SYDNEY – March 14, 2022 – Ares Management Corporation (“Ares”) (NYSE: ARES) today announced that funds managed by Ares Credit Group have committed A$280 million in credit facilities to Waste Services Group (the “Company”), an operator specializing in waste management services in Australia. The funding will support Livingbridge, a mid-market private equity group with investments in the UK, US and Australia, in its acquisition of the company.
The transaction marks the first financing led by Ares’ Australian direct lending team and is also the first credit-backed sustainability-linked private financing in the Australian market. The new credit facilities include a sustainability margin ratchet, whereby the interest rate payable is directly correlated to the Company’s achievement of certain pre-determined performance targets. These goals will be aligned with the company’s long-term strategy to support the development of greener and more sustainable waste management solutions in Australia.
“We are delighted to serve as sole lender for this first sustainability-related financing in the Australian market and to build on our long-standing relationship with the Livingbridge team,” said Peter Graf, Group Managing Director of Ares SSG. “We remain committed to partnering with sponsors and companies to advance a collective ESG vision in the markets and communities in which we operate.”
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions across the asset classes of credit, private equity, real estate and infrastructure. 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 December 31, 2021, Ares Management Corporation’s global platform had approximately $306 billion in assets under management, with approximately 2,100 employees operating in North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Waste Services Group
Created in 2016, Waste Services Group (WSG) supports approximately 6,000 customers through two key offerings, managed services and collections. WSG serves most of the key sectors that drive the Australian economy: education, healthcare, manufacturing and retail, among others. Led by CEO Matt Tamplin, WSG is a high-quality essential services company that has demonstrated consistent organic growth and strong customer retention through its market-leading customer focus. Over the past five years, this has been complemented by strategic acquisitions that have expanded WSG’s service offering and geographic coverage.
Livingbridge is a medium-sized private equity firm with offices in the UK, US and Australia, investing in fast-growing businesses valued up to £300m. Our team has been supporting growing businesses together for twenty years. We’ve done it over a hundred times, transforming a lot of household names both at home and abroad. We get growth. We understand the people behind growing businesses in consumer markets; health care and education; technology, media and telecommunications; financial services and business services, and help them achieve what is good for them and their business
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Management company Ares