Investment firm Clearlake Capital Group has agreed to acquire pan-European private credit firm MV Credit from Natixis Investment Managers.
The financial terms of the deal were not disclosed.
Established in 2000, MV Credit is an independently managed private credit firm with $5.1bn in assets under management (AUM).
The firm specialises in providing customised fund solutions across a range of strategies, including senior direct lending, subordinated direct lending, hybrid, and collateralised loan obligations (CLOs).
Since its inception, MV Credit has deployed over $11bn across more than 500 custom transactions, partnering with prominent sponsors such as EQT, Nordic Capital, Cinven, and Bain Capital.
MV Credit CEO Frédéric Nadal said: “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.
“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.”
Following the completion of the deal, Clearlake Capital’s credit business will oversee assets exceeding $28bn in AUM, contributing to the firm’s total AUM surpassing $90bn.
Headquartered in California, Clearlake Capital’s global team will expand to over 230 professionals. The company operates integrated businesses across private equity, credit and other related strategies.
Clearlake Capital co-founder and managing partner José Felicianosaid said: “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.
“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.”
Subject to customary conditions, the transaction is expected to be completed in Q4 2024.
For the deal, Kirkland & Ellis and Milbank are legal advisers to Clearlake Capital, while Fenchurch Advisory is acting as financial adviser and Dentons as legal adviser to Natixis Investment Managers.
DLA Piper is advising MV Credit Partners on the transaction.
