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Man Group completed the acquisition of a majority stake in Varagon Capital from Aflac, Corebridge, and AIG for $183m.

Announced

Completed

Transaction Tags

  • United States
  • Asset Managers and Custodians
  • asset management company
  • Acquisition
  • Cross Border
  • Private
  • Majority
  • Single Bidder
  • Friendly
  • Private Equity
  • Completed

Synopsis

Man Group, an investment management business, completed the acquisition of a majority stake in Varagon Capital Partners, a middle market private credit manager, from Aflac, an insurance company, Corebridge Financial, a financial services company, and American International Group, an insurance organization, for $183m. "This acquisition reflects our long-term strategy to move into new market segments where we can differentiate ourselves with talented, specialised teams. Man Group has built a rich and diversified credit offering to date, and as client demand for credit strategies is increasing, we see a significant growth opportunity in direct lending, particularly against the backdrop of regional banking difficulties in the US. This transaction enhances our ability to provide deep, fundamental credit expertise through a cycle, underpinned by risk management of the highest quality," Eric Burl, Man Group Head of Discretionary.

Sources

RNS Announcement

Man Group

Completion Announcement

Man Group

Transaction Value

£143m

Consideration Type

Cash

Capital Owned

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Capital bid for

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EV/Sales

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EV/EBITDA

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Service Providers (6)Dealmakers
Rothschild & Co

financial advisors

Rothschild & Co

Davis Polk & Wardwell

legal advisors

Davis Polk & Wardwell

Gasthalter & Co

pr advisors

Gasthalter & Co

Wells Fargo Securities

financial advisors

Wells Fargo Securities

Willkie Farr & Gallagher

legal advisors

Willkie Farr & Gallagher

Fti Consulting

pr advisors

Fti Consulting

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