LCM Partners and Brookfield Asset Management enter into strategic partnership
LONDON and TORONTO, March 21, 2018 (GLOBE NEWSWIRE) -- LCM Partners ("LCM"), a European alternative credit investment manager, announces that it has entered into a strategic partnership with Brookfield Asset Management Inc. (TSX:BAM.A) (NYSE:BAM) (Euronext:BAMA) ("Brookfield"), a leading global alternative asset manager, aimed at jointly growing LCM's leading asset management and credit servicing business globally.
Under the terms of the agreement, Brookfield will acquire a 25% strategic interest in Link Financial Group, which comprises both LCM and its sister companies which operate a pan-European loan servicing platform under the Link Financial brand, with an option to acquire another 24.9% interest over time.
Link Financial Group was established in the UK in 1998 and has since grown across 10 European offices to become a leading alternative investment manager focussed on credit, and specialised in investing in and servicing consumer, SME, auto, leasing and commercial loans. The firm employs approximately 700 people and has acquired over 2,500 portfolios of performing, rescheduled and non-performing loan portfolios since inception from major banking groups and financial institutions.
"We are very excited to announce our strategic partnership with Brookfield, with whom we can further develop our business, not only as one of Europe's leading credit asset management and loan servicing firms but to become one of the pre-eminent firms globally," said Paul Burdell, CEO of LCM and Link Financial Group.
"With its highly complementary areas of investment expertise, global network spanning 100 offices in over 30 countries, strong distribution and capital strength, we are convinced that Brookfield is our ideal strategic partner. We are particularly excited at the prospect of working together to develop new investment opportunities for our clients, leveraging Brookfield's global network, relationships and access to proprietary deal flow."
"We are pleased to partner with LCM, a market leader with an established track record of strong investment performance and long-term client relationships," said Ralf Rank, Managing Partner, Brookfield. "We look forward to working closely with LCM's management team to support the growth of its platform via expansion into new markets, diversification of its product offering, and through pursuing investment opportunities leveraging the capabilities of both firms."
Link Financial Group will continue to operate independently under the leadership of the existing management team who remain focussed on delivering excellent investment performance and best-in-class loan servicing for its clients.
The transaction, which is expected to close during the next quarter, is subject to customary regulatory approvals and closing conditions. The financial terms of the transaction have not been disclosed.
Spencer House Partners LLP acted as financial adviser to Link Financial Group.
T: +44 203 198 8637
Paul D Burdell
T: +44 203 457 5050
T: +1 416 369 8236
Notes to Editors:
About LCM Partners
LCM is a leading European alternatives asset manager based in London, which specialises in buying whole loan consumer and SME credit portfolios. Offering unrivalled expertise in investing in and managing credit portfolios, LCM has approximately €3 billion of drawn and/or committed capital and has invested in over 2,500 portfolios of performing, re-scheduled and non-performing loans.
LCM has won several investment industry awards, including the European Pensions' Alternatives Investment Manager of the Year 2017, which followed a double win at Private Debt Investor's 2016 awards as European Distressed Debt Manager and European Fundraising for the year. These awards are testament to the track record the team has built, delivering an unleveraged IRR of 14.8% since 1999.
LCM is currently deploying capital for its LCM Credit Opportunities III strategy, for which fundraising closed in 2016 and launched its Strategic Origination and Lending Opportunities strategy 'SOLO' in March 2018.
For more information, please visit LCM's website at www.lcmpartners.eu.
About Link Financial
Link provides European financial institutions, investors and other credit providers with loan management, debt purchase and standby servicing solutions. Link manages approximately 3 million customer accounts and €25 billion of corresponding assets, and employs some 700 people across 10 European offices.
Link was one of the founding members of the modern credit and collections industry in Europe and has been at the forefront of innovation ever since.
Link's proprietary operational platform allows its business to service a range of asset types from within and outside the financial services industry.
For more information, please visit Link's website at www.linkfinancial.eu.
Brookfield Asset Management Inc. is a global alternative asset manager with over
US$285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity.
Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.
