Despite a cautious deal market and continuing economic and political uncertainty as 2024 began, Dechert remained active in the financial services M&A sector.
From asset management consolidation and investment into services businesses, to private equity sector investment and private credit platform creation, as well as GP-stakes and secondaries transactions, our market-leading global team delivered speed-to-market and practical solutions involving the industry’s most complex matters, helping leading industry participants successfully execute their business critical objectives to consolidate, innovate, expand their services and capitalize on opportunities in a market underpinned by falling inflation, improved credit conditions from central bank rate cuts and a general optimism about an expected resurgence in global M&A deal activity.
A selection of highlights from the year
- Asset management consolidations: Dechert advised KKR Credit Advisors, a leading global investment firm, and KKR Income Opportunities Fund (KIO) on KIO’s acquisition of the assets of Insight Select Income Fund.
- Private credit platforms: Dechert advised AGL Credit Management, a premier investment manager specializing in corporate credit strategies, on an exclusive cooperation agreement with Barclays plc and the successful launch of AGL Private Credit, a new private credit investment platform. Dechert separately advised Centerbridge Partners, a global alternative investment manager, in the formation of Overland Advisors, its strategic partnership with Wells Fargo to create a multi-billion dollar private credit platform, and the recent successful launch of Overland Advantage, a business development company that employs an innovative investment strategy.
- Private equity and fintech transactions: Dechert advised Aquiline Capital Partners, a private investment specialist in financial services and related technologies, on its majority investment with Level Equity in DocuPhase, a solutions business that provides accounting and finance process automation. Dechert separately advised Estancia Capital Partners, a specialist private equity firm focused on the financial services sector, on its (i) combined investment with LLR Partners to acquire Soltis Investment Advisors, a registered investment adviser with more than US$9 billion of client assets under management, and (ii) cross-border minority investment in Flagstone, a UK fintech company and cash savings platform.
- Services business investments: Dechert advised Marcum, a leading national accounting and advisory firm, on its definitive agreement with CBIZ, Inc., a prominent provider of financial, insurance and advisory services, for the acquisition of Marcum’s non-attest business, while also advising Marcum on the sale of its attest business. Dechert separately advised Grant Thornton, one of the leading providers of audit and assurance, tax and advisory services, on a significant growth investment from New Mountain Capital to accelerate Grant Thornton’s business strategy.
- Speciality finance and real estate: Dechert advised Bain Capital, a leading global investment firm, on its strategic growth investment in Archwest Capital, a leading residential lender specializing on non-owner-occupied residential real estate loan solutions.
- Strategic financial services M&A: Dechert advised Hunt Companies and Amber Infrastructure Group on its cross-border, strategic business combination with Boyd Watterson Asset Management, a leading real estate and fixed income investment manager.
