Bahrain-based alternative investment firm Investcorp has signed an agreement to acquire US-based investment company Marble Point Credit Management for an undisclosed sum.
Marble Point is an affiliate of Eagle Point Credit Management, focused on managing CLOs (collateralised loan obligations) and broadly syndicated leveraged loans.
The company is led by Thomas Shandell as CEO and CIO, and Corey Geis as director of capital markets and head trader, with $7.8bn of assets under management (AUM).
The transaction is expected to close in the first quarter of 2023, subject to certain customary regulatory requirements and closing conditions.
Upon closing of the transaction, Marble Point will be merged into Investcorp Credit Management, a global credit platform with $14.2bn in AUM.
The combined company will manage assets worth $22bn and will be among the top 15 CLO managers worldwide based on AUM, said Investcorp.
Investcorp 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 $50bn in total firm assets under management after completion of this acquisition, Investcorp is well-poised for the next phase of its evolution and development.”
In relation to the acquisition, the entire Marble Point team will be moved to Investcorp.
Thomas Shandell will lead the combined US CLO and broadly syndicated loans business, and Corey Geis as capital markets director, and portfolio manager for Investcorp.
Investcorp said that the transaction will expand its credit management platform and help provide several credit-focused products and solutions to clients.
Tom Shandell said: “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.”
Corey Geis said: “Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants.”
In January 2019, Investcorp signed an agreement with London-based Coller Capital for several of its European private equity portfolio assets to create a new $1bn buyout fund.
