Bahrain-based Investcorp, a leading global alternative investment firm, has announced that it has agreed to acquire Marble Point Credit Management (Marble Point), a major US-based CLO (collateralised loan obligation) manager. However, the company did not disclose the specific terms of the transaction.
With $7.8 billion of assets under management, Marble Point is a specialist asset manager focused exclusively on managing CLOs and portfolios of broadly syndicated leveraged loans.
Marble Point is led by Thomas Shandell, a 38-year veteran of the credit markets, and Corey Geis, with 27 years of experience. Marble Point is an affiliate of Eagle Point Credit Management.
On the strategic move, Executive Chairman Mohammed Alardhi said: "The proposed acquisition of Marble Point is a significant milestone in Investcorp’s 40-year journey of growth through diversification, geographic expansion and building scale."
"With $50 billion in total firm assets under management after completion of this acquisition, Investcorp is well-poised for the next phase of its evolution and development," he stated.
"We are excited to be joining Investcorp," said Tom Shandell, who will lead the combined US CLO and broadly syndicated loans business for Investcorp.
"Investcorp’s credit business has been one of the primary engines in its impressive global expansion and provides an ideal platform to realize the next exciting phase of our continued growth and advancement as a leading credit manager," he added.
Corey Geis, who will serve as Director of Capital Markets, Head Trader and Portfolio Manager at Investcorp, said: "Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants."
Thomas Majewski, Founder and Managing Partner of Eagle Point, said: "Over the past seven years, Tom and Corey have built Marble Point into a very strong platform. It has been an absolute pleasure working with them and I believe their new combined platform is well positioned for the future."
Upon closing of the transaction, Marble Point will be combined with Investcorp Credit Management, a global credit platform with $14.2 billion in assets under management and an 18-year history of investing across credit markets worldwide.
The combined platform will manage $22 billion in assets and rank among the top 15 CLO managers globally by AUM.
Rishi Kapoor, Co-CEO of Investcorp, said it was an exciting moment for the group and was looking forward to welcoming Tom, Corey and the entire Marble Point team.
"This strategic acquisition reaffirms our commitment to continue to grow and expand Investcorp’s credit management platform and be a leading global provider of an array of credit-focused products and solutions to our clients," noted Kapoor.
Jeremy Ghose, Global Head of Investcorp Credit Management, said this acquisition would result in a $22 billion total AUM credit management business with meaningful scale across both US and Europe, and the Bahrain-based group was looking forward to further growing the business.
The transaction is expected to close in the first quarter of 2023.-TradeArabia News Service