London-based credit platform Hayfin Capital Management has agreed to acquire New York-based Kingsland Capital Management, an investment firm focused on CLOs and leveraged credits. No financial terms were disclosed. GreensLedge advised Hayfin on the deal.
London / New York, 13 December 2017 – Hayfin Capital Management (“Hayfin” or “the firm”), a leading European credit platform headquartered in London, has signed an agreement to acquire Kingsland Capital Management (“Kingsland”), an independent US investment manager specialising in CLOs and leveraged credit. The transaction establishes Hayfin’s footprint in the US CLO market, further broadens the firm’s syndicated loan and high yield credit offering to investors, and increases its assets under management to c.€10bn through the addition of the c.$1bn currently managed by Kingsland in CLO format. The financial terms of the deal are undisclosed.
Headquartered in New York, Kingsland was founded in 2005 by Joyce DeLucca and has since issued over $3bn of CLOs across seven vehicles. Kingsland will operate as a wholly owned subsidiary of Hayfin following completion of the transaction, with its experienced team of eight investment professionals continuing to manage its active CLOs. Hayfin will provide the capital Kingsland requires to satisfy risk retention regulations and expand its presence in the US market through new issuance. The firm will also develop global client solutions in the liquid sub-investment grade credit domain by combining the skillsets of its US and European teams.
Tim Flynn, CEO of Hayfin Capital Management, commented: “Kingsland’s US business is highly complementary to Hayfin’s existing strategies in European sub-investment grade credit. Joyce and her team are distinguished by the quality and longevity of their track record, and we are delighted to have broadened Hayfin’s offering to encompass the US market through this addition to our platform. The expansion of our footprint into the US leveraged loans and high-yield market continues the growth of Hayfin as a best-in-class asset manager, following the majority investment in the firm from the British Columbia Investment Management Corporation earlier this year.”
Joyce DeLucca, Founder and Chief Investment Officer of Kingsland Capital Management, said: “We’re excited about the opportunities that joining the Hayfin platform offers to us and our clients. Hayfin will act as an important capital partner to our team, enabling us to scale the business significantly through new issuance. In addition, by drawing on the wider Hayfin team’s expertise in non-investment-grade loan and high-yield strategies, we will be even better positioned to continue delivering outperformance for our investors.”
Hayfin was advised on the deal by GreensLedge.