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Spouting Rock Asset Management Acquires Majority Stake in Old Hill Partners

January 10, 2022, 08:06 AM
Filed Under: Mergers & Acquisitions

Spouting Rock Asset Management announced an agreement to merge with Old Hill Partners Inc. (Old Hill), an alternative asset manager focused on asset-based lending transactions with small- and medium-sized businesses. A newly formed subsidiary of Spouting Rock, Spouting Rock Alternative Credit, LLC (SR Alternative Credit), will house the Old Hill asset-based lending business and serve as the investment advisor to Old Hill’s existing funds and other investment vehicles. The new subsidiary will be operated by former Old Hill employees, Jeff Haas and Peter Faigl as president and chief investment officer, respectively. This acquisition will allow Spouting Rock to expand its platform of solutions and help complement clients’ existing portfolio needs.

In today’s persistently-low interest rate environment, SR Alternative Credit will seek to identify opportunities for risk-adjusted returns in private debt well in excess of those available to traditional credit investors. Currently, Old Hill’s asset-based lending transactions target borrowers seeking $10-50 million in financing and typically carry floating rate coupons and interest rate floors to protect against rising rates, while strong collateral coverage and proper deal structure address a wide variety of other transaction-specific risks. Old Hill’s expertise allows the firm to execute highly-customizable transactions secured by common and esoteric asset types.

“Old Hill has created a unique opportunity for investors striving to generate income in private debt transactions,” said Spouting Rock Asset Management Chief Executive, Andrew Smith. “The senior portfolio management team brings over 20 years of experience sourcing and constructing transactions. We look forward to leveraging their expertise to expand upon the credit offerings available on the Spouting Rock platform.”

“Spouting Rock’s shared services model will allow us to expand our business further in 2022 and beyond,'' said Jeff Haas, new president of SR Alternative Credit. “We’re excited to join the growing Spouting Rock family and to continue to create attractive outcomes for investors and borrowers alike.”

Founded in 2018, Spouting Rock Asset Management is a multi-boutique manager platform providing alternative, traditional and thematic investment solutions and services. This platform of curated active and opportunistic managers offers sophisticated investors, financial professionals and institutions forward-thinking solutions designed to help them plan for their financial future.

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