Ares Management & GE Capital Provide £75 Million Debt Package to Fund CVC Growth Partners Acquisition of Wireless Logic
March 05 2015 - 5:07AM
Business Wire
Transaction Marks 12th
Unitranche Financing Transaction for ESSLP Joint Venture
Ares Management (NYSE: ARES) and GE Capital announced today that
the European Senior Secured Loan Programme (ESSLP), a €1.75 billion
joint venture between affiliates of the two firms, has provided a
£75M financing package to fund the acquisition of Wireless Logic,
Europe's leading independent machine-to-machine (M2M) managed
services provider, by CVC Growth Partners. The acquisition was
funded by a £65M ESSLP Unitranche facility, which provides flexible
and deliverable financing solutions of scale. In addition, a £10M
working capital and acquisition facility was provided by GE
Capital.
This deal marks the 12th transaction for the ESSLP since its
inception in 2012 and brings total commitments funded to €1.3
billion. The €1.75 billion programme, the first of its kind in the
European debt market, is structured to provide flexible unitranche
financing solutions to European mid-market borrowers.
Michael Dennis, Partner in the Direct Lending Group at Ares
Management, said: “We felt that unitranche was the most
appropriate financing structure given the quality of Wireless
Logic’s business and its requirement for a flexible and scalable
debt structure. We are delighted to have been selected by CVC as
its financing partner for their first transaction utilising the
unitranche product.”
Chris Fowler, Executive Director at GE Capital, said: “We
are delighted to support CVC Growth Partners’ first investment of
the new fund. As a market leader in Europe, Wireless Logic is
extremely well positioned to capitalise on the explosive growth in
the M2M/IoT space. The ESSLP is well suited to an investment of
this nature as it combines a day-one flexible financing solution
with significant dry powder to support the continued expansion of
the business.”
The ESSLP has provided debt financing to support private
equity-backed businesses across Europe that span an ever-growing
range of sectors. Previous financings include Montagu’s acquisition
of Open GI, the recent upsized debt package for Notemachine owned
by Corsair Capital, as well as financings for Hillarys owned by
European Capital, Infovista owned by Thoma Bravo, Parkdean owned by
Alchemy and Montagu’s acquisition of DORC.
###ENDS###
About the European Senior Secured Loan Programme
The European Senior Secured Loan Programme (ESSLP) was formed in
2012 to invest in the senior secured debt of European middle-market
companies in order to meet the growing demand for one-stop
financing to replace traditional senior and junior debt financing.
The Programme is a joint venture between the Ares Management
European Direct Lending team, Ares Capital Europe, and GE Capital.
The ESSLP was modelled after the Senior Secured Loan Program
(SSLP), the North American joint venture founded in 2011 between
Ares Capital Corporation (NASDAQ: ARCC) and GE Capital, who have
agreed to make available $11 billion to support North American
middle market companies.
About Ares Management
Ares Management, L.P. (NYSE: ARES) is a leading global
alternative investment manager with approximately $86 billion of
assets under management and more than 15 offices in the United
States, Europe and Asia as of December 31, 2014, pro forma for the
acquisition of Energy Investors Funds on January 1, 2015. 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 27 markets across EMEA and Asia
Pacific.
With ~22,000 employees and assets of $117bn, 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 International focuses on sectors where it can share
GE's 130+ year industrial heritage with customers – energy,
healthcare, transportation, power & water, aviation, oil &
gas. Through its ‘Access GE’ programme, GE Capital gives customers
access to GE’s experience and expertise to help solve their
business issues and challenges. For more info, visit
www.gecapital.eu.
Ares ManagementBill MendelMendel
Communications+1 212 397
1030bill@mendelcommunications.comorGE CapitalPaige
FoltaExternal Communications+44 207 8531
677paige.folta@ge.comorInvestor RelationsAres Management,
L.P.Carl Drakecdrake@aresmgmt.com+1-800-340-6597
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