June 22, 2017— Ares Commercial Finance announced that it has provided a senior secured credit facility to Pro Oil & Gas Services, LLC (“Pro”) in connection with Intervale Capital’s recapitalization of the business. Headquartered in Houston, Pro is a diversified multi-basin completion and drilling services company with operations in West Texas, South Texas, Louisiana, Oklahoma and the Northeast. Pro’s current service offerings include wireline, pumping services, flowback, frac stacks, wireline lubricators and pressure control, surface drilling, solids control, chemical mixing plants as well as torque and test services. Proceeds of the financing were used to repay indebtedness and provide liquidity to fund growth initiatives.
For more information, visit www.proosllc.com.
About Ares Commercial Finance
Ares Commercial Finance (“ACF”) is the asset-based lending group for 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 $100 billion of assets under management as of March 31, 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.
About Intervale Capital
Founded in 2006, Intervale Capital is a specialized energy-focused investment firm. Intervale invests primarily in middle-market energy services and manufacturing companies. The firm has raised $1.3 billion of committed capital since its inception, and is currently investing its third fund. For more information about Intervale, visit http://www.intervalecapital.com.
Bill Mendel, 212-397-1030