Schulte Roth & Zabel represented AS Birch Grove LP ("Birch Grove"), a diversified alternative credit fund manager, in a definitive agreement to be acquired by Third Point LLC ("Third Point"), an alternative investment manager with $12 billion in assets under management. Following the completion of the transaction, expected in Q1 2025, Birch Grove will become a subsidiary of Third Point, and American Securities will no longer hold an ownership interest in the firm.
Birch Grove has approximately $8 billion of assets under management in strategies including collateralized loan obligations (CLOs), opportunistic private credit solutions, multi-strategy credit, senior loans and high-yield bonds. The move to join the Third Point platform will enable Birch Grove to leverage the firm's success in credit market investments and its team of experienced investment professionals to drive the growth of Birch Grove's funds.
Schulte's M&A team was led by Ben Kozinn, co-chair of the M&A Group, with special counsel Ross Karlik and associates Crystal Mor Henwood, Samuel Weiss and Conrad Zhong. Partners Philippe Benedict (Tax), Mike Didiuk (IM), Alexander Kim (IP), Ian Levin (Employment), David Nissenbaum (IM) and Craig Stein (Finance), along with special counsel Adam Gartner (Employment) and Scott Kareff (IP), and associates Jacob Gach (Tax) andRachel Siegel (IM), and law clerk Julianna Dietz (IM) assisted in the deal.