Clearlake Capital to Acquire MV Credit from Natixis Investment Managers, Expanding its Private Credit and Loan Origination Capabilities Worldwide
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SANTA MONICA, Calif. and LONDON, Sept. 3, 2024 /PRNewswire/ -- Clearlake Capital Group, L.P. ("Clearlake" or the "Firm"), an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies, today announced that it has agreed to acquire MV Credit, a pan-European private credit specialist, from Natixis Investment Managers ("Natixis IM"). The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Founded in 2000 and headquartered in London, MV Credit is an independently managed European private credit specialist. With $5.1 billion in assets under management (AUM), MV Credit provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid, and collateralized loan obligation (CLO) strategies. MV Credit has deployed more than $11 billion since its inception, leading over 500 bespoke transactions of up to $500 million with sponsors such as EQT, Nordic Capital, Cinven and Bain Capital. MV Credit is differentiated by its experienced senior management team, whose members each have more than two decades of investment experience across multiple credit cycles.
Upon closing, Clearlake's credit business will have over $28 billion AUM, as well as firmwide AUM of over $90 billion. Upon the close of the acquisition, Clearlake's team will consist of more than 230 professionals with offices in Santa Monica, Dallas, Dublin, London, Singapore, Abu Dhabi, Paris and Luxembourg.
"Credit has been in Clearlake's DNA since our inception and is core to our firm strategy. MV Credit's exceptional track record and deep expertise in private credit align perfectly with our existing credit business and strengthen our continuing presence in Europe," said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. "Clearlake has deployed over $40 billion in debt and preferred equity investments since 2006, and with MV Credit's expertise we will broaden our global direct lending capabilities to better serve sponsors and other clients while expanding product offerings for our investors."
"With this acquisition, Clearlake's credit business will attain significant scale, with credit AUM growing from ~$6 billion in 2020 to over $28 billion today," said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. "We have been very deliberate in how we've built our credit business, and the addition of MV Credit, with highly complementary direct lending capabilities, provides us with new opportunities for strategic growth."
"Clearlake and MV Credit share a similar credit investment philosophy and culture, and we believe the combination will be a winning proposition for the market," said Frédéric Nadal, Chief Executive Officer of MV Credit. "The demand for private credit keeps growing, and the partnership with Clearlake allows us to further address client needs around the world. Our firms share a culture of teamwork, integrity and commitment to excellence. We look forward to being part of the Clearlake family."
Kirkland & Ellis LLP and Milbank LLP are serving as legal advisors to Clearlake, while Fenchurch Advisory is acting as financial advisor and Dentons is acting as legal advisor to Natixis IM on the transaction. DLA Piper LLP is serving as legal advisor to the MV Credit Partners.
About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials, technology and consumer. Clearlake currently has over $85 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, IrelandSingapore and Abu Dhabi, UAE. More information is available at www.clearlake.com.
About MV Credit
MV Credit is an independently managed private credit firm founded in 2000. One of the first private credit firms to be established in Europe, MV Credit possesses the longest established management team in the private credit space, with a senior team who has on average over twenty years' experience. Since inception MV Credit has invested circa €10.3bn in about 500 bespoke direct lending deals, building over time strong long-term relationships with top-tier sponsors. MV Credit invests in senior and subordinated debt across Europe, targeting non-cyclical, defensive industries and regions where we have a strong understanding. The firm's deep experience enables us to add value by providing tailored financing solutions to high-quality businesses, alongside adding value through active engagement. For more information, please visit www.mvcredit.com.
About Natixis Investment Managers
Natixis Investment Managers' multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 15 active managers. Ranked among the world's largest asset managers1 with more than $1.3 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.
Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d'Epargne retail networks.
1 Survey respondents ranked by Investment & Pensions Europe/Top 500 Asset Managers 2024 ranked Natixis Investment Managers as the 19th largest asset manager in the world based on assets under management as of December 31, 2023.
2 Assets under management ("AUM") of current affiliated entities measured as of June 30, 2024, are $1,320.8 billion (€1,232.3 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.
For Clearlake:
Jennifer Hurson
Lambert
+1-845-507-0571
[email protected]
For MV Credit:
Anne-Marie Kesselman Head of Communications & Marketing
+44 7787 267091
[email protected]
For Natixis Investment Managers:
Ambrose Fullalove
FTI Consulting
+44 7970 982748
[email protected]
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