TCW/Crescent Mezzanine merged with Canterbury Mezzanine Capital, said Michael Utley, TCW spokesman. Terms were not disclosed. Canterbury principals Patrick Turner, Nicholas Dunphy, Joseph Kaufman, Daniel Honeker and Andrew Bernstein joined TCW/Crescent as partners. The firm, which will retain the name TCW/Crescent, will continue to invest in middle-market companies with annual revenue between $100 million and $1 billion and is expected to begin fund raising later this year.
Canterbury investors include the $48 billion Oregon Public Employees' Retirement Fund, Salem, and the $1.2 billion endowment of the University of Pittsburgh. The group spun off from Barclays Bank in 1995.
TCW/Crescent was formed in 1990 as a joint venture between Trust Co. of the West and Hicks Muse Tate & Furst. Hicks Muse still owns a minority stake in the firm, and TCW is its main strategic partner. Oregon PERF is an investor.