Asset manager Ares Management LP (NYSE: ARES) has acquired affiliated commercial finance companies Keltic Financial Services LLC and Keltic Financial Partners II LP.

Keltic, headquartered in Tarrytown, New York, provides asset-based loans (ABLs) to small and middle-market companies. Terms of the deal were not disclosed.

Ares picked up Keltic's loan portfolio, which includes about $155 million in commitments, and formed Ares Commercial Finance, which is now part of Ares' direct lending group. The new business will be based in New York. Ares Commercial Finance expects to provide ABLs from $1 million to $30 million.

Los Angeles-based Ares is an asset management group that provides tradable credit, direct lending, private equity and real estate. The company went public in May. Last year, the firm bought department store chain Neiman Marcus Inc. in partnership with Canada Pension Plan Investment Board.


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