Skadden, Arps, Slate, Meagher & Flom served as legal counsel to HPS.
#Hps acquisition nextime download
Morgan served as exclusive financial advisor and Mayer Brown served as legal counsel to Marlin on the transaction. HPS Completes the Acquisition of IPRC Date: January 12th, 2021 Download Completion of IPRC acquisition HPS Group today announces the completion of the acquisition of IPRC, announced on July 9 th.
At this time, Marlin does not expect this provision to have a material impact on the consideration received.įollowing the closing, Marlin will become a privately held company and shares of Marlin will no longer be listed on NASDAQ. The aggregate consideration paid by certain funds managed by HPS to Marlin shareholders may be reduced if the total costs in connection with the de-banking of Marlin Business Bank exceed $8 million. In connection with the transaction, Red Mountain Capital Partners, and certain of its affiliates, signed a voting agreement whereby Red Mountain Capital Partners agreed to vote in favor of the transaction. Via the acquisition, HPS will take on six European CLOs from Bardin Hill, increasing HPS's CLO portfolio to 11 vehicles, totalling 4.1 billion, according to LCD data. Subject to satisfaction of all closing conditions, which there can be no assurances will occur, Marlin believes the transaction would likely close in Q1/22. Bardin Hill Investment Partners LP is to sell its European CLO business to HPS Investment Partners LLC, according to sources. The closing of the transaction is subject to various customary closing conditions, including regulatory and shareholder approvals, as well as the condition that Marlin Business Bank effect a “de-banking” and cease operations as a bank. Marlin’s board of directors unanimously approved the transaction. We look forward to partnering with HPS to continue serving our partners and small business customers by providing fast and flexible financing solutions to meet their needs.” “After successfully executing the transformation of Marlin into a broad provider of credit products and services to small businesses over the last five years and effectively navigating through the uncertainties of the pandemic, we believe that this transaction reflects Marlin’s intrinsic value and is the best opportunity to maximize shareholder value.
Hilzinger, president and CEO of Marlin Business Services, said. “We are pleased to have reached an agreement with HPS for the sale of Marlin, which will deliver significant value to our shareholders,” Jeffrey A. HPS manages various strategies across the capital structure, including through its European Asset Value Funds equipment leasing platforms with approximately $4 billion of leases. HPS is a global investment firm with $68 billion of assets under management as of March 2021. Marlin Business Services entered into a definitive agreement in which HPS Investment Partners will, through its European Asset Value Funds, acquire all of Marlin’s outstanding shares of common stock in an all-cash transaction for $23.50 per share, which represents a 65% premium over the closing price of Marlin’s common stock of $14.24 on April 16.
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