Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Jeff Preps an $80B-AUM Firm's Recap Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 18, 2023

Jeff Preps an $80B-AUM Firm's Recap

Reported by Neil Anderson, Managing Editor

A $79.6-billion-AUM (as of June 30), PE-backed, multi-boutique asset manager's creditors are preparing to take over the company later this year.

Jeffrey Karl "Jeff" Ringdahl
Resolute Investment Managers / American Beacon Advisors
President, CEO
Yesterday, Jeff Ringdahl, president and CEO of Resolute Investment Managers, Inc., revealed that the Irving, Texas-based firm's lenders and equity sponsors (i.e. current owners) have agreed to a recapitalization deal. Under that deal, Resolute's first-lien debtholders will exchange that for new debt and stock, while second-lien debtholders will exchange that for stock alone, and the firm's revolving credit facility will be extended through 2027.

The deal is expected to close by the end of 2023. According to the Resolute team, "no changes to the day-to-day management, operations, or personnel of Resolute and its affiliates are anticipated."

Resolute's recapitalization deal comes eight years after two private equity firms, Estancia and Kelso, bought Resolute (then called Astro AB Holdings). Resolute's boutique subisidiaries include: American Beacon [profile], National Investment Services, RSW Investments, Shapiro Capital Management, and SSI Investment Management. (The rest of Resolute's 30-plus boutique allies are independent.)

Ringdahl, who took over last year as CEO of both American Beacon and Resolute, describes the planned recapitalization as "an important milestone that puts [Resolute] on stronger financial footing."

"We look forward to partnering with our new investors who are fully supportive of our business strategy and continued evolution into a diversified investment solutions provider," Ringdahl states. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use