First Eagle Investment Management’s Acquisition of THL Credit Advisors

BofA Securities acted as financial advisor to First Eagle, and Goodwin Procter was its legal counsel. Sandler O’Neill + Partners, LP acted as THL Credit’s financial advisor, and legal counsel was provided by Weil, Gotshal & Manges LLP and Winston & Strawn LLP.

First Eagle Investment Management, LLC and THL Credit Advisors LLC have entered into a definitive agreement for First Eagle to acquire THL Credit.

The acquisition complements First Eagle’s established alternative credit platform, solidifying its place among the leaders in both tradable credit and middle-market direct lending. Upon completion of the acquisition, First Eagle’s alternative credit platform will represent approximately $23 billion in assets under management and advisement.

The transaction has been approved by First Eagle’s and THL Credit’s boards of directors and is expected to close in the first quarter of 2020, subject to regulatory approvals and other customary closing conditions.

THL Credit is a leading alternative credit manager with approximately $17 billion in assets under management as of September 30, 2019. Established in 2007 as the credit affiliate of Thomas H. Lee Partners, L.P., one of the world’s oldest and most experienced private equity firms, THL Credit is headquartered in Boston and has its primary credit underwriting office in Chicago.

Headquartered in New York, First Eagle is an independent, privately owned investment firm with approximately $99 billion in assets under management as of September 30, 2019. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside protection.

Winston & Strawn advised First Eagle with a team led by Partners Pat Hardiman (Picture) and Jeffrey Dobosh and included Partner Russell Casper and Associate Lindsay Shake.

Involved fees earner: Russell Casper – Winston & Strawn; Jeffrey Dobosh – Winston & Strawn; Patrick Hardiman – Winston & Strawn; Lindsay Shake – Winston & Strawn;

Law Firms: Winston & Strawn;

Clients: THL Credit Inc.;

Author: Ambrogio Visconti