Carlyle in talks to acquire credit investment firm CBAM – sources


Feb 4 (Reuters) – Buyout firm Carlyle Group Inc (CG.O) is in talks to acquire CBAM Partners in a bid to expand its credit investment platform and take on peers such as Apollo Global Management Inc (APO.N) and Blackstone Inc. (BX.N), according to people familiar with the matter.

Carlyle won an auction to acquire New York-based CBAM, which manages $15 billion in credit assets, such as secured loan obligations and structured credit products, according to the sources, who requested l anonymity because the case is confidential.

Bloomberg News earlier reported that Carlyle was in advanced talks to acquire CBAM for between $750 million and $850 million. Spokespersons for Carlyle and CBAM declined to comment.

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With its roots in leveraged buyouts, Carlyle has attempted to expand its lending platform in recent years. In 2016, it hired veteran credit executive Mark Jenkins of the Canada Pension Plan Investment Board (CPPIB) to lead its expansion into the private credit market.

The Washington, DC-based firm grew its loan assets to $73 billion at the end of December, from $34 billion when Jenkins joined, thanks to a mix of fundraising and acquisitions of other businesses . It bought aircraft finance company Apollo Aviation Group in 2018 and on Wednesday announced a $3 billion deal to acquire the rental property business of iStar Inc (STAR.N).

CBAM Partners was founded in 2016 by Don Young, Mike Damaso and Jay Garrett. It is majority owned by Eldridge, billionaire Todd Boehly’s investment firm, which owns stakes in the Los Angeles Dodgers and Los Angeles Lakers.

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Reporting by Chibuike Oguh in New York Additional reporting by Pamela Barbaglia in London Editing by Mark Potter

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