London, 29 April 2014: GE Capital International and Ares Management Ltd. announced today that the European Senior Secured Loan Programme (ESSLP), a €1.7 billion joint venture between the two firms, has completed its seventh transaction with the closing of a £153 million unitranche facility to refinance Parkdean, a leading holiday park operator in the UK owned by Alchemy. Ares provided an additional £27 million of subordinated debt to complete the £180 million refinancing package.
This transaction brings the total commitments to more than €800 million in unitranche financing provided through the ESSLP since the programme was launched in 2013. The ESSLP has provided financing to support private equity-backed businesses across Europe and spanning a wide range of sectors, including the recent refinancing of 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 demonstrates the benefits of scale, flexibility and ease of execution of our unitranche partnership, which is becoming an increasingly popular alternative to traditional senior debt structures in the mid-market. Parkdean is one of the best operators in the market with a first rate management team at the helm. We're delighted to support them as they look to further grow their business."
Mike Dennis, Partner at Ares Management Ltd., said: "We are delighted to partner with both Alchemy and Parkdean's management team on this transaction. By providing both the unitranche with our partners at GE and a subordinated tranche of debt, we clearly demonstrated our ability to tailor solutions to the borrower's needs as well as our flexible and innovative approach to the European Direct Lending market."
This latest deal follows the recent announcement that GE Capital International and Ares Management Ltd. were named the joint "Unitranche Lenders of the Year" for 2013 by Private Debt Investor. Parkdean were awarded Best UK Holiday Park Operator at the 2013 British Travel Awards.
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 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 leveraged finance, accounts receivable management, inventory finance, asset backed lending, cross-border financing, leasing / vendor finance and fleet management solutions.
Through its 'Access GE' programme, GE Capital gives customers access to GE's experience and expertise to help solve their business issues and challenges by leveraging GE's 130+ year industrial heritage with customers in the energy, healthcare, transportation, power & water, aviation and oil & gas markets. For more info, visit www.gecapital.eu.
About Ares Management LLC
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 more information, visit www.aresmgmt.com.
For further press information contact:
GE Capital International
Paige Folta
PR Account Executive
+44 207 853 1677
Ares Management Ltd.
Bill Mendel
Mendel Communications
+1 212 397 1030
Paige Folta
GE Capital
[email protected]
+44 20785 31677
+44 7825072507