On December 13, 2021, CIFC Asset Management LLC announced that it will acquire LBC Credit Partners.
Under the terms of the transaction, CIFC Asset Management LLC (“CIFC”) will acquire LBC Credit Partners (“LBC”). LBC will retain its offices and continue to trade under the LBC name. LBC’s investment funds will operate as subsidiaries of CIFC. The transaction, subject to regulatory and other customary closing conditions, is expected to close by the end of the year. Further terms were not disclosed.
CIFC, based in New York, is an alternative credit specialist serving institutional investors. As of October 31, 2021, CIFC had over $35 billion in assets under management.
LBC, based in Radnor, Pennsylvania, is an investment firm focusing on middle market businesses. As of October 31, 2021, LBC had over $3 billion of capital commitments. Berkshire Global Advisors served as exclusive financial advisor to LBC on the deal.
To read the press release: please click here.