McDonnell Investment Management will sell the firm's senior debt credit manager subsidiary to an affiliate of Boston-based private equity firm Thomas H. Lee Partners.
Terms of the deal were not disclosed.
The transaction is expected to close within the next few months, said Mike MacMillan, a spokesman for McDonnell Investment Management.
In a news release, McDonnell Investment Management said it has agreed to sell McDonnell Alternatives Credit Strategies, whose 22 investment professionals and employees manage roughly $2.5 billion in assets, to THL Credit Advisors.
With the deal's closing, McDonnell Investment Management will focus on its core business managing roughly $12.5 billion in “investment-grade taxable and municipal bond portfolios for insurance companies, pension funds, foundations and endowments, health-care entities, corporations and high-net-worth individuals,” according to the news release.
Edward A. Treichel, president and CEO of McDonnell Investment Management, couldn't immediately be reached for comment.
