Ares, Crescent Are Said to Be Poised to Take Over Savers Stores

Savers LLC, the biggest for-profit thrift-store chain in the U.S., is preparing to hand the keys to a new set of private equity owners, with Ares Management Corp. and Crescent Capital Group LP taking control from Leonard Green & Partners LP and TPG.

The restructuring agreement calls for Ares and KKR & Co. to back about $590 million of funded debt, including a $540 million first-lien loan, according to people with knowledge of the matter. Ares would back a $50 million second-lien loan as part of the refinancing, said the people, who asked not to be identified discussing a private ...