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Mount Logan acquires Garrison Investment assets for C$3 million
By Taylor Fox
New York, Nov. 13 – Mount Logan Capital Inc.’s wholly owned subsidiary Mount Logan Management, LLC completed its asset purchase agreement from Garrison Investment Management LLC and other sellers for C$3 million, according to a news release.
Mount Logan acquired the rights of Garrison under certain investment management agreements, the general partnership interests of an affiliate of Garrison under certain partnership agreements, the rights of certain sellers under certain collateral management agreements relating to Garrison Funding 2018-1 LP and Garrison MML CLO 2019-1 LP and the rights of certain sellers under certain side letter agreements.
As of June 30, the 2018 CLO and 2019 CLO had approximately C$330 million and $332 million of assets under management, respectively.
“As part of this transaction, Mount Logan has gained nearly C$700 million of assets under management, which is another step towards accelerating the transition of the company to an asset-light business model,” said Mount Logan chief executive officer and chairman Ted Goldthorpe in the release.
On Nov. 6, Mount Logan Management’s registration as an investment adviser was granted by the U.S. Securities and Exchange Commission under section 203(c) of the Investment Advisers Act of 1940, as amended. Mount Logan Management is now registered to act in an investment advisory role for U.S. clients.
In respect of the CLO agreement, Mount Logan Management became the investment manager of the CLOs and is entitled to receive an annual management fee of 0.50%-0.60% of aggregate gross assets, paid quarterly, and subject to reductions based on caps, transaction fees and fee-sharing arrangements.
Mount Logan is an alternative asset management company based in Toronto.
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