Investcorp, a global alternative investment firm, agreed to acquire Marble Point Credit Management, a U.S.-based CLO manager. Specific terms of the transaction were not disclosed.
“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,” Mohammed Alardhi, executive chairman of Investcorp, said.
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.
“We are excited to be joining Investcorp,” Shandell, who will lead the combined U.S. CLO and broadly syndicated loans business for Investcorp, 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.”
“Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants,” Geis, who will serve as director of capital markets, head trader and portfolio manager at Investcorp, said.
“Over the past seven years, Tom and Corey have built Marble Point into a very strong platform,” Thomas Majewski, founder and managing partner of Eagle Point, said. “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.
“This is an exciting moment for us and we are looking forward to having Tom, Corey and the entire Marble Point team join us at Investcorp,” Rishi Kapoor, co-CEO of Investcorp, said. “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.”
“This acquisition will result in a $22 billion total AUM credit management business with meaningful scale across both U.S. and Europe, and we look forward to further growing the business,” Jeremy Ghose, global head of Investcorp Credit Management, said.
The transaction, which is expected to close in the first quarter of 2023, is subject to customary regulatory requirements and closing conditions.
