Ares Management

Ares was founded in 1997; its early investment areas included bank loans, high-yield bonds, direct lending, and other credit and structured equity investments.⁠[1]

Ares Capital Corporation, which focuses on direct lending, listed on NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry under the ticker symbol ARCC. It is a listed investment company managed within the Ares platform and is a separate entity from the asset manager that later listed on the New York Stock Exchange under the symbol ARES.⁠[1][2]

Ares Corporate Opportunities Fund III and funds affiliated with Freeman Spogli invested in Floor & Decor, a retailer of flooring and renovation materials, in 2010. After the company’s 2017 listing, the two investors gradually reduced their holdings; a litigation settlement filing the company submitted to the SEC in 2024 records that, as of August 2020, they no longer held beneficial equity in the company.⁠[3]

99 Cents Only Stores merged with the acquisition vehicle and became a subsidiary of Number Holdings, controlled by Ares, the Canada Pension Plan Investment Board, and existing rollover investors. The transaction was financed with equity and debt, and was later followed by a recapitalization and the wind-down of the store business.⁠[4][5][6]

Advent International announced an agreement to acquire a majority interest in AOT Bedding Super Holdings. That company’s holdings included National Bedding Company (the principal owner and licensed manufacturer of Serta) and Simmons Bedding Company. Existing shareholders Ares and the Ontario Teachers’ Pension PlanOntario Teachers' Pension PlanOntario Teachers’ Pension Plan (OTPP) is a defined benefit pension plan that provides lifetime pensions to working and retired teachers in Ontario, Canada. It is administered by the independent Ontario Teachers’ Pension Plan Board and headquartered in Toronto. It is Canada’s largest single-profession pension plan and invests globally in public and private equity, fixed income, real estate, infrastructure, natural resources, credit and venture capital, with net assets of C$303.2 billion as of June 30, 2026.Open the full entry retained significant minority interests, so this was a partial sale.⁠[7]

Milbank, an adviser on the transaction’s financing, disclosed that $765 million of senior secured financing had been put in place for Leonard Green & Partners and Ares to acquire CHG Healthcare from J.W. Childs, including a $475 million first-lien term loan, a $190 million second-lien term loan, and a $100 million revolving facility. CHG provides temporary and permanent healthcare staffing services to healthcare organizations; these amounts are financing facilities, not the equity purchase price.⁠[8]

Ares acquired real estate investment manager AREA Property Partners, taking over management of its real estate debt and private equity funds. AREA added U.S. and European investment teams to Ares, along with capabilities spanning core-plus, value-add, and opportunistic real estate investing.⁠[9]

Neiman Marcus announced a merger agreement with an acquisition vehicle owned by an investment group made up of Ares-affiliated funds and the Canada Pension Plan Investment Board. The investment later went through a 2020 bankruptcy reorganization and a change of shareholders.⁠[10][11]

In 2014, Ares Management listed on the New York Stock Exchange. It is a separate entity from Ares Capital Corporation (ARCC), which focuses on direct lending and listed on Nasdaq in 2004.⁠[1]

Guitar Center announced that affiliates of Ares’ private equity business would convert a portion of their debt into preferred stock and acquire control, with Bain Capital retaining a portion of its equity and board seats. The concurrent refinancing reduced the company’s debt by about $500 million and its annual cash interest expense by more than $70 million.⁠[12]

Melrose completed its acquisition of Nortek in August 2016. The cash offer price given in the earlier announcement was $86 per share, corresponding to about $1.436 billion for the entire equity and an enterprise value of about $2.810 billion. Ares-affiliated shareholders, together with affiliated shareholders of Anchorage and Gates, signed tender support agreements; the three shareholder groups together held about 68.7% of the shares.⁠[13][14]

Ares Capital, a listed business development company, completed its acquisition of American Capital. The consideration of about $18.06 per share consisted of Ares Capital cash and stock, proceeds from American Capital’s sale of its mortgage management business, and transaction support provided by Ares Capital Management. The combined direct lending portfolio expanded; the acquirer was ARCC, not the asset manager Ares Management itself.⁠[2]

