Ares Management and Harvest Partners buy Valet Waste

Ares Management LP and Harvest Partners LP have acquired Tampa-based Valet Waste, a provider of amenity services for the multifamily housing sector. The seller was New Mountain Capital LLC. No financial terms were disclosed. Robert W. Baird & Co. acted as financial advisor to Valet Waste on the transaction. PRESS RELEASE LOS ANGELES & NEW YORK–(BUSINESS WIRE)–The Private Equity Group of Ares Management, L.P. (NYSE:ARES) and Harvest Partners, LP announced today that funds managed by each have acquired Valet Waste from investment funds affiliated with New Mountain Capital, LLC. Terms of the transaction were not disclosed. Based in Tampa, Valet Waste is a leading national provider of value-added amenity services to the multifamily housing industry. Valet Waste provides five nights-per-week doorstep waste and recycling collection for more than 400 management companies and owner groups servicing more than 665,000 units across 34 states. The company also offers complementary maintenance services to the multifamily housing industry including nightly maintenance, apartment cleaning, apartment turns and porter services through its Maintenance Plus offering, which launched in 2014. “Valet Waste is a leader in its industry, with a longstanding track record of delivering high-quality service to its customers and providing a top-rated amenity to residents. We are excited to partner with the Valet Waste management team and look forward to supporting the company in its next phase of growth.” said Matt Cwiertnia, Partner in the Private Equity Group of Ares Management. “We are delighted to join Ares and the senior management team as long-term investors in the company,” said Michael DeFlorio, Senior Managing Director of Harvest Partners. “Shawn and his team have built a truly unique business that provides exceptional value to customers and residents. We are excited to invest alongside this first class team to build upon Valet Waste’s leadership position in the market and expand services more broadly across the multifamily housing industry.” “New Mountain Capital has played a vital role in growing Valet Waste during its ownership period – and we thank them for a very successful partnership,” said Shawn Handrahan, President and CEO of Valet Waste. “With the growth opportunities in front of us, this is an opportunity to take the next step and further our position as a market leader in amenity and maintenance services to the multifamily housing industry. We look forward to working with our new partners at Ares and Harvest as they share our vision for long-term growth.” “It was a pleasure to work with the Valet Waste management team as they defined the market, built their business and achieved significant sustainable growth,” said Bert Notini, Managing Director of New Mountain Capital. “We wish Valet Waste continued success in its next stage of expansion.” Proskauer Rose LLP acted as legal advisor to Ares Management and Harvest Partners. White & Case LLP acted as legal counsel to Harvest Partners. Robert W. Baird & Co. acted as a financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Valet Waste. 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. About Ares Management, L.P. Ares is a publicly traded, leading global alternative asset manager with approximately $88 billion of assets under management as of June 30, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its four distinct but complementary investment groups in Tradable Credit, Direct Lending, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. Visit www.aresmgmt.com for more information. About Harvest Partners, LP Founded in 1981, Harvest Partners, LP (www.harvestpartners.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners’ 35 years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com. About New Mountain Capital, LLC New Mountain Capital is a New York-based alternative investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $15 billion in aggregate capital commitments. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

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Ares Management and Harvest Partners buy Valet Waste

