Alcentra Announces Successful Completion of Warranted Loan Investment in CorpAcq plc
London, 27 August, 2013 — Sub-investment grade corporate credit specialist Alcentra Limited, part of BNY Mellon, has invested in CorpAcq plc, a South Manchester-based company committed to the acquisition and investment in established, strong asset backed, profitable and cash generative owner-managed enterprises.
Headquartered in Altrincham and founded in 2006, CorpAcq has grown its business to manage eight portfolio companies representing more than €70m in revenues in the year ending December 2012.
The warranted loan investment transaction was underwritten by Alcentra and co-arranged with private-debt fund Prefequity LLP. Graeme Delaney-Smith and Frédéric Méreau of the European Direct Lending and Mezzanine Investments team will represent Alcentra on the company’s Board of Directors.
Graeme Delaney-Smith, Head of European Direct Lending and Mezzanine Investments at Alcentra said: “Our investment will allow CorpAcq plc to pursue its strategy through new acquisitions and add-ons to its existing portfolio. The transaction is consistent with our investment strategy based on strong downside protection combined with the ability to generate attractive risk-adjusted returns through warrants. We will also consider follow-on funding.
“The deal follows investments in LM Funerals, Kedleston and Parabis and is another example of our commitment to a UK direct lending strategy.”
Alcentra has been sourcing and arranging financing to middle market businesses since its launch in 2003.To date the company has invested over €1.7bn in 81 middle market transactions across senior debt, second lien, mezzanine and equity co-investments.
Alcentra is an asset management and investment group focused on sub-investment grade debt capital markets in Europe and the United States. The group has an investment track record that dates back to 1998 and spans across over 50 separate investment vehicles totalling approximately $21.9 billion1, as of June 28, 2013. Alcentra is more than 97.2 percent owned by BNY Mellon and 2.8 percent owned by the employees. 'Alcentra' refers to both Alcentra Limited and Alcentra NY, LLC. Assets under management include assets managed by both companies. More information can be found at www.alcentra.com.
1Assets under management reflect assets of all accounts and portions of accounts managed by the Alcentra High Yield Divisions portfolio managers for Alcentra and its affiliates. Specifically, certain assets under management reflect assets managed by Alcentra personnel as employees of Standish, BNY Mellon and/or Dreyfus under a dual employee agreement.
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2013, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
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