CoolSys announced that it had been acquired by Ares private equity funds, with the existing management team continuing to run the business and retaining a significant equity stake; the transaction price was not disclosed. The company provides refrigeration and HVAC system design, installation, maintenance, and energy efficiency services to retail, restaurant, commercial, and industrial customers. The eight acquisitions over the prior three years mentioned in the announcement took place during the period of support from previous owner Audax.⁠[15]

Private equity funds managed by Ares and minority shareholder OMERS Private Equity agreed to sell National Veterinary Associates to JAB Investors. Management continued to hold a significant minority stake and run the business; the transaction terms were not disclosed. At the time of the announcement, NVA’s business covered more than 670 companion animal hospitals and 70 pet resorts.⁠[16]

ApolloApolloApollo (Apollo Global Management, Inc.) is an asset management and retirement services group founded in 1990 and listed on the New York Stock Exchange under the ticker APO. Its investment business spans credit, equity, and real assets; after its 2022 merger with Athene, asset management and retirement services were brought under the same listed parent company. At the end of June 2026, the group reported assets under management of about $1.047 trillion.Open the full entry-managed funds completed the acquisition of all outstanding common stock of Smart & Final for $6.50 per share in cash, and the company was delisted immediately. Ares had acquired this food and household goods retailer from Apollo in 2012 and continued to hold a large stake after its 2014 listing.⁠[17][18]

99 Cents Only announced that all of its second-lien debt and 92.1% of its third-lien debt would be converted into preferred and common equity of its parent company, and that it received $34 million in new equity funding from Ares and certain existing creditors combined. After the transaction, Ares and the Canada Pension Plan Investment Board together retained 73% ownership and majority control; the restructuring reduced net secured debt by about $300 million and did not constitute a full exit by the two.⁠[5]

Kirkland & Ellis, Ares’ transaction counsel, disclosed that Ares-affiliated funds invested in Cooper’s Hawk Winery & Restaurant. The business combines restaurants, tasting rooms, and a wine membership business; at the time of the announcement it had 36 restaurants and tasting rooms and about 400,000 wine club members.⁠[19]

Henkel announced an agreement to acquire Deva Parent Holdings, held by Ares private equity funds, which owns the DevaCurl brand for curly and wavy hair care. The brand is sold through professional salons, select retailers, and direct-to-consumer e-commerce channels. The announcement remained subject to satisfaction of closing conditions and regulatory approvals.⁠[20]

Ares acquired SSG Capital, expanding its investment business in the Asia-Pacific region. This transaction was an expansion of the management platform, distinct from equity investments by its funds in individual companies.⁠[1]

The prospectus of building products company AZEK set the IPO price at $23 per share. On the basis of the offering and the company’s conversion described in the prospectus, Ares and the Ontario Teachers’ Pension Plan each held about 37% of all common stock. This ownership structure shows that the IPO did not mean the original private equity shareholders had sold their entire investments.⁠[21]

Neiman Marcus announced that it had completed its Chapter 11 reorganization, eliminating more than $4 billion of debt and more than $200 million of annual cash interest expense. New shareholders included PIMCOPIMCOPIMCO (Pacific Investment Management Company) is a fixed-income investment manager headquartered in Newport Beach, California. It was set up in 1971 as the money management arm of Pacific Mutual Life Insurance Company and is now part of Allianz. As of September 30, 2026, it managed $2.29 trillion in assets; its chief executive is Emmanuel Roman.Open the full entry, Davidson Kempner, and Sixth Street, which provided $750 million of exit financing. The company continued to operate Neiman Marcus, Bergdorf Goodman, and other businesses with a new capital structure and board of directors.⁠[11]

Unified Women’s Healthcare announced an investment agreement with Altas Partners. Ares, as an existing significant shareholder, planned to make an additional investment, supporting the expansion of the business together with Altas and physician shareholders. Unified provides management services to women’s healthcare practices; at the time of the announcement it supported more than 1,800 healthcare providers in 12 U.S. states and Washington, D.C., with clinical decisions remaining with each practice.⁠[22]

