OHA is a Joint Lead Arranger of Private Unitranche Financing for Clarience Technologies’ Acquisition of Safe Fleet
New York, New York, Feb. 15, 2024 (GLOBE NEWSWIRE) — Oak Hill Advisors (“OHA”) served as a Joint Lead Arranger to support the acquisition of Safe Fleet by Genstar-backed Clarience Technologies (“Clarience”). Clarience and Safe Fleet are leading manufacturers of mission-critical safety related products serving a variety of vehicle end-markets, including buses, trucks, emergency and commercial vehicles. The combination creates a market-leading platform and one-stop shop for fleets, OEMs and municipalities. OHA received one of the largest allocations of the multi-billion-dollar unitranche facility used to finance the acquisition and refinance existing debt.
OHA has deep knowledge of this industry, having first invested in Safe Fleet in 2018 in the syndicated market when Oak Hill Capital Partners acquired the company. OHA also has a long-standing relationship with Genstar. Given its incumbency and existing relationships with both sponsors, OHA was brought into early stages of Safe Fleet’s sale process and was ultimately able to underwrite the combined company quickly, providing constructive views enhanced by its close knowledge of the business model and industry.
“Having previously financed Safe Fleet in the syndicated market, we look forward to partnering with Genstar and supporting the combined company in its growth with a tailored private solution,” said Eric Muller, Portfolio Manager and Partner at OHA. “Clarience and Safe Fleet are industry-leading businesses, and the combined company is poised to benefit from its expanded market presence and diversification.”
This transaction further extends OHA’s strong sponsor relationship with Genstar, having committed over $2.5 billion to a number of its portfolio companies since 2019.
OHA sourced this transaction through its strategic direct lending partnership with BMO Capital Markets.
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About OHA: Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of risk-adjusted returns with downside focus. The firm manages approximately $63 billion of capital across credit strategies in commingled funds, collateralized loan obligations and single investor mandates as of September 30, 2023. OHA’s emphasis on long-term partnerships with companies, sponsors and other partners provides access to a proprietary opportunity set allowing for customized credit solutions with strength across all market cycles.
With over 420 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.
About Clarience Technologies: Clarience Technologies is a global transportation technology solutions provider serving vehicle manufacturers, aftermarket retailers, commercial fleets and consumers worldwide. Founded in 2020 and based in Southfield, Michigan, the company’s mission is to bring total visibility to transportation by delivering the technologies that keep the world moving forward—made possible by the nearly 3,000 employees who are guided by the company’s CLEAR Principles: Curiosity, Leadership, Enthusiasm, Accountability and Respect. Learn more at www.clariencetechnologies.com
About Safe Fleet: Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide safety and productivity solutions to fleet vehicle manufacturers and operators around the world. These brands serve several major markets including: Bus, Rail, RV, Truck & Trailer, Work Truck, Law Enforcement, Fire, EMS, Industrial, Construction, Agriculture, Waste/Recycling and Military. With over 1,600 employees and 14 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger, and pedestrian safety.
About Genstar: Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar XI, a $13.5 billion vehicle raised in April 2023, and all active funds, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrials, and healthcare industries.
CONTACT: Natalie Harvard, Head of Investor Relations & Partner Oak Hill Advisors, L.P. 212-326-1505 nharvard@oakhilladvisors.com Kristin Celestino, Public Relations Oak Hill Advisors, L.P. 817-215-2934 kcelestino@oakhilladvisors.com
