Marble Point acquires American Capital CLO platform

The Connecticut-based investment manager focused on senior debt also acquired equity positions in seven CLOs from ACAS. 

Marble Point Credit Management has finalised the acquisition of American Capital’s (ACAS) arm that oversaw its collateralised loan obligation activity. 

As a part of the deal, Greenwich, Connecticut-based Marble Point took majority equity positions in seven American Capital CLO Management CLOs, the firm said on Tuesday.

The firm plans to rebrand both the affiliate and the CLOs as part of the overall Marble Point platform, according to a statement. The American Capital CLO Management platform joins the investment manager with approximately $3.4 billion in assets under management across eight CLOs as of December 2016.

A representative for Marble Point declined to comment further, while American Capital did not respond to a media request.

The larger ACAS umbrella, including its affiliates, has closed ten CLO deals as of 30 September last year, totaling $3.9 billion in AUM , according to the firm’s latest Securities and Exchange Commission quarterly report.

The filing also shows that the company’s most recent vehicle, ACAS CLO IX, closed last year with $400 million in assets, while the firm closed two CLOs the previous year, ACAS CLO 2015-1 and ACAS CLO 2015-2. Those were deals worth $534 million and $499 million respectively. 

Alongside these three deals, Marble Point took a majority stake in an ACAS CLO issued in 2012, one issued in 2013, and two in 2014, according to a source familiar with the matter.

On 3 January, American Capital officially closed its $3.62 billion merger with Ares Capital Corporation business development company,  according to another SEC filing. Last month, shareholders of both firms voted overwhelmingly in favour of the deal, as Private Debt Investor previously reported.

Before the merger, American Capital was a private equity and asset management firm that provided senior debt, subordinated debt, and equity for buyouts, growth financing, acquisitions, and recapitalisations.

Marble Point is an investment manager that exclusively targets floating rate senior secured loans. 

Editor's note: the story has been updated to reflect the CLOs in which Marble Point now holds a majority stake.