SUN LIFE ACQUIRES MAJORITY STAKE IN CRESCENT CAPITAL
Updated: Jan 11
Sun Life Financial Inc. (“Sun Life”) (TSX: SLF) (NYSE: SLF) has announced the completion of its 51% majority stake acquisition of Crescent Capital Group LP ("Crescent"), a global alternative credit investment manager, according to its filing with the Philippine Stock Exchange.
Headquartered in Los Angeles with offices in New York, Boston and London, Crescent has more than 180 partners and employees.
Crescent has approximately US$29billion in Assets under Management (approximately C$39 billion), as of September 30, 2020. Crescent will form part of SLC Management, Sun Life’s alternatives asset management business.
The acquisition will extend SLC Management’s solutions in alternative credit, which will benefit existing and prospective clients. Founded in 1991, Crescent is one of the longest tenured credit managers in the industry and is a leading investor in mezzanine debt, middle market direct lending in the US and Europe, high-yield bonds and broadly syndicated loans.
As part of the transaction, Crescent’s equity holders will retain carried interests in existing funds along with certain assets and their respective economics.
The transaction has a put/call option that will allow the transfer of remaining interests by the end of 2026. Crescent will continue to operate under its current leadership and will retain its individual brand, office locations and clients.
Crescent will continue as the investment adviser of Crescent Capital BDC, Inc. (“Crescent BDC,” NASDAQ: CCAP), a business development company.
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