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Money Management

Hayfin to acquire CLO manager Kingsland Capital Management

M&A Merger And Acquisitions written on a notepad with marker.

Hayfin Capital Management has agreed to acquire U.S. collateralized loan obligations and leverage credit manager Kingsland Capital Management.

The European credit manager said in a news release that the deal establishes its footprint in the U.S. CLO market and further broadens its syndicated loan and high-yield credit offering to investors. The addition of Kingsland's $1 billion in CLO assets under management brings Hayfin's assets under management up to about €10 billion ($11.8 billion). Hayfin does not currently manage any live CLOs.

Financial terms were not disclosed. The deal is expected to complete in mid-January.

Kingsland will operate as a wholly owned subsidiary of Hayfin, with its team of eight investment staff continuing to manage its active CLOs. Hayfin will provide the capital needed by Kingsland to "satisfy risk retention regulations and expand its presence in the U.S. market through new issuance," said the release. Hayfin will also develop global offerings in the liquid subinvestment-grade credit market.

A Hayfin spokeswoman declined to comment further.