NewStar to buy Fifth Street CLO Management

NewStar Financial Inc has agreed to acquire Fifth Street’s middle market CLO management business. The price of the acquisition is about $16 million. The deal is expected to close in the third quarter of 2017. GreensLedge Capital Markets LLC advised NewStar on the transaction. PRESS RELEASE BOSTON, July 07, 2017 (GLOBE NEWSWIRE) — NewStar Financial, Inc. (Nasdaq:NEWS) (“NewStar” or the “Company”) announced today that it has agreed to acquire Fifth Street CLO Management LLC (“FSCM”), a wholly-owned subsidiary of Fifth Street Holdings L.P., an affiliate of Fifth Street Asset Management, Inc. (“Fifth Street” or “FSAM”) (NASDAQ:FSAM), a publicly-traded credit-focused asset management firm based in Greenwich, Connecticut. The estimated purchase price is approximately $16 million, net of $13 million of assumed indebtedness and will be subject to adjustment up or down based on certain working capital items as of the closing of the transaction. The acquisition will add
Continue reading "NewStar to buy Fifth Street CLO Management"

NewStar to buy Fifth Street CLO Management

NewStar Financial Inc has agreed to acquire Fifth Street’s middle market CLO management business. The price of the acquisition is about $16 million. The deal is expected to close in the third quarter of 2017. GreensLedge Capital Markets LLC advised NewStar on the transaction. PRESS RELEASE BOSTON, July 07, 2017 (GLOBE NEWSWIRE) — NewStar Financial, Inc. (Nasdaq:NEWS) (“NewStar” or the “Company”) announced today that it has agreed to acquire Fifth Street CLO Management LLC (“FSCM”), a wholly-owned subsidiary of Fifth Street Holdings L.P., an affiliate of Fifth Street Asset Management, Inc. (“Fifth Street” or “FSAM”) (NASDAQ:FSAM), a publicly-traded credit-focused asset management firm based in Greenwich, Connecticut. The estimated purchase price is approximately $16 million, net of $13 million of assumed indebtedness and will be subject to adjustment up or down based on certain working capital items as of the closing of the transaction. The acquisition will add
Continue reading "NewStar to buy Fifth Street CLO Management"