Bain Capital Credit and Ares Management Provide Unitranche Credit Facility to Pyramid Global Hospitality to Support its Growth

BOSTON – February 28, 2023 – Bain Capital Credit today announced the closing of a senior secured unitranche credit facility provided by Bain Capital and Credit funds managed by Ares Management (“Ares”) to support the refinancing and growth of Pyramid Global Hospitality (“Pyramid”), a portfolio company of TZP Group, a multi-strategy private equity firm, and Gencom, a hospitality focused investment manager. Bain Capital Credit and Ares served as joint lead arrangers on the facility, and Ares acted as administrative agent.  Terms of the credit facility were not disclosed.

Headquartered in Boston with offices in The Woodlands, Texas, Cincinnati, Ohio, and London, Pyramid is a leading hotel management company operating in the U.S., Caribbean, and Western Europe.  The organization’s global portfolio spans more than 230 hotels, resorts, and conference centers, both branded and independent. 

“With Ares and Bain Capital’s investment, Pyramid is well-positioned to continue on its growth trajectory while building on its industry-leading value proposition in order to better serve hotel owners and partners,” said Warren Fields, CEO of Pyramid.  “We look forward to their support as Pyramid continues to invest in its people, properties, and solutions.”

“We are excited to continue our longstanding relationship with both TZP and Pyramid. We have been impressed by the team and their success building a leading platform in the hospitality space. We look forward to supporting their ongoing growth,” said Brooke Epstein, Managing Director in the Ares Credit Group.

“We appreciate the relationship we have developed with TZP and are delighted to support their continued growth plans for Pyramid with a compelling capital solution that suited their needs,” said June Huang, a Director at Bain Capital Credit.  “Pyramid is widely recognized as an industry leader in the hotel management space and has long been entrusted by investors and property owners to maximize value for its stakeholders. We are proud to support Pyramid in its next phase of growth.”

###

About Bain Capital Credit, L.P.

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $42 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans, bespoke capital solutions, distressed securities and assets, non-performing loans, hard assets and equities. Our team of more than 95 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital and real estate, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Credit's dedicated Private Credit Group focuses on providing complete financing solutions to businesses with EBITDA between $10 million and $150 million located in North America, Europe and Asia Pacific. Our dedicated global team affords us the ability to diligence the most complex situations and provide private capital to those companies.

About Ares Management

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2022, Ares Management Corporation's global platform had approximately $352 billion of assets under management, with over 2,500 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About TZP Group

TZP Group, a multi-strategy private equity firm managing approximately ~$2 billion across its family of funds, is focused on control, growth equity, and structured capital investments in technology, business services, and consumer companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a "Partner of Choice" for business

owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals' operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit www.tzpgroup.com.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com