On October 21, 2020, Sun Life Financial Group Inc. announced that it will acquire a majority stake in Crescent Capital Group LP.
Under the terms of the agreement, Sun Life Financial Inc. (“Sun Life”) will acquire a 51% stake in Crescent Capital Group LP (“Crescent”). The consideration for the transaction will consist of an upfront payment of $276 million and a future contingent payment of $62 million based on the achievement of certain milestones. Upon completion of the transaction, Crescent will become a part of Sun Life’s alternatives asset management business, SLC Management. The transaction is subject to regulatory approvals and the satisfaction of customary closing conditions, and is expected to close in late 2020.
Crescent, headquartered in Los Angeles, is a global alternative credit investment manager that specializes in investments in debt securities, including senior bank loans, high yield bonds and private sector, unitranche and junior debt securities. It has $28 billion in assets under management as of June 30, 2020.
Sun Life (NYSE: SLF) is an international financial services organization that provides insurance, wealth and asset management services to individuals and corporations. It has $1,122 billion in assets under management as of June 30, 2020. Berkshire Global Advisors served as exclusive financial advisor to Sun Life on the transaction.