Bahrain-based Investcorp acquires majority stake in CMIP

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MANAMA: Investcorp, a Bahrain-based alternative investment manager, has finalised its acquisition of a majority interest in CM Investment Partners (CMIP), which acts as the investment adviser to Investcorp Credit Management BDC.

The transaction was first announced in June 2019.

Investcorp Credit Management BDC, a specialty finance company that has elected to be regulated as a business development company, invests primarily in the debt of US middle-market companies.

Additional terms of the transaction were not disclosed.

As part of the acquisition, chairman and chief executive of Investcorp Credit Management BDC and co-chief investment officer of CMIP Michael Mauer will become co-head of Investcorp Credit Management US alongside Jim Feeley, who currently serves as co-head of Investcorp Credit Management US.

Both Jim Feeley and Michael Mauer will report to Jeremy Ghose, managing director and head of Investcorp Credit Management.

“We are excited to officially welcome Michael Mauer and the CMIP team to the ICM group as they bring years of experience navigating the middle-market lending space,” said Mr Ghose.

“This acquisition aligns with our broader strategy of providing a diverse and full platform across the alternative asset management spectrum and marks our entry into the BDC segment.”

Investcorp Credit Management BDC invests primarily in middle-market companies that have annual revenues of at least $50 million and EBITDA of at least $15m, focusing on companies with leading market positions, significant asset or franchise values, strong free cash flow and experienced senior management teams.

Investcorp Credit Management is a leading global credit manager with assets under management of over $12 billion. Based in London, New York and Singapore, the business manages funds that invest primarily in senior secured corporate debt issued by mid and large-cap firms in Western Europe and the US.

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