Mesirow, a Chicago-based financial services firm, has announced the acquisition of Bastion Management, an asset-backed speciality finance lender.
The terms of the deal were not disclosed.
The acquisition will support Mesirow’s expansion within the private credit space.
Established in 2013, Bastion is a private credit manager specialising in asset-backed specialty finance. The firm focuses on lending to lower middle-market businesses across various sectors and geographies.
Bastion is known for creating financing solutions that target compelling returns while ensuring robust downside protection.
Over the past 13 years, Bastion has completed more than 50 transactions, totalling over $2bn in commitments. The firm serves an investor base that includes endowments, institutional investors, family offices, and high-net-worth individuals.
Bastion CEO Jay Braden said: “We are thrilled to join Mesirow, an independent, employee-owned firm whose client-centric approach and emphasis on long-term relationships align seamlessly with our own values.
“Mesirow’s robust distribution platform will enable us to accelerate our growth while continuing to deliver exceptional service to our clients. We are proud of our historical performance and excited about the opportunities this partnership brings to expand our lending platform and build on our success.”
As part of the acquisition, Mesirow has added Bastion’s capabilities to its existing suite of alternative investment offerings. This includes Mesirow Currency Management, Mesirow Private Equity, and Mesirow Institutional Real Estate Direct Investments.
Mesirow said it remains committed to expanding its wealth management, fiduciary services, and capital markets/investment banking divisions.
The company offers a range of financial services including global investment management, capital markets and investment banking, as well as advisory services.
Currently, Mesirow manages $302.6bn in total assets under supervision as of 30 September 2024.
Mesirow CEO Natalie Brown said: “We are pleased to welcome Bastion to Mesirow as we extend our alternatives offering in the asset-backed lending space.
“The Bastion team has built an impressive business and culture that aligns well with our own, and we are confident that they will be an integral part of Mesirow’s ongoing growth and success.”
For the transaction, DLA served as legal advisers to Mesirow, while Berkshire Global Advisors provided financial advisory services to Bastion. Latham Watkins acted as Bastion’s legal adviser.
