Ares Management Fund To Buy Loan Portfolio Of First Capital

(RTTNews) - Ares Management L.P. (ARES) on Friday said a fund managed by its commercial finance platform has agreed to buy the asset-based lending portfolio of First Capital Holdings Inc.

The deal is expected to close during the second quarter. The fund intends to fund the acquisition with a combination of debt and equity.

With the deal, the Ares Commercial Finance platform will have about $700 million of loan commitments.

First Capital, a commercial finance company that provides asset-based loans and factoring to small and middle-market companies, is a portfolio company of H.I.G Capital.