THL Credit Advisors LLC, the lending affiliate of Boston buyout shop Thomas H. Lee Partners LP, is planning to beef up its presence in Chicago following an acquisition there, the unit’s chief tells sister publication Buyouts.
THL Credit announced earlier this month that it had completed the acquisition of McDonnell Investment Management’s alternative credit strategies group. The action multiplies THL Credit’s assets under management six-fold to $2.8 billion, while the addition of the Alternative Credit Strategies team doubles the size of the THL Credit staff.
The move also vaults THL Credit into the senior lending space, and it gives the firm a presence in Chicago. Since its founding in 2007, THL Credit has focused on mezzanine and other forms of junior lending, chiefly through its externally managed a business development company, THL Credit Inc. I have the full story in next week’s issue of Buyouts Magazine, and subscribers to our Web site can read it there now.
But James K. Hunt, CEO and CIO of THL Credit, told me during our interview that the firm is taking advantage of the acquisition in another way. THL Credit is looking for an expert in junior mid-market debt to sit alongside the team in Chicago, which the firm is calling THL Credit Senior Loan Strategies.
Hunt said he wanted to develop a BDC team of three or more in Chicago. “We’re working for the right senior person, and we’ll build around that.”
THL Credit already has BDC offices in Boston, Houston and Los Angeles.
Steve Bills is a senior editor at Buyouts Magazine. Any opinions expressed here are entirely his own. Follow him on Twitter @Steve_Bills. Follow Buyouts tweets @Buyouts. For information on how to subscribe, contact Greg Winterton at [email protected].