Wired News – Ares EIF Acquires Controlling Stake in Leading Solar Power and Energy Storage Company Conti Solar
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LONDON, UK / ACCESSWIRE / April 19, 2018 / Active-Investors.com has just released a free research report on Ares Management, L.P. (NYSE: ARES). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ARES as the Company's latest news hit the wire. On April 17, 2018, the Company announced that a fund managed by Ares EIF has acquired a controlling stake in Conti Solar, a wholly-owned subsidiary of The Conti Group. Ares EIF is a power and energy infrastructure strategy within the Private Equity Group of Ares Management, and primarily invests in power generation, transmission, and midstream sectors in the US. The financial terms and other details of the deal were not disclosed. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Transaction Details
A fund managed by Ares EIF has made a strategic investment in Conti Solar, following which the Ares EIF fund will own the majority and controlling stake in Conti Solar. The Conti Group plans to remain invested in Conti Solar with a minority stake once the deal is completed. The transaction is expected to be completed by the end of April 2018.
Once the transaction is complete, Conti Solar will continue its operations under its own name. Conti Solar will also continue to maintain its current offices and retain its existing top management team. The Conti Group will also continue to be involved in the day-to-day operations of Conti Solar and provide strategic guidance to the Company.
Management Quotes
Commenting on acquiring the controlling stake in Conti Solar, Keith Derman, Partner, Ares EIF, said:
"Our investment in Conti Solar is a great strategic fit for Ares EIF, but, above all, it is an investment in Conti Solar's management and the strong team and culture they have built over the years."
Matthew Skidmore, Chief Executive Officer (CEO) of Conti Solar, added:
"The investment from Ares EIF will make Conti Solar a more dynamic Company and will enable us to accelerate our growth and pursue additional strategic initiatives. Together, we will drive more value to our customers and partners across the industry."
Kurt Conti, Chairman of The Conti Group, stated:
"This investment continues to advance our longstanding vision of building a world-class renewable energy Company."
About Conti Solar
Edison, New Jersey-based Conti Solar is a leading solar power and energy storage development; engineering, procurement, and construction (EPC); and operations and maintenance (O&M) Company. Prior to the investment from Ares EIF, it was a wholly-owned subsidiary of The Conti Group. From FY08 till date, the Company has successfully developed and installed over 500MW of solar projects across the US and at select international locations. The Company has established strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners, which allow it to streamline project development, design, construction, and operations, keep project costs in check, and create value for all project stakeholders.
About The Conti Group
The Conti Group is a holding Company which owns businesses and assets, and invests in development, engineering, construction, infrastructure, real estate, renewable energy, logistics, software, and healthcare. The Group was founded in 1906 and is known for building successful, reputable businesses.
About Ares EIF
Ares EIF is the power and energy infrastructure strategy within Ares Management's Private Equity Group. It has a 31-year long history of investing in the power generation, transmission, and midstream sectors. From the time of inception till date, the funds managed by Ares EIF have invested in approximately 70 equity investments in nearly 130 different power and energy infrastructure assets, with a combined underlying enterprise value exceeding $20 billion. Additionally, Ares AIF has invested in nearly 9,000 MW of greenfield generation and transmission projects, as well as 200 miles of greenfield pipeline projects, representing over $11 billion of capital costs in the last 15 years.
About Ares Management, L.P.
Los Angeles, California-based Ares Management was founded in 1997 and is a leading global alternative assets manager. Its investments are focused in three major groups - Credit, Private Equity, and Real Estate. Ares Management seeks to deliver attractive returns to its investors by following a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. The firm had approximately $106 billion of assets under management (AUM) as on December 31, 2017. The Company has a global presence with over 15 offices across the US, Europe, Asia, and Australia.
Stock Performance Snapshot
April 18, 2018 - At Wednesday's closing bell, Ares Management's stock ended the trading session flat at $22.25.
Volume traded for the day: 601.15 thousand shares, which was above the 3-month average volume of 474.31 thousand shares.
Stock performance in the last month – up 6.46%; previous six-month period – up 19.30%; past twelve-month period – up 15.89%; and year-to-date - up 11.25%
After yesterday's close, Ares Management's market cap was at $4.86 billion.
Price to Earnings (P/E) ratio was at 35.15.
The stock has a dividend yield of 1.66%.
The stock is part of the Financial sector, categorized under the Asset Management industry.
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