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Ares steps into commercial finance sector with Keltic buy.


6 June 2014 - US asset manager Ares Management LP (NYSE:ARES) said it had entered the commercial finance sector through the purchase of domestic commercial finance company Keltic Financial Services LLC.

The acquired businesses specialises in providing asset-based loans to small and middle market companies. Its loan portfolio includes USD155m (EUR113.5m) of commitments. The deal, financial details of which were not disclosed, also includes Keltic Financial Partners II LP, the buyer said.

In connection with the purchase, Ares established a direct lending group platform in commercial finance, called Ares Commercial Finance, which will have its headquarters in New York and will offer asset-based credit facilities in the range of USD1m to USD30m, Ares said.

John Reilly, Keltic's president and CEO, said that using Ares's resources, his firm would provide comprehensive commercial finance solutions to the commercial finance segment of the small and middle market.

Country: USA

Sector: Banking/Financial Services

Target: Keltic Financial Partners II LP, Keltic Financial Services LLC

Buyer: Ares Management LP

Type: LBO

Status: Closed

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Publication:M & A Navigator
Date:Jun 6, 2014
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