Spouting Rock acquires alternative credit manager Old Hill

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Spouting Rock Asset Management agreed to acquire a majority stake in Old Hill Partners, an asset-based lending and alternatives manager.

Spouting Rock formed a new subsidiary, Spouting Rock Alternative Credit, which will “house the Old Hill asset-based lending business and serve as the investment adviser to Old Hill’s existing funds and other investment vehicles,” Spouting Rock said in a news release Friday.

This new subsidiary will be operated by Old Hill executives Jeffrey Haas and Peter Faigl who will be president and chief investment officer, respectively. Mr. Haas is portfolio manager and chief operating officer at Old Hill while Mr. Faigl is senior portfolio manager, according to Old Hill’s website.

Messrs. Haas and Faigl will report to Andrew Smith, Spouting Rock CEO, Mr Smith said in an email response to questions.

Spouting Rock Alternative Credit “will seek to identify opportunities for risk-adjusted returns in private debt well in excess of those available to traditional credit investors,” according to the release.

Mr. Smith would not disclose terms of the deal but said that Old Hill’s portfolio managers will retain a minority stake in the acquired entity.

Old Hill advises private credit funds and manages accounts serving private wealth, family offices and institutional investors with a focus on income generation, according to the release. The firm, which will remain based in Darien after the acquisition, had $230 million in assets under management as of Dec. 31, Mr. Smith noted. Bryn Mawr, Pa.-based Spouting Rock had AUM of $3.1 billion.