TORONTO, LOS ANGELES, and
WELLESLEY, Mass., Jan. 5, 2021 /PRNewswire/ - Sun Life Financial
Inc. ("Sun Life") (TSX: SLF) (NYSE: SLF) today announced the
completion of its 51% majority stake acquisition of Crescent
Capital Group LP ("Crescent"), a global alternative credit
investment manager.
Headquartered in Los Angeles
with offices in New York,
Boston and London, Crescent has more than 180 partners
and employees. Crescent has approximately US$29 billion in Assets under Management
(approximately C$39 billion), as of
September 30, 2020.
Crescent will form part of SLC Management, Sun Life's
alternatives asset management business. The acquisition will extend
SLC Management's solutions in alternative credit, which will
benefit existing and prospective clients.
Founded in 1991, Crescent is one of the longest tenured credit
managers in the industry and is a leading investor in mezzanine
debt, middle market direct lending in the US and Europe, high-yield bonds and broadly
syndicated loans.
As part of the transaction, Crescent's equity holders will
retain carried interests in existing funds along with certain
assets and their respective economics. 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
and will retain its individual brand, office locations and
clients.
Crescent will continue as the investment adviser of Crescent
Capital BDC, Inc. ("Crescent BDC," NASDAQ: CCAP), a business
development company.
Investor Slides related to this announcement are available
here.
Connect with Sun Life
https://www.facebook.com/SLFCanada
https://www.linkedin.com/company/sun-life-financial
https://twitter.com/SunLifeCA
About Sun Life
Sun Life is a leading international
financial services organization providing insurance, wealth and
asset management solutions to individual and corporate Clients. Sun
Life has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2020, Sun Life had total assets
under management of $1,186 billion.
For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on
the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
About SLC Management
SLC Management is a global
institutional asset manager that offers institutional investors
traditional, alternative, and yield-orientated investment solutions
across public and private fixed income markets, as well as global
real estate equity and debt.
SLC Management is the brand name for the institutional asset
management business of Sun Life Financial Inc. ("Sun Life") under
which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital
Management (Canada) Inc. in
Canada operate.
BentallGreenOak and InfraRed Capital Partners (InfraRed) are
also part of SLC Management. BentallGreenOak is a leading, global
real estate investment management advisor and a globally-recognized
provider of real estate services. InfraRed is an international
investment manager focused on infrastructure, managing equity
capital in multiple private and listed funds, primarily for
institutional investors across the globe.
As of September 30, 2020, SLC
Management has assets under management of C$264 billion (US$198
billion).
For more information, please visit www.slcmanagement.com.
About Crescent Capital Group LP
Crescent is a global
credit investment manager with approximately US$28 billion of assets under management. For
nearly 30 years, the firm has focused on below investment grade
credit through strategies that invest in marketable and
privately-originated debt securities including senior bank loans,
high yield bonds, as well as private senior, unitranche, and junior
debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, and London and more than 180 employees globally.
For more information about Crescent, visit www.crescentcap.com.
However, the contents of such website are not and should not be
deemed to be incorporated by reference herein.
About Crescent Capital BDC, Inc.
Crescent BDC is a
business development company that seeks to maximize the total
return of its stockholders in the form of current income and
capital appreciation by providing capital solutions to middle
market companies with sound business fundamentals and strong growth
prospects. Crescent BDC utilizes the extensive experience,
origination capabilities and disciplined investment process of
Crescent. Crescent BDC is externally managed by Crescent Cap
Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected
to be regulated as a business development company under the
Investment Company Act of 1940. For more information about Crescent
BDC, visit www.crescentbdc.com. However, the contents of such
website are not and should not be deemed to be incorporated by
reference herein.
Sun Life Media
Relations Contact:
|
Sun Life Investor
Relations Contact:
|
Rajani
Kamath
|
Leigh
Chalmers
|
Associate
Vice-President
|
Senior
Vice-President
|
Corporate
Communications
|
Head of Investor
Relations & Capital Markets
|
t.
416-979-6070
|
t.
647-256-8201
|
Rajani.kamath@sunlife.com
|
Investor.relations@sunlife.com
|
|
|
Crescent Capital
Media Relations Contact:
|
Crescent BDC
Investor Relations:
|
Bill
Mendel
|
Daniel
McMahon
|
Owner
|
Vice-President
|
Mendel
Communications
|
Head of Public
Investor Relations
|
t.
212-397-1030
|
t.
212-364-0149
|
bill@mendelcommunications.com
|
Daniel.mcmahon@crescentcap.com
|
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SOURCE Sun Life Financial Inc.