Continue reading "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