Medalist Partners has acquired majority stake of 50.1% in Alpharetta, Georgia-based JMP Credit Advisors, an alternative asset managing firm specializing in credit and asset-backed lending, from a subsidiary of JMP Group.
Image: Medalist acquires stake in JMP Credit Advisors. Photo: Courtesy of Gerd Altmann/Pixabay.
Medalist Partners stated that JMP Group will remain as minority investors in JMP Credit Advisors and also as an investor in the collateralized loan obligations (CLOs) that the company manages.
JMP Credit Advisors will be renamed as Medalist Partners Corporate Finance and will continue to manage three CLOs with about $1.2bn in assets under management.
The company’s leadership team including Bryan Hamm, Craig Kitchin and Fred Passenant will lead the CLO business unit of Medalist Partners, supported by their existing team. No changes in terms of investment strategy or process have been planned for JMP Credit Advisors.
Medalist Partners has also agreed to provide additional capital to fund a preexisting long-term warehouse credit facility with BNP Paribas. It will be used for financing the acquisition of a portfolio of broadly syndicated corporate loans.
As a subsidiary of Medalist Partners, JMP Credit Advisors acts as a collateral manager for the loans acquired through the warehouse credit facility.
Medalist CEO and structured credit & asset finance co-head Greg Richter said: “We are excited to welcome the JMP Credit Advisors team to Medalist Partners. JMP Credit Advisors is a highly regarded CLO manager with a seasoned team of investment professionals, and they have built a tremendous business over the last decade plus.
“In addition to offering our clients high quality access to the CLO market, we expect the CLO business to further complement our existing platform with increased market access, investment sourcing capabilities, and diversity of our AUM and client base.”
JMP Credit Advisors President Bryan Hamm said: “We believe Medalist’s experienced investment team, robust infrastructure and demonstrated track record of disciplined investment performance make them a great fit for our business and its continued success. We look forward to working with the Medalist team to take advantage of attractive opportunities across the leveraged loan market.”