Ares Management has led a $1.6bn private debt financing to support the merger of Suave Brands Company and Elida Beauty, underlining the growing role of private credit in large consumer-sector transactions.

The financing backs the combination of the two businesses into Evermark, a newly formed personal-care group with a portfolio of household brands spanning skin care, hair care, and personal hygiene. 

Both Suave and Elida are owned by Yellow Wood Partners, which acquired the brands from Unilever in 2023 and 2024.

“Evermark brings together two major personal care companies with a portfolio of strong household brands, and we look forward to working with the company as it serves new and existing customers and expands upon its existing portfolio,” said Karen De Castro, a partner at Ares Credit.

Ares, which manages about $595bn in assets, is providing the financing through its US direct lending platform. The firm has been expanding its footprint in private credit as sponsors increasingly turn away from syndicated loans and public markets to fund acquisitions.

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