For more information, please visit the company's website at www.brookfield.com.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Brookfield Asset Management Inc via Globenewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
Real World Cloud Orchestration Facilitates Easy Migration to All-IP18.4.2019 22:05:00 CEST | Pressemelding
For All-IP service providers in Malta and the Netherlands, Patton Cloud edge orchestration has lowered costs with fast, simple activation and management of enterprise IP-Telephony services SmartNode VoIP… More than Just Talk! BERN, Switzerland, April 18, 2019 (GLOBE NEWSWIRE) -- Patton—a U.S. network-equipment manufacturer and multi-national provider of enabling solutions for virtualized network function virtualization (NFV) SD-WAN, All-IP, and unified communications (UC) services—has saved the day for Dutch and Maltese national IP-communications providers with its Patton Cloud network edge orchestration service. VIDEO: Cloud Powered Services Netherlands ISDN Services are going away in the Netherlands. Yet scores of business subscribers can't simply jump into an All-IP network overnight. Investments in ISDN-based systems, fused with established business-processes, preclude such reckless dismantling of on-premise legacy systems. Business customers need flexibility to manage migration to
Acreage Holdings Announces Signing of Arrangement Agreement18.4.2019 17:02:00 CEST | Pressemelding
FRANKFURT, Germany, April 18, 2019 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.U) (OTC:ACRGF) (FSE:0VZ) and Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED) (NYSE:CGC) (together, the “Companies”) entered into a definitive arrangement agreement (the "Agreement") that grants Canopy Growth the right to acquire 100 percent of the shares of Acreage (the “Right”), with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States of America (the "Transaction"), subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively (the “Shareholder Approval”), as well as the approval of the Supreme Court of British Columbia, Canada (the “Court Approval”). Following the Shareholder Approval and the Court Approval, under the terms of the Agreement, and upon exercise of the Right, the total consideration payable pursuant to the Transaction is valued at approximatel
WillScot to Participate at the Credit Suisse Extreme Services Conference18.4.2019 16:19:00 CEST | Pressemelding
BALTIMORE, April 18, 2019 (GLOBE NEWSWIRE) -- WillScot Corporation (“WillScot”) (NASDAQ: WSC), the specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that Brad Soultz, President and Chief Executive Officer, and Tim Boswell, Chief Financial Officer, will host a day of one-on-one and group meetings with investors at the Credit Suisse Extreme Services Conference to be held at Credit Suisse’s New York City office, on Tuesday, May 7, 2019. About WillScot Corporation Headquartered in Baltimore, Maryland, WillScot is the public holding company for the Williams Scotsman family of companies. WillScot trades on the Nasdaq stock exchange under the ticker symbol "WSC," and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, governm
TrueCommerce Datalliance Releases First Platform Update of 201918.4.2019 16:00:00 CEST | Pressemelding
Supply chain software company expands self-service options, more control for customers’ data CINCINNATI, April 18, 2019 (GLOBE NEWSWIRE) -- TrueCommerce, a global provider of trading partner connectivity, integration and unified commerce solutions, has announced today that TrueCommerce Datalliance, its division focusing on vendor managed inventory (VMI) and collaborative replenishment (CR) software, has released its first of three software updates for 2019. In addition to general reliability and stability fixes, the update provides customers with more control over updating specific fields and who has access to that information, as well as adding store-driven demand. Doug Bethea, Vice President of Consumer Goods Solutions said, “Every update is multifaceted. We implement necessary security changes and adjust code to optimize performance for our customers. We also bring our own ideas as value-adds. Additionally, we are always working with customers to implement advanced features as it is
Constellation Brands Enters Into Agreement with Canopy Growth Corporation to Modify Warrants and Other Rights18.4.2019 15:33:00 CEST | Pressemelding
VICTOR, N.Y., April 18, 2019 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, today announced that it plans to enter into an agreement with Canopy Growth Corporation (“Canopy”) (TSX: WEED, NYSE: CGC), a leading diversified cannabis company, to modify certain warrants and other rights. These changes are the result of Canopy’s intentions to acquire Acreage Holdings, Inc. (“Acreage”) upon U.S. Federal cannabis legalization. Earlier today, Canopy announced (see Canopy press release “Canopy Growth Announces Option to Acquire Leading U.S. Multi-state Cannabis Operator, Acreage Holdings”) it has entered into an agreement with Acreage, a U.S. multi-state cannabis operator, where Canopy plans to acquire the shares of Acreage upon U.S. Federal cannabis legalization (the “Triggering Event”), subject to certain conditions. This transaction, as well as proposed modifications to certain Constellation warrants, are subject to approval by Canopy
Resverlogix’ BETonMACE Phase 3 Trial Successfully Reaches its Targeted 250 MACE Events18.4.2019 14:00:00 CEST | Pressemelding
World’s First Phase 3 BET Bromodomain Epigenetics Trial Reaches Events Target CALGARY, Alberta, April 18, 2019 (GLOBE NEWSWIRE) -- Resverlogix Corp. (“Resverlogix” or the "Company") (TSX:RVX) today announces that BETonMACE, the Company’s event-based, phase 3 registration trial has successfully reached 250 projected major adverse cardiac events (MACE), strictly defined as cardiovascular death, non-fatal myocardial infarction and stroke, moving the trial towards completion. Successful data from this trial would enable Resverlogix to proceed towards the regulatory approval and commercialization of its lead drug, apabetalone. “Resverlogix staff and stakeholders have worked diligently for the past 18 years to attain this extremely exciting goal,” said Donald McCaffrey, President and CEO of Resverlogix. “The trial’s extensive breakthrough clinical data will soon be available to Resverlogix. Successfully meeting the trial’s endpoints, the substantial data set and otherwise new findings would