Ares Management Corporation closed an $850 million single‑asset continuation vehicle for Convergint Technologies, L.P., a global leader in service‑based systems integration. The vehicle is fully underwritten by Leonard Green & Partners’ Sage Fund, adding new capital to Ares’ private‑equity portfolio and extending its partnership with Convergint.
Ares first invested in Convergint in February 2018, helping the company quadruple its adjusted EBITDA and execute more than 40 acquisitions. Convergint operates worldwide with over 220 technology centers and more than 11,000 employees across the Americas, APAC, and EMEA, positioning it as a key player in the security and safety solutions market.
The continuation vehicle allows Ares to retain its stake while bringing in fresh capital, providing liquidity to existing limited partners and enabling Convergint to accelerate growth in its core regions and pursue additional acquisitions. The new funding will support expansion initiatives and further integration of Convergint’s service portfolio.
Matt Cwiertnia, Head of Ares Private Equity, said, "We are excited to advance our strategic support for Convergint and build upon our existing relationship with LGP through this transaction, which underscores the consistent growth that Convergint has achieved as well as our conviction in its business model." David Fox and Garrett Hall added, "Convergint exemplifies the high‑quality, industry‑leading companies we aim to support through the Sage strategy, and we are pleased to expand our partnership with Ares by delivering this comprehensive capital solution."
Analyst reactions to Ares Management’s broader financial profile followed the transaction. Goldman Sachs lowered its price target from $189 to $165, citing a modestly lower management fee starting point and updated tax rate guidance, while Raymond James upgraded the stock to Strong Buy with a price target of $157, citing an attractive growth outlook. These moves reflect broader financial metrics rather than the Convergint transaction itself.
The continuation vehicle signals Ares’ confidence in Convergint’s continued growth and the broader security and safety solutions sector, which benefits from increasing threat awareness and technology advances. Convergint’s quadrupled EBITDA and 40+ acquisitions since 2018 demonstrate execution capability, and the new capital will support further expansion and potentially more acquisitions.
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