Ares Commercial Finance Provides Credit Facility to Priority Waste
November 29, 2023
Source: Ares Commercial Finance
NEW YORK – November 30, 2023 – Ares Commercial Finance announced today that it, along with other Ares Management Credit funds, has provided a senior secured credit facility to Priority Waste (the “Company”), a portfolio company of TRP Capital Partners. The Company, headquartered in Clinton Township, Michigan, is a fast-growing waste management services provider based in the Midwest. The proceeds via this transaction will be used to support the Company’s continued rapid growth and refinance a portion of the company’s existing debt.
About Priority Waste
Priority Waste, one of the largest independent providers of solid waste and recycling services in the Great Lakes region, is a pioneer of technology to transform waste management operations. The company’s proprietary technology powers a one-of-a-kind command center from which experienced logistics professionals deliver seamless coordination, real-time tracking, and route optimization, thereby maximizing operational efficiency and ensuring unparalleled customer service. Since its founding in 2018, Priority Waste has rapidly expanded to serve customers in over 30 municipalities across Michigan, Indiana, and Ohio. For more information about Priority Waste, visit www.prioritywaste.com.
About TRP Capital Partners
Since 1997, TRP Capital Partners (“TRP”) (www.trpfund.com) has invested over $850 million of equity in 30 platform transactions. TRP seeks to make investments in growth-oriented businesses in the transportation sector. The firm capitalizes on strategic relationships, commercial synergies, and the transportation expertise of all of its partners. TRP’s principals have over 125 years of experience in the areas of finance and transportation-related investing.
About Ares Commercial Finance
Ares Commercial Finance (“ACF”) is the commercial finance platform of Ares Management Corporation. ACF provides credit facilities up to $300 million to middle market and lower-middle market companies. ACF addresses a wide scope of industries including manufacturing, distribution, wholesale, retail, and service with a product suite consisting of asset-based, asset-backed and priority cash flow revolvers and term loans in addition to trade receivables securitizations and supply chain financing. Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to deliver creative, flexible, and customized financing solutions for a variety of financing needs: general refinancing, working capital/growth, acquisitions, restructuring/ turnaround situations, debtor-in-possession/exit financing and special accommodation financing. For more information about Ares Commercial Finance, visit www.arescommercialfinance.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2023, Ares Management Corporation's global platform had approximately $395 billion of assets under management, with over 2,800 employees operating across North America, Europe, Asia Pacific and the Middle East.
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