Investcorp, an alternative asset manager with Mubadala Investment Company as its biggest shareholder, has agreed to buy US-based Marble Point Credit Management as the company continues to expand its global portfolio.
Marble Point, owned by US credit investor Eagle Point Credit Management, is a specialist asset manager focused exclusively on managing CLOs (collateralised loan obligation) and portfolios of broadly syndicated leveraged loans. It manages assets worth $7.8 billion.
Investcorp did not disclose financial details of the transaction, however the Financial Times reported the Bahrain-based asset manager is buying Marble Point for about $200 million.
CLOs are corporate loans taken out by private equity firms to conduct leveraged buy-outs.
“The proposed acquisition of Marble Point is a significant milestone in Investcorp’s 40-year journey of growth through diversification, geographic expansion and building scale,” said Mohammed Alardhi, executive chairman of Investcorp.
“With $50 billion in total firm assets under management after completion of this acquisition, Investcorp is well poised for the next phase of its evolution and development.”
Last month, the company led an investment totalling 5.4 billion Indian rupees ($67 million) in Global Dental Services, Asia’s largest dental chain and one of the top 15 dental services organisations in the world.
It also bought a majority stake in fresh produce distributor Sunrise Produce in the US to expand its presence in the world’s largest economy.
Marble Point's “acquisition reaffirms our commitment to continue to grow and expand Investcorp’s credit management platform and be a leading global provider of an array of credit-focused products and solutions to our clients”, said Rishi Kapoor, co-chief executive of Investcorp.
The transaction is expected to close in the first quarter of 2023, subject to regulatory requirements and closing conditions, Investcorp said, without providing financial details of the deal.
Once the deal is closed, Marble Point will be combined with Investcorp Credit Management, a global credit platform with $14.2 billion in assets under management and an 18-year history of investing in credit markets worldwide.
The combined platform will manage $22 billion in assets and rank among the top 15 CLO managers globally by assets under management, according to the company.
“Our combined platforms represent a formidable player in the credit markets, significantly enhancing our profile in the eyes of capital markets participants,” said Corey Geis, who will serve as director of capital markets, head trader and portfolio manager at Investcorp.