Centerbridge Partners
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| Company type | Private ownership |
|---|---|
| Industry | Hedge fund, Private Equity |
| Founded | 2006 |
| Headquarters | Seagram Building New York City, New York, United States |
| Products | Leveraged buyouts, distressed securities |
| Total assets | $25 billion |
| Website | www.centerbridge.com |
Centerbridge Partners is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities.
The firm manages over $15 billion of assets[1] and is based in New York City, with an additional office in London. The firm is a rare "hybrid" alternative asset investment fund, in that it invests in both control (private equity and public debt with a "loan-to-own" strategy) and non-control situations (public market debt, public market equities, and other publicly traded securities). However, unlike other hybrid investment management firms that have different teams for various strategies, all investment professionals work on the same team that invests in both control and non-control situations.
The firm, one of the fastest-growing firms in private equity,[2] was founded in 2005 by Jeffrey Aronson and Mark Gallogly, who were previously high-profile investment professionals at other leading firms. Aronson had previously been the head of distressed securities and had founded the leveraged loan business at Angelo, Gordon & Co., which he had joined in 1989 from L.F. Rothschild & Co. Gallogly was formerly a senior managing director and head of private equity investments at the Blackstone Group from 2003 until his departure. At Blackstone, Gallogly was heavily involved in the firm's investments in New Skies Satellites and Sirius Satellite Radio among others and had joined the firm in 1989 from Manufacturers Hanover Trust Company, where he worked in acquisition finance.
In September 2006, the firm raised its debut fund with $3.2 billion of investor commitments to focus on control investments in distressed securities as well as leveraged buyout transactions.[3][4] The firm also raised a $2 billion noncontrol, activist-oriented credit trading fund known as Centerbridge Special Credit Partners through 2009 and 2010.[5] In 2010, the firm announced plans to begin marketing a second investment fund with a target of $3.75 billion of investor commitments.[6] In 2011, the firm closed its second flagship fund, Centerbridge Partners II, on $4.4 billion, including a commitment from the GP.[7] This was followed by a closing of its $2bn second Special Credit Partners fund in March 2012, a feat the firm accomplished in just ten weeks of marketing.[2]
In 2010, Centerbridge won control of Extended Stay Hotels, a company that Gallogly had been involved with at Blackstone.[8]
On 24 September 2010, Centerbridge Capital Partners announced acquisition of 'GMAC Commercial Finance', a subsidiary of Ally Financial.[9]
On 22 January 2015, Centerbridge Partners announced its agreement to buy Senvion SE from Indian wind turbine manufacturer Suzlon.[10]
On 24 March 2015, Centerbridge Partners announced that they reached an agreement to acquire Great Wolf Resorts, the world's largest chain of indoor water park resorts for $1.35 billion.[11]
References
- ^ White House profile on Mark Gallogly, Cofounder of Centerbridge Partners. Whitehouse.gov
- ^ a b Split in Private Equity Funding. WallStreetJournal, August 21, 2012
- ^ Centerbridge Raises $3 Billion for First Buyout Fund. Bloomberg, September 26, 2006
- ^ Centerbridge recruits for auto investments. Financial News, Nov 30, 2006
- ^ Investors Buy Into Centerbridge’s ‘Do Nothing’ Strategy. Wall Street Journal, April 2, 2010
- ^ Centerbridge Aims For $3.75 Billion On Distressed-Debt And Buyout Fund. Dow Jones Private Equity Analyst, August 6, 2010
- ^ Centerbridge in lightning-quick fundraise. Private Equity International, May 25, 2012
- ^ Centerbridge Snares Extended Stay. Wall Street Journal, May 29, 2010
- ^ "Centerbridge Acquires Resort Finance Business From GMAC Commercial Finance". prnewswire.
- ^ "Deals of the day - Mergers and acquisitions". Reuters. Retrieved 2014-01-22.
- ^ http://www.reuters.com/article/2015/03/24/us-great-wolf-m-a-centerbridge-idUSKBN0MK1V220150324
External links
- Centerbridge Partners (company website)
- Centerbridge Partners (NYT Deal Book)