Accel-KKR Fund V raises $1.3 bln

Accel-KKR said Monday that it closed its fifth buyout fund with $1.3 billion in committed capital. Accel-KKR Capital Partners V LP will invest in lower-middle market and middle-market software and IT-enabled services companies. Fund V also includes a $100 million commitment from the firm’s general partners. PRESS RELEASE MENLO PARK, Calif., Sept. 28, 2015 /PRNewswire/ — Accel-KKR, a technology-focused private equity investment firm, today announced the official close of its fifth buyout fund with $1.3 billion in committed capital.  The fund, Accel-KKR Capital Partners V LP (“Fund V”), will continue Accel-KKR’s long-term focused strategy of investing in lower-middle market and middle-market software and IT-enabled services companies. Accel-KKR said the fund received strong support from its investors in prior funds, as well as attracted a number of new investors.  Commenting on the fund closing, Tom Barnds, Managing Director of Accel-KKR, said, “We are heartened by the support we received from our existing investors, and are quite pleased to welcome a number of new investors to the fund.  The missions of our investors, who include leading academic institutions, medical research foundations, health care institutions, and corporate and government pensions, resonate deeply with the Accel-KKR team.” The firm formally went to market with Fund V in Spring 2015 and closed on its hard cap earlier this month.  This brings Accel-KKR’s total committed capital to $4.0 billion across its current and previous funds. The new fund includes a $100 million commitment from the firm’s general partners.  “We believe in strong alignment of interest with our limited partners,” commented Rob Palumbo, Managing Director of Accel-KKR. “One of the many ways we seek to achieve this alignment is by making very significant financial commitments to invest alongside of our limited partners.”  The $100 millioncommitment represents the largest such general partner commitment in the firm’s history and also makes the general partner the largest investor in the fund. Accel-KKR invests through two different types of funds – its Buyout funds for majority ownership positions and its Growth Capital funds for minority ownership positions.  Accel-KKR raised its second Growth Capital Fund in 2014 with $350 million of committed capital.  Fund V also follows the firm’s fourth buyout fund, which it started investing out of in 2013 with $800 million of commitments. The firm has continued to expand its investment efforts outside of North America.  In 2013, it opened a London office, and since 2013 the firm and its portfolio companies have acquired or invested in over eight technology companies in Europe.  Accel-KKR has also expanded its investor base outside the United States, such that in Fund V over one third of the committed capital is from international investors.  International investments continue to be an integral part of the firm’s strategy going forward. The close of Fund V also comes amidst a period of significant activity for Accel-KKR, in terms of new investments, add-on acquisitions by portfolio companies and realizations of investments. Recent new platform investments include: Motor Vehicle Software Corporation (MVSC)– Based in Agoura Hills, CA, MVSC provides innovative process management software for state government agencies and businesses including an electronic vehicle registration solution. Banker’s Toolbox– Based in Austin, TX, Banker’s Toolbox is a leading provider of Bank Secrecy Act anti-money laundering compliance and fraud prevention solutions for the financial industry. Five Accel-KKR portfolio companies made add-on acquisitions over the last several months, including: Oildex, a leader provided of revenue and expense management software to the oil and gas market, acquired the Procure-to-Pay (P2P) business of Automatic Data Processing. HighJump, a global provider of supply chain management solutions, acquired Wesupply, aUnited Kingdom-based provider of supplier enablement and B2B integration solutions. MEA|NEA, the leader in secure health information exchange for medical and dental providers, acquired The White Stone Group, Inc., a provider of healthcare communication management solutions. Kerridge Commercial Systems,a global provider of enterprise resource planning software to the distributive trades, acquired Dancik International, a provider of software to the flooring and tiling industries. Datapipe, a global leader in managed hybrid IT solutions for the enterprise, acquired DualSpark, an Amazon Web Services assessment, automation, and migration company. Accel-KKR has achieved a series of successful exits recently including: RiseSmart, the leading provider of contemporary career transition services, which was acquired by Randstad Holding nv. On Center Software, a leading construction automation technology company, which was acquired by Roper Technologies. Applied Predictive Technologies, a leading cloud-based analytics provider, which was acquired by MasterCard for$600 million. About Accel-KKR  Accel-KKR is a technology-focused investment firm with $4.0 billion in capital commitments to its current funds.  The firm invests primarily in software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions from minority-growth investments to buyouts, recapitalizations, divisional carve-outs and going-private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information, please visitaccel-kkr.com.

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Accel-KKR Fund V raises $1.3 bln

Lyceum invests in Coryton Advanced

Lyceum Capital has invested in Coryton Advanced Fuels. Financial terms weren’t announced. Oakfield Capital has exited its stake. U.K.-based Coryton develops high performance fuels for the aviation and motorsport industries. Livingstone Partners advised Coryton. PRESS RELEASE London, 24 September 2015 Livingstone’s Industrial sector team has advised Coryton Advanced Fuels, the market-leading fuel blending and consultancy services business, on securing significant investment from Lyceum Capital to accelerate its international expansion. The investment will enable the company to grow its range of added-value services and production capacity in the UK, develop existing export markets in Germany and expand into new markets in the US and Asia. The transaction also provides an exit for Oakfield Capital, who originally backed the founders in 2010. Based on the Thames estuary in Essex, Coryton develops high performance fuels for the aviation and motorsport industries, as well as bespoke and standardised fuels for the automotive sector, where its products are used to support research and development activities and the testing and certification of engines, lubricants and fuel additives.   The facility is one of the most advanced of its kind globally. The business was founded five years ago following the acquisition of the Coryton specialist fuels blending facility from BP plc by co-founders Craig Goodfellow and Diane Lance with support and financial backing from investor group Oakfield Capital. Since then, it has expanded its products and consultancy services, and built a portfolio of global customers including JCB, Ford, Airbus, Bentley and Jaguar Land Rover, reaching sales of £12m in its last financial year. Coryton will be led by incoming Managing Director Nick Pye, alongside co-founders Craig and Diane. Craig Goodfellow, co-founder of Coryton, said: “Bringing an experienced investor like Lyceum on board will help us scale the business while staying true to its founding principles, and deliver our ambition: expanding our capacity in the UK and developing new high value services and new export markets around the world.” Nick Pye, incoming Managing Director of Coryton, said: “Over the last five years, Craig and Diane have worked hard to build a position of real strength in the technical fuels market with a proposition that is centred upon Coryton’s customers. I’m excited to work with a private equity backer with such a strong reputation of growth investment.” Roy Merritt, partner of Oakfield Capital and outgoing Chairman of Coryton said: “It has been a great achievement to build Coryton into the exceptional company that it is today – testament to the solid grounds built by the founders. It has been a real pleasure to work with Craig and Diane, and I am sure that the next phase for the company will ensure a highly successful future for Coryton and its staff. “Livingstone played a critical role in securing this excellent outcome for the Coryton shareholders.  The Livingstone team were always on top of the detail and on the front foot dealing with issues when they arose. Their knowledge of the sector and rigorous understanding of the business allowed them to reach a genuinely global buyer set.  They drove a very competitive process involving both trade and private equity bidders to achieve an outstanding result for us.”   Graham Carberry, Managing Director at Livingstone London, added: “With its focus on technical innovation and service, Coryton has become the preferred partner to several major OEMs – and won a number of high-profile business awards. We have been delighted to work with Craig, Diane and Oakfield to deliver this successful transaction and to bring in Lyceum as a partner to support Coryton’s ongoing growth and investment.” Notes to Editors: About Livingstone Partners LLP Livingstone is an international mid-market M&A and Debt Advisory firm, with offices in Beijing, Chicago, Düsseldorf, London, Madrid and Stockholm. Its 100 staff complete c.50 deals per annum. www.livingstonepartners.com