GI Partners announced that it had acquired Valet Living from Ares private equity funds and Harvest Partners. During the sellers’ holding period of about five years, the company expanded from doorstep trash collection for apartments into maintenance, pet, fitness, and other community amenity services; at the time of the sale its services covered about 1.6 million apartment units in 40 states.⁠[23]

Guitar Center completed its Chapter 11 restructuring, reducing debt by nearly $800 million. Funds affiliated with Ares, Brigade Capital, and Carlyle together invested $165 million of common equity in its indirect parent company, indirectly owning all of the reorganized common stock; existing noteholders received preferred stock and other corresponding consideration. The company also put in place an asset-based revolving credit facility of up to $375 million.⁠[24]

Ares completed two management business acquisitions, Landmark Partners and Black Creek Group, and established secondaries and wealth management platforms. Landmark brought a private markets secondaries business, and Black Creek expanded real estate and individual investor channels.⁠[1]

Resource Label Group announced the completion of a merger transaction with Ares private equity funds; its previous owners were First Atlantic Capital and TPG Growth. The company produces pressure-sensitive labels, shrink sleeves, and RFID/NFC packaging products, and its existing management continued to run the business. At the time of the announcement it had 19 manufacturing sites in North America; the price was not disclosed.⁠[25]

Hempel announced that it had completed its acquisition of decorative paint and wallpaper brand Farrow & Ball from Ares private equity funds. The announcement disclosed that the brand had annual revenue of more than €100 million and more than 600 employees; the transaction was a sale to a strategic buyer.⁠[26]

Leonard Green & Partners and Harvest Partners purchased Convergint equity from Ares funds and other shareholders, with Ares continuing as a financial partner. Convergint provides security, fire protection, and building systems integration services; the company announced that both its revenue and EBITDA had more than doubled since 2017. This was a partial equity transaction, not a full exit by Ares.⁠[27]

Ares private equity funds signed an agreement with Charterhouse to acquire environmental and sustainability consultancy SLR, and SLR’s official timeline confirms that it received investment from Ares in 2022. Charterhouse invested in SLR in 2018 and completed 15 add-on acquisitions during its holding period, during which SLR’s EBITDA more than doubled.⁠[28][29]

Brand management company WHP Global received a $375 million equity investment from Ares private equity funds; the round valued WHP at $1.6 billion, and the funds were to be used for subsequent brand acquisitions and other purposes. Ares’ Jordan Smith and Aaron Rosen joined the board. WHP manages and licenses brands, and the retail sales of its brands and the management company’s own revenue are different measures.⁠[30]

Serta Simmons Bedding announced that it had completed its Chapter 11 process, reducing its funded debt from about $1.9 billion to about $315 million and obtaining a $100 million revolving credit facility. The company also established a new board of directors and continued to operate brands including Serta, Beautyrest, Tuft & Needle, and Simmons. Ares had been a shareholder in the group and retained a minority interest in the 2012 transaction in which it sold a majority stake to Advent.⁠[31][7]

99 Cents Only announced an orderly wind-down of its business, signing an agreement with Hilco Global to liquidate merchandise and dispose of certain store equipment, and to handle its owned and leased real estate. It planned to begin clearance sales at all 371 stores starting April 5. The related real estate was located in Arizona, California, Nevada, and Texas.⁠[6][5]

RSK completed a preferred equity financing totaling £520 million, of which a consortium of Searchlight, Ares, and Penta invested £500 million and existing shareholder BGF invested a further £20 million. Ares also committed an additional £300 million of debt facilities, bringing the total debt facilities available from Ares to RSK to £1.4 billion. The announcement did not separately state Ares’ contribution to the preferred equity consortium.⁠[32]

