West Los Angeles-based Crescent Capital BDC Inc., a business development company focused on originating and investing in the debt of private companies, has purchased Alcentra Capital Corp. for $142 million in cash and stock.
The transaction is expected to close by Dec. 31.
Prior to completion of the deal, Crescent Capital BDC will convert to a Maryland corporation, and apply for listing on the Nasdaq stock exchange under the ticker symbol CCAP.
Mark Attanasio, co-founder and managing partner of Crescent Capital Group, the West Los Angeles-based alternative asset manager of the business development company, said in a statement that the newly merged company will have “defensible market strategies” and an experienced management team that “can survive market cycles.”
Following the transaction, Crescent Capital BDC and Alcentra Capital are expected to own roughly 81% and 19% of the combined company, respectively. Crescent also said it could repurchase up to $20 million of its newly formed company’s stock after the transaction closes.
Crescent Capital was founded in 1991 by Robert Beyer and Crescent’s current managing partners, Attanasio and Jean-Marc Chapus.
Bel-Air resident Attanasio is the owner of Major League Baseball’s Milwaukee Brewers.
Finance reporter Pat Maio can be reached at firstname.lastname@example.org or (323) 556-8329. Follow him on Twitter @patmaio.
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