FLC Credit Partners, a private credit fund manager specializing in family- and entrepreneur-owned businesses, provided a $21 million loan facility to Spouting Rock Asset Management (“SRAM”) which will use the capital to fuel its growth and consolidate multiple asset managers.
The loan facility is FLC Credit Partners’ first investment since its May 2021 launch by Family Legacy Capital Management, LLC, a private investment manager for leading family offices. FLC Credit Partners addresses the capital needs of family and entrepreneur-owned businesses through creative private credit solutions. The firm understands the dynamics inherent in these types of companies given that its investor base is comprised exclusively of leading family offices.
SRAM is a multi-boutique manager platform providing alternative, traditional and thematic investment solutions and services. FLC Credit Partners’ financing will allow the firm to continue leveraging timely and impactful opportunities in small- to mid-sized firms, through majority or significant minority ownership. Targeted acquisitions are expected to add more than $5.5 billion in assets under management to SRAM’s platform, support the diversification of SRAM’s offerings and build upon the firm’s extensive knowledge and expertise.
“This loan facility will allow us to not only grow the SRAM platform, but also ultimately focus on enhancing and diversifying our investment performance,” said Blakely Page, President and Founder of SRAM. “This deal is representative of the consolidation trends and opportunities that we’re looking to capitalize on across asset management, and the team at FLC have proven to be true partners through their guidance and dynamic financing solutions.”
“The Intellectual, Relational and Financial Capital of our leading family limited partner base provides us with the ability to better serve entrepreneurs,” said Hendrik Jordaan, Chairman and Co-Founder of both Family Legacy Capital and FLC Credit Partners. “Blakely has a proven vision for growth and we’re pleased with how well-aligned our first financing is with our mandate. As we pursue top returns for our investors, we’re excited about the future prospects for our partnership with SRAM.”
“We’ve been so impressed with SRAM and are pleased to partner in executing this deal in support of their growth,” said Jay Rogers, Partner & Managing Director of FLC Credit Partners. “It’s exactly this type of partnership – one with clear and common goals – that will be the foundation of all of our transactions going forward. It’s been a pleasure working with Blakely and his team.”
FLC Credit Partners makes both primary and secondary opportunistic private credit investments, with an emphasis on secured loans, but also select mezzanine and structured equity solutions. The group targets $10 million to $100 million transactions to fund re-financings, leveraged buyouts, add-on acquisitions, recapitalizations, growth/working capital, “rescue” capital, DIP loans and exit finance.
Headquartered in New York, FLC Credit Partners’ investment team is led by Peter Eschmann, Matthew Hart and Jay Rogers.