September 20, 2017— Ares Commercial Finance announced that it has provided a $15.5 million senior secured credit facility to Colorado Asphalt Services, Inc. The company, headquartered in Commerce City, Colorado, is a full-service asphalt paving and concrete flat-work company. Proceeds of the financing were used to support West Edge Energy’s acquisition of Colorado Asphalt Services, Inc. through its holding company West Edge Energy, LLC.
About Colorado Asphalt Services, Inc.
Colorado Asphalt Services, Inc. (CASI) is a locally owned and operated, full-service asphalt and concrete company. It has provided outstanding installation, paving, and maintenance services to the Denver metro and Front Range area for more than 30 years. Its state-of-the-art plant in Commerce City, CO, includes the latest double-drum technology and the capacity to service the Front Range. CASI also recycles its own asphalt and accepts asphalt for recycling. CASI is recognized as a premier asphalt and concrete contractor for its uncompromising quality product and services. For more information, visit www.coloradoasphalt.com.
About West Edge Energy
West Edge Energy is pursuing operations in multiple business segments. The acquisition of CASI represents West Edge’s entry into the refined petroleum products segment. West Edge also has plans to acquire and build operations in midstream crude oil, midstream natural gas and natural gas liquids, and water solutions. For more information, please visit www.westedgeenergy.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 $104 billion of assets under management as of June 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