LibreMax Capital to buy Trimaran Advisors

LibreMax Capital LLC said Nov. 9 that it agreed to buy Trimaran Advisors LLC. Financial terms weren’t announced. KCAP Financial is the seller. Trimaran currently manages six CLOs with approximately $3 billion of assets under management. Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–LibreMax Capital, LLC (“LibreMax”), an asset management firm specializing in structured credit, today announced that an affiliate has entered into a definitive agreement to acquire Trimaran Advisors, LLC, a U.S.-based investment manager with expertise in managing collateralized loan obligations (“CLOs”), and certain affiliated companies (“Trimaran”), from KCAP Financial Inc. (Nasdaq:KCAP).
Trimaran currently manages six CLOs with approximately $3 billion of assets under management. Following the close of the transaction, Trimaran’s Chief Investment Officer and head of its CLO platform, Dominick Mazzitelli, will continue to lead the business, supported by the existing management team.
“Trimaran is a well-respected CLO manager with a seasoned team of investment professionals, whose strategy complements our deep structured credit expertise,” said Greg Lippmann, Chief Investment Officer of LibreMax. “The addition of Trimaran expands our core products — diversifying our platform and offering our investors access to an asset class that has performed well through various credit cycles.”
Mr. Mazzitelli added, “LibreMax’s significant experience investing across a broad range of structured credit assets makes the firm a great fit for our platform. We look forward to working with the LibreMax team to provide its investors with attractive opportunities across the leveraged loan market.”
The transaction is subject to customary closing conditions and is expected to close by year end.
Schulte Roth & Zabel LLP served as legal counsel for LibreMax on the transaction.
About LibreMax Capital
Founded in 2010, LibreMax Capital, LLC is a New York-based asset management firm specializing in structured credit with $2.9 billion in assets under management.