London, 5 August 2014: Ares Management Ltd., which oversees the European activities of Ares Management, L.P. (NYSE:ARES), and GE Capital International, the leading alternative finance provider, announced today that the European Senior Secured Loan Programme (ESSLP), a €1.7 billion joint venture between the two firms, has completed its ninth transaction -- and the second within a week -- with the closing of a £113.5 million financing package to refinance Hillarys from funds managed by Ares and GE Capital.
The facilities include an £80 million unitranche component, a £26 million second lien secured and a £7.5 million revolving credit facility for Hillarys, the leading UK provider of domestic blinds and window fittings owned by European Capital Limited.
The ESSLP has provided financing to support private equity-backed businesses across Europe that span a wide range of sectors, including the recent financings for Infovista owned by Thoma Bravo, Parkdean owned by Alchemy, NoteMachine owned by Corsair, and Montagu's acquisition of Dutch Ophthalmologic Research Centre (D.O.R.C).
Owen Verrier Jones, Head of Mid-Market Origination at GE Capital International, said: "This latest transaction again demonstrates the benefits of scale, flexibility and ease of execution of our unitranche partnership. Our ability to offer both term and undrawn facilities has also helped deliver this financing in an efficient manner for the company.
"Hillarys is a leader in its industry with an experienced and highly capable management team. We're committed to continue supporting them as they look to further grow their business and build on the lending relationship that we have enjoyed with them for several years."
Mike Dennis, Partner at Ares Management Ltd., which oversees the European activities of Ares Management, L.P. (NYSE: ARES), said: "We are delighted to partner with both European Capital and Hillarys on this transaction. By providing both the unitranche facility and a second lien secured loan in the same transaction with our partners at GE, we are clearly demonstrating our ability to tailor solutions to the borrower's needs as well as our flexible and innovative approach to the European Direct Lending market."
Ares Management and.GE Capital are currently the joint recipients of the "Unitranche Lenders of the Year" award for 2013 by Private Debt Investor.
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About Ares Management
Ares Management, L.P. (NYSE:ARES) is a leading global alternative asset manager with approximately $77 billion of assets under management and approximately 700 employees in more than 15 offices in the United States, Europe and Asia as of March 31, 2014. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole.
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.
GE Capital International is focussed 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.
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. For more info, visit www.gecapital.eu.
Tom Steiner
GE Capital EMEA
[email protected]
+44-(0)-208-185-2494