GREENWICH, CT, Oct. 6, 2015 (GLOBE NEWSWIRE) -- Fifth Street Asset Management Inc. (NASDAQ:FSAM) today announced that its affiliate, Fifth Street Management LLC, served as Lead Arranger and Administrative Agent for a one-stop financing facility in connection with the acquisition of Valet Parent, Inc. ("Valet Waste") by funds managed by Ares Management, L.P. (NYSE:ARES) and Harvest Partners, LP. Based in Tampa, Florida, Valet Waste is a leading national provider of value-added amenity services to the multifamily housing industry. The financing facility, which consists of a revolving credit facility and first lien term loan, includes investments from Fifth Street Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR).
Ares' Private Equity Group has approximately $15 billion of assets under management across three strategies: North American and European flexible capital, U.S. power and energy assets and China growth capital. Harvest Partners is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of North American middle market companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors.
"With a seasoned management team, scalable technology platform and longstanding track record of providing high quality service and amenities, Valet Waste is a trusted market leader in its industry that represents a strong addition to our investment portfolios," commented Sunny Khorana, Managing Director, Head of Sponsor Coverage at Fifth Street, adding, "We are pleased to support two preeminent investors, Ares and Harvest Partners, as they work with the company's leadership to execute on its long-term growth strategy."
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. (NASDAQ:FSAM) is a nationally recognized credit-focused asset manager. The firm has over $5 billion of assets under management across two publicly-traded business development companies, Fifth Street Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR), as well as multiple private investment vehicles. The Fifth Street platform provides innovative and customized financing solutions to small and mid-sized businesses across the capital structure through complementary investment vehicles and co-investment capabilities. With over a 17-year track record focused on disciplined credit investing across multiple economic cycles, Fifth Street is led by a seasoned management team that has issued billions of dollars in public equity, private capital and public debt securities. Fifth Street's national origination strategy, proven track record and established platform are supported by nearly 100 professionals across locations in Greenwich, Chicago and San Francisco. For more information, please visit fsam.fifthstreetfinance.com
About Valet Waste
Since 1995, Valet Waste has been the Multifamily Housing Industry's leading provider of five-nights-per-week doorstep trash and recycling collection. It currently services over 440 management companies and owner groups throughout the multifamily housing industry that represent over 3.4 million units nationwide. Valet Waste offers the most requested resident amenities and services along with unparalleled and proven customer satisfaction. Its fully insured and uniformed professional valets collect waste and recyclables from residents' doorsteps and manage multifamily communities' on-site trash issues by streamlining waste from the doorstep to the dumpster with our proven systems.
This press release may contain certain forward-looking statements, including statements with regard to the future performance of Fifth Street Asset Management. Words such as "believes," "expects," "estimates," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source:Fifth Street Asset Management