put on their best business attire to pitch luxury department store operator Neiman Marcus Group Inc for underwriter roles in an initial public offering. Yet more than a month after their beauty parade, banks are still in the dark, Reuters News reported.


Ares Management and Harvest Partners buy Valet Waste

By Iris Dorbian — 2 months ago

Ares Management LP and Harvest Partners LP have acquired Tampa-based Valet Waste, a provider of amenity services for the multifamily housing sector. The seller was New Mountain Capital LLC. No financial terms were disclosed. Robert W. Baird & Co. acted as financial advisor to Valet Waste on the transaction.


Ares EIF Group to buy Van Hook Gathering System

By Iris Dorbian — 3 months ago

Ares EIF Group, a subsidiary of Ares Management LP, has agreed to acquire Van Hook Gathering System from WPX Energy. The value of the transaction is $185 million. The deal is expected to be completed during the fourth quarter of this year. Based in North Dakota, Van Hook Gathering System consists of a oil, natural gas and water gathering system.


Booth joins TwinBrook Capital

By Luisa Beltran — 4 months ago

Betsy Booth has joined TwinBrook Capital Partners as VP of Underwriting, executives for the firm confirmed. Most recently, Booth was a senior associate at Ares Capital Management. Booth, before that, was an Assistant VP at Madison Capital Funding. TwinBrook Capital is the middle market direct lending subsidiary of Angelo, Gordon & Co.


Ressler leads group to buy Atlanta Hawks

By Luisa Beltran — 7 months ago

The Atlanta Hawks said Wednesday that Tony Ressler, an Ares Management co-founder, is leading a group to buy the NBA basketball franchise. The group includes NBA All-Star Grant Hill, Clayton Dubilier & Rice partner Rick Schnall, Spanx founder Sara Blakely and Marquis Jet co-founder Jesse Itzler. Financial terms weren’t announced although press reports valued the deal at $850 million. The sale does include operation of the Philips Arena but still needs approval by the NBA Board of Governors. Goldman, Sachs & Co. and Inner Circle Sports advised the sellers while Moelis & Co. advised the buyer.


Ares Management taps KKR’s McFerran as EVP, CFO and treasurer

By Iris Dorbian — 8 months ago

Ares Management LP has hired Michael R. McFerran as executive vice president, chief financial officer and treasurer. The appointment becomes effective March 23, 2015. Prior to joining Ares, McFerran was a managing director at Kohlberg Kravis Roberts & Co. LP where he worked as the CFO of KKR’s credit business and was the COO and CFO of KKR Financial Holdings LLC.