Kohlberg Capital announces acquisition of Scott's Cove

By Devika Patel

Knoxville, Tenn., Jan. 9 - Kohlberg Capital Corp. announced in a press release that its affiliate and asset manager, Katonah Debt Advisors LLC, bought substantially all of the assets of Scott's Cove Capital Management LLC on Jan. 1.

The assets were acquired by Katonah Scott's Cove Management LLC, a wholly owned subsidiary of an affiliate of Katonah Debt Advisors.

Phillip S. Schaeffer will continue as portfolio manager of Katonah Scott's Cove, which currently has approximately $60 million of assets under management. He will report to Katonah Debt Advisors' president, E.A. Kratzman III.

"This acquisition will give KDA greater expertise in high yield bonds, distressed debt and equities which will strongly complement our leveraged loan capabilities," Kratzman said in the release.

Katonah Debt Advisors had $2.1 billion of assets under management as of Sept. 30.

Kohlberg Capital is a New York-based publicly traded, internally managed business development company.

Scott's Cove, also based in New York, focuses on an event-driven credit long short investment strategy.

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