Sound Point Capital, an alternative asset management firm, recently acquired the direct lending firm of CVC Credit. Sound Point Capital was represented by a Pryor Cashman team led by Bertrand Fry with Ethan Lankri.
According to CVC's press release announcement of the deal, the transaction terms were not disclosed. Furthermore:
As part of the agreement, Sound Point has hired a team of nine investment professionals from CVC Credit who together manage a portfolio of approximately $1 billion of assets. The team primarily provides first lien and unitranche debt facilities to U.S. middle-market companies. Borrowers have included companies in a wide variety of industry sectors, including consumer services, business services, health care, pharmaceuticals, hospitality, telecommunications, industrials and other sectors.
"We are thrilled to add this investment portfolio and talented team of individuals to our organization," said Stephen Ketchum, founder and managing partner of Sound Point Capital. "This transaction brings another dimension to our already successful lending platform and positions us for further growth."
News of the acquisition was covered in the Wall Street Journal and other outlets. View the resources linked below for more information.
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