Ares and GE back £187m financing for Montagu

Both lenders and their JV provided financing for Montagu’s acquisition of UK-based Open GI.

Ares Management and GE Capital in tandem with their joint-venture, European Senior Secured Loan Programme (ESSLP), have provided a £187 million ($292 million; €238 million) financing package to fund the acquisition of UK software firm, Open GI, by Montagu Private Equity. The majority of the package was provided by ESSLP in the form of a unitranche deal, but Ares also provided second lien financing while GE Capital funded working capital facilities, according to a statement. 

The deal is the second time Montagu has tapped the ESSLP for financing this year and is the $1.75 billion joint-venture’s eleventh unitranche deal. It is also the largest financing provided by the vehicle to-date, according to the statement.

In March, Montagu used a $110 million unitranche loan to purchase Netherlands-based DORC Holding, an ophthalmic surgery instrument provider.