Stone Point Capital LLC has made an undisclosed investment in SumRidge Partners LLC, a electronic fixed income market maker. Sandler O’Neill + Partners L.P. served as financial adviser to SumRidge on the transaction.
JERSEY CITY, N.J.–(BUSINESS WIRE)–SumRidge Partners, LLC, (SumRidge) a top-ranked electronic fixed income market maker, announced today that it has closed on a minority investment from funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in financial services businesses.
This investment will enable SumRidge to expand their footprint in the fixed income marketplace by broadening its product offerings and investing in its proprietary trading technology.
“This investment is an affirmation of the hard work and accomplishment on the part of the entire SumRidge team including the partners, employees and board. We are thrilled to be partnering with Stone Point as we embark on our next phase of growth,” said Tom O’Brien, CEO and President of SumRidge. “We strive to provide world-class fixed income market making services and technology solutions for our clients in a continually evolving trading environment. Stone Point’s deep industry expertise and knowledge of our business model are a significant advantage to SumRidge and the clients we serve,” added Kevin Morano, Chairman of SumRidge.
Chuck Davis, CEO of Stone Point, said, “The SumRidge management team has built a differentiated fixed income trading business. We are excited to be partnering with the team, and look forward to supporting the continued organic expansion of their platform.”
Sandler O’Neill + Partners, L.P. acted as the exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel to SumRidge in connection with the transaction. Kramer Levin Naftalis & Frankel LLP served as legal counsel to Stone Point in connection with the transaction.
About SumRidge Partners, LLC
SumRidge Partners, LLC is a top ranked principal-based fixed income market maker, specializing in high yield and investment grade corporate bonds, municipal bonds, institutional preferred securities, emerging market bonds, and non-agency mortgage backed securities. Formed in 2010, following the aftermath of the financial crisis and subsequent liquidity shortage that occurred within the fixed income trading market, SumRidge currently ranks among the top liquidity providers for two million dollar and under trading on most major electronic bond exchanges, leveraging the firm’s technological strengths and an experienced sales and trading team. SumRidge uses its own balance sheet to facilitate flow trading, ensuring instantaneous execution for its diverse client base. In addition to live market making, SumRidge also offers actionable fixed income trade ideas and trading desk commentary to a dynamic distribution platform of institutional, middle market, and wealth management clients worldwide.
For more information about SumRidge, visit www.sumridge.com.
About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, market makers and trading firms, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies.
For further information about Stone Point, visit www.stonepoint.com.