Kirkland & Ellis advised EQT on the sale of the Credit Business to Bridgepoint. Despite the difficult market environment, there was considerable interest in the business. The sale ensures that Credit gets a new owner able to support its growth prospects and permits EQT to further focus its efforts on building scalable value-add strategies focused on active ownership.
Established in 2008, Credit is the smallest of EQT’s three business segments with approximately EUR 4 billion of assets under management (“AUM”) as of 31 December 2019 in three complementary strategies: Special Situations, Direct Lending and Senior Debt. This represented around ten percent of EQT’s total AUM. The Credit business segment had total revenues of EUR 35.8 million and a gross segment result of EUR 12.3 million in the financial year ended 31 December 2019. The business segment employs approximately 40 professionals, including five Partners. Since inception, Credit has raised over EUR 7 billion of capital and invested in over 180 companies.
The Kirkland team was led by London transactional partner Roger Johnson and Investment Funds partner, Erica Berthou, in New York.