Shearman & Sterling advised Ares Management Limited as lender on the recapitalization of Intelligent Repair Solutions Group (IRS), a portfolio company of Ufenau Capital Partners AG (Ufenau). The new financing package provides Ufenau and IRS with the flexibility to further grow the business organically as well as the financial power to continue its successful buy and build strategy. The details of the transaction are confidential.
IRS Group is the leading service provider in the areas of body and paint work, Smart Repair, hail damage repair as well as vehicle refurbishment and rim repair in Germany, Denmark and Sweden. With more than 120 stationary locations, the group covers a broad range of customers comprising car dealers, fleet operators, leasing companies, insurance companies and private customers. In 2018 the group, which employs more than 1.800 people, generated a turnover of around €155 million.
Ares Management is a leading global alternative asset manager with approximately $137 billion of assets under management as of March 31, 2019 and 18 offices across the United States, Europe, Asia and Australia.