Mount Logan Capital entered into a definitive agreement with Ovation Partners, an Austin, TX-based specialty finance focused asset manager, for the management of Ovation’s $254 million alternative income platform, which is focused on investments in commercial lending, real estate lending, consumer finance and litigation finance. As part of the proposed transaction, Mount Logan Management is expected to become the investment adviser to the platform.
In conjunction with the closing of the transaction, which remains subject to the satisfaction of applicable closing conditions, Mount Logan expects to establish an office in Austin, TX, and retain the existing Ovation team. The transaction is expected to close in the first half of 2023.
“Ovation adds both strategic and financial benefits for Mount Logan. This transaction is consistent with our strategy of growing semi-permanent third-party capital and will expand our retail strategy and add incremental investment capabilities,” Ted Goldthorpe, CEO and chairman of Mount Logan Capital, said. “The company will benefit from meaningful, low volatility, recurring asset management fee streams. We believe the proposed transaction will be immediately accretive for Mount Logan. We welcome the Ovation team to Mount Logan.”
“This transaction combines Mount Logan’s substantial operational scale with the successful track record that Ovation has built over the past decade,” Mike Rovner, managing partner of Ovation, said. “Ovation’s platform will continue to benefit from our robust underwriting and management capabilities while gaining access to a comprehensive investment sourcing network and a seasoned capital raising team. The Mount Logan and Ovation teams are a natural fit with prior deal sharing and co-investment experience. We look forward to integrating our teams and working together for the benefit of our investors.”
