Callodine Group entered into a definitive agreement to acquire a majority stake in Corrum Capital Management, a private credit platform with approximately $1.4 billion in assets under management.
The partnership with Callodine will provide Corrum Capital with enhanced resources, aimed at further diversifying its sources of capital and expanding the firm’s strong track record of execution within its growing core investment strategies.
“We thoughtfully looked for a long-term partner with a shared culture, aligned strategic outlook, and investor-centric approach, and are excited to join forces with Callodine to support the next phase of our growth.” Jason Cipriani, founder and CEO of Corrum Capital, said. “Our goal was to partner with an organization to ensure we have the appropriate resources in place to execute on our strong investment pipeline and strategy in our target sectors and that we can attract, retain and reward top talent across the organization.”
James Morrow, founder and CEO of Callodine, added, “We are incredibly excited to have the Corrum Capital team join the Callodine platform. Corrum’s expertise in the sports, music and entertainment sectors is highly synergistic with Callodine’s strategic capital partner, East Asset Management. Their team’s capabilities within the aviation finance market are also complementary to our asset-based credit platform and provide yet another attractive strategy and collateral type to offer our institutional and individual investors.”
In connection with the closing of the transaction, Corrum Capital’s management team, investment committee and investment process will all remain intact, with Callodine providing strategic guidance, as well as operational and capital resources. Cipriani, Mandle and other members of the Corrum Capital executive team will retain a significant equity stake going forward. All current Corrum Capital employees are expected to remain with Corrum Capital post-closing.
Paul, Weiss served as legal counsel to Callodine. Berkshire Global Advisors served as the exclusive financial advisor and Gibson Dunn & Crutcher and Winston & Strawn served as legal counsel to Corrum Capital.