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Lyceum invests in Coryton Advanced

Graycliff Partners backs Founders Equity’s investment in Stone Source

Graycliff Partners said Wednesday it provides a loan to support Founders Equity’s recapitalization of Stone Source. Financial terms weren’t announced. New York City-based Stone Source sells stone and decorative products to consumers and contractors via the architect and design channel for commercial and high-end residential use. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Graycliff Partners, an independent investment firm focusing on middle market private equity and mezzanine investments, today announced it has provided subordinated debt financing to Stone Source, a supplier of natural stone and other decorative surface products including porcelain and glass tile, engineered stone and reclaimed wood. Graycliff’s investment in Stone Source supported a recapitalization of the business by Founders Equity. Headquartered in New York City, Stone Source sells stone and decorative products to consumers and contractors via the architect and design channel for commercial and high-end residential use. The company has a nationwide presence, with operations in New York, New Jersey, Massachusetts, Illinois, Washington, DC, Texas and California. “Stone Source’s reputation for excellence, expansive product line and long-term customer relationships have positioned the company as a premier operator in the Architecture and Design market,” said Steve Hindmarch, Managing Director, Graycliff Partners. “Graycliff Partners is excited to work with Stone Source’s management to support the company’s continued success.” About Graycliff Partners LP Graycliff Partners is an independent investment firm focusing on middle market private equity and mezzanine investments in the United States and Latin America. Graycliff Partners LP is an SEC-registered investment advisor under the US Investment Advisors Act of 1940, as amended. Since 1991, the Graycliff Partners team, previously operating as HSBC Capital, has invested over $1 billion and completed over 80 transactions. With offices in New York and São Paulo, Graycliff Partners seeks to partner with companies led by strong, entrepreneurial management teams, providing capital for acquisitions, management buyouts, dividend recapitalizations, growth and expansion. For more information about Graycliff Partners visit www.graycliffpartners.com.

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Graycliff Partners backs Founders Equity’s investment in Stone Source

Baird Capital-backed Kason acquires Kek-Gardner

Baird Capital portfolio company Kason Corp has acquired Kek-Gardner Ltd. No financial terms were disclosed. Based in the UK, Kek-Gardner is a maker of sifting, mixing and size reduction equipment. PRESS RELEASE Kason Corporation, a US-based manufacturer of screening, sifting and fluid bed processing equipment, has acquired Kek-Gardner Ltd., a UK-based manufacturer of sifting, mixing and size reduction equipment, it was announced by Kason CEO Jonathan Weiner. “The acquisition of Kek-Gardner expands Kason’s global reach while broadening its portfolio of solutions-based equipment and systems for pharmaceutical, food, dairy, chemical, plastics and powder coating applications,” says Weiner. Kason becomes the world’s largest manufacturer of centrifugal sifting equipment, produced by both companies, and adds mixers, blenders, reactors, kibblers, cone mills, universal mills, air classifier mills, vertical sifters and solid-liquid separators to the equipment line offered through its Millburn, NJ headquarters. Kek-Gardner management and manufacturing, located 25 miles south of Manchester, England will oversee Kason’s European Operations. Both companies are recognized for manufacturing excellence and technical support, earning certifications from the USDA, FDA, BISSC, CE, ATEX cGMP, 3-A and other accrediting bodies. “Kason has long been a world leader in vibratory and centrifugal screening and in fluid bed drying technology,” explains Weiner, adding, “We increased the size and capacity of the Millburn facility by one-third in 2013 and have achieved two consecutive years of double-digit growth. We are confident that the added product lines, engineering resources and international sales network of Kek-Gardner will enable Kason to accelerate its rate of growth throughout the Americas, Europe, Asia and the Pacific Rim.” George Tunnicliffe, former Managing Director of Kek-Gardner, will become Managing Director of Kason Europe. Henry Alamzad will continue as Kason’s President and head of Global Sales and Marketing.

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Baird Capital-backed Kason acquires Kek-Gardner