Bridgepoint, the international alternative asset manager, is to acquire EQT Credit for an undisclosed sum. The acquisition will be combined with Bridgepoint’s existing credit business, with the enlarged group having total AuM of c.€7 billion.
Commenting on the acquisition, Bridgepoint managing partner William Jackson said: “This moves our credit strategy and ambitions significantly forward and provides further diversification for the Bridgepoint Group. This is in line with our strategic objective of offering a broader range of compelling middle market focused alternative asset investment strategies.
“It will also broaden Bridgepoint Credit’s geographic exposure with an enhanced presence in the Nordic region, Germany and the US, adding to our existing teams in London and Paris,” he said.
Established in 2008, EQT Credit has total AuM of €5.6 billion* across its two core strategies of Direct Lending and Special Situations, a team of 27 investment professionals based in London, New York, Munich and Stockholm and employs approximately 40 colleagues in total.
The transaction is subject to regulatory and other consents and is scheduled to complete in the fourth quarter of 2020.
Advisers to Bridgepoint in this transaction included: Rothschild & Co (M&A), PwC (financial & tax dd, structuring), Clifford Chance and Simpson Thacher (legal), Lockton (insurance).
*comprises fee generating AUM and further committed but undrawn capital.