Sun Life wraps up majority acquisition of Crescent Capital Group
Sun Life Financial has completed its 51% majority stake acquisition of Crescent Capital Group.
The deal was first announced in October, with Sun Life offering an upfront payment of $276 million and a future payment of up to $62 million.
Crescent Capital Group – founded in 1991 and headquartered in Los Angeles, with offices in New York, Boston, and London – has over 180 partners and employees. The firm has about $29 billion in assets under management, as of September 30, 2020.
Following closure of the deal, Crescent will form part of Sun Life’s alternatives management business, SLC Management. The acquisition extends SLC Management’s solutions in alternative credit, benefiting both new and current clients.
Also, as part of the transaction, Crescent’s equity holders will retain carried interests in existing funds along with certain assets and their respective economics, a release said. The transaction has a put/call option that will allow the transfer of remaining interests by the end of 2026.
Crescent will continue to operate under its current leadership. It will also retain its brand, office locations, and clients. The company will also continue as the investment adviser of Crescent Capital BDC.