The Miami DolphinsMiami DolphinsThe Miami Dolphins are an NFL professional American football team in the AFC East. Awarded an AFL franchise in 1965, they began play in 1966 and now use Hard Rock Stadium in Miami Gardens, Florida. Under Don Shula, they won Super Bowls VII and VIII, including a 17–0 regular season and postseason in 1972. Stephen M. Ross owns the team, and Jeff Hafley is head coach.Open the full entry announced that the NFLNFLThe NFL (National Football League) is a U.S. professional American football league of 32 clubs. Founded in 1920 as the APFA and renamed in 1922, it is organized into the AFC and NFC, with the season culminating in the Super Bowl.Open the full entry had approved the sale of a 10% non-controlling interest to Ares funds and of a combined 3% to Joe Tsai and Oliver Weisberg. The transactions also covered related assets including Hard Rock Stadium and the Formula 1 Miami Grand Prix; all of these parties acquired minority stakes, and the announcement that day noted the transactions were still pending final closing.⁠[33]

Ares’ 2025 annual report disclosed that ACOF VI’s partial sale of Frontier Communications generated distributions and was one of the sources of realized performance income in the private equity business that year. The comparative 2024 data in the annual report also listed partial sales of this investment.⁠[34]

Ares completed its acquisition of the international business of GLP Capital Partners and related fund capital commitments, excluding the Greater China business, and included it in its Real Assets segment. The 2025 annual report disclosed that the acquisition-date fair value of the consideration was about $3.9165 billion, including about $1.7936 billion in cash, about $1.6579 billion in equity, and about $465.1 million in contingent consideration. These figures are on the financial statement recognition basis; the fair value of the contingent consideration is not the same as the maximum future payment.⁠[34]

VerizonVerizonVerizon (Verizon Communications Inc.) is one of the largest telecommunications carriers in the United States, formed in 2000 through the merger of Bell Atlantic, one of the “Baby Bells,” and GTE. Headquartered in New York City, it operates a nationwide wireless network, Fios fiber broadband and communications services for businesses and government, and is listed on the New York Stock Exchange and Nasdaq.Open the full entry disclosed to the SEC that it had completed its acquisition of Frontier. Eligible outstanding Frontier common shares were canceled and converted into the right to receive $38.50 per share in cash. Ares had earlier disclosed in its 2025 annual report that ACOF VI had partially sold its Frontier investment.⁠[35][34]

Lander & Rogers, legal adviser to the sellers, disclosed that the founders of Australian work boot manufacturer Redback Boots sold a majority stake to Ares and retained a holding. The adviser described it as Ares’ first private equity transaction in Australia. The announcement did not disclose the price; production expansion, supply chain improvement, and market expansion are post-transaction development plans.⁠[36]

Ares completed its acquisition of the remaining equity in BlueCove, a London-based systematic fixed income manager; it had previously held 15%. BlueCove’s results are included in the Credit segment. The semiannual report recognized $60.8 million of management contract assets and $12.1 million of developed technology assets; these are purchase price allocation items, not the total purchase price.⁠[37]

Ares private equity funds completed a single-asset continuation vehicle transaction for Convergint, with total commitments of about $850 million. Leonard Green & Partners’ Sage Fund led and fully underwrote the transaction, and Vintage Strategies of Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry Alternatives also invested. This amount is the continuation vehicle’s capital commitments, not the overall valuation of Convergint.⁠[38]

Savers Value Village’s 2026 proxy statement disclosed that, as of March 31, funds, investment vehicles, and accounts managed or advised by Ares or its affiliates beneficially owned 117,449,188 shares, or 75.83% of common stock. This percentage was calculated on the basis of 154,876,903 shares of common stock outstanding on that date and reflects the ownership structure as of that disclosure date.⁠[39]

Ares real estate funds completed the acquisition of all common shares and operating partnership units of Whitestone REIT for $19 per share or unit in cash, in a transaction valued at about $1.7 billion. The assets included 54 convenience-focused retail properties in the United States totaling about 4.8 million square feet. Whitestone was delisted immediately, and the properties became part of the Ares real estate funds’ portfolio.⁠[40]