January 16, 2018— Ares Commercial Finance announced that it has provided a $21 million senior secured credit facility to Conner Industries, Inc., which includes an $18 million revolving line of credit and a $3 million real estate term loan. Proceeds of the financing will be used to refinance the company’s existing credit facility and support ongoing working capital needs.
About Conner Industries, Inc.
Conner Industries is a leading provider of industrial wood products and services to the materials handling industry. The company specializes in supplying cut lumber (softwoods, hardwoods, and panel woods) needed for pallets, shelving, and crate & skid parts, or fully assembled wooden pallets & skids, crates, and industrial containers. The company’s high quality packaging products are used in a wide variety of industries including, but not limited to: automotive, aerospace, construction, chemical, energy and plastics. Conner services its customers nationwide from its own remanufacturing plants located in eight states: FL, GA, MI, OK, SC, TN, TX and VA. Conner was founded in 1981 and maintains its headquarters in Fort Worth, TX.
About Ares Commercial Finance
Ares Commercial Finance (“ACF”) is the asset-based lending group of Ares Management, L.P. providing asset-based revolving lines of credit and term loans, as well as stretch loans to middle market and lower-middle market companies. In addition, ACF has the ability to provide cash flow loans to certain borrowers as well as asset-backed facilities to specialty finance companies. Leveraging the breadth and experience of the Ares platform, ACF works with borrowers to understand their business, goals and needs and then deliver creative, flexible and comprehensive financing solutions. ACF’s asset-based lines of credit may be structured as working capital and bridge financing, special accommodation financing, turnaround financing, debtor-in-possession financing and acquisition financing. ACF’s asset-based lending practice focuses on privately-held and small public companies in the middle market and addresses a wide breadth of industries including manufacturing, distribution, wholesale and service companies. For more information about Ares Commercial Finance visit www.arescommercialfinance.com.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $106 billion of assets under management as of September 30, 2017 and more than 15 offices in the United States, Europe, Asia, and Australia. 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 three distinct but complementary investment groups in Credit, 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. For more information about Ares, visit www.aresmgmt.com.
Bill Mendel, 212-397-1030