Ares Capital Corporation (NASDAQ:ARCC) announced today that its investment adviser, Ares Capital Management LLC, has added two investment professionals as part of its expansion of its middle market sponsor coverage strategy. Grant Haggard and Brian Moncrief have joined as Managing Directors to focus on senior and selected subordinated financing opportunities with an emphasis on middle and lower middle market transactions. They will be based in Ares’ Chicago office.
“Adding Grant and Brian to our team reflects the growing demand for flexible capital by middle market companies and their sponsors,” said Kipp deVeer, President of Ares Capital. “This enhancement in the depth and breadth of our sponsor coverage reflects the attractiveness of potential returns across the middle market and the changing landscape as participants seek capital from non-bank sources, such as ARCC.”
Messrs. Haggard and Moncrief have more than 35 years of combined experience in the leveraged finance industry, primarily focused on covering middle and lower middle market private equity firms nationally. Both most recently served as senior members of the business development team at Madison Capital Funding LLC, and they also worked together for eight years at GE Antares Capital.
"We are excited to be joining a powerful platform like Ares and look forward to building upon the extensive success that the direct lending team has created," said Mr. Haggard. Mr. Moncrief added, "We believe we will be able to broaden Ares’ private equity relationships and capitalize on the progressive and seamless financing solutions that Ares can offer. With the universe of lenders in the middle market continuing to consolidate, we believe that Ares will continue to establish itself as a leader in the industry."About Ares Capital Corporation Ares Capital is a leading specialty finance company that provides one-stop financing solutions to U.S. middle market companies and private equity sponsors. The Company originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a wholly owned subsidiary of Ares Management LLC. Ares Management is a global alternative asset manager and a SEC-registered investment adviser with approximately $74 billion of assets under management as of December 31, 2013. For more information, visit www.arescapitalcorp.