Wells Fargo Capital Finance, part of Wells Fargo Company, announced its Lender Finance group was administrative agent and lead arranger for a $150 million senior revolver for ACF FinCo I LP, an affiliate of Ares Management, LP (“Ares”).
Ares is a leading global asset manager with approximately $74 billion of assets under management as of December 31, 2013. Ares recently acquired the assets of Keltic Financial Services LLC and Keltic Financial Partners II, LP (together, “Keltic”), a privately-held commercial finance company that provides asset-based loans to small and middle market companies. Ares plans to use the acquisition of Keltic as a platform to expand its commercial finance business.
“Wells Fargo has strong relationships with Ares and Keltic so it was a pleasure to be able to provide the funding needed for this acquisition,” said Andrea Petro, executive vice president and division manager for Lender Finance at Wells Fargo Capital Finance “We look forward to working with them as their businesses continue to grow.”
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.
See related story: Ares Management Enters Commercial Finance With Keltic Financial Acquisition