Canadian asset manager British Columbia Investment Management Corporation (bcIMC) has reached an agreement with Britain-based credit investment firm Hayfin Capital Management to fully acquire the majority shareholding of Hayfin from the existing consortium of institutional shareholders.
Financial details of the transaction, subject to regulatory approval, remain undisclosed.
The deal aims to support Hayfin’s long-term growth plans and simplify its ownership structure. Hayfin’s management and employees remain shareholders alongside bcIMC. Also the new majority shareholder will pour capital into Hayfin’s funds.
“Hayfin’s principal focus will remain managing assets for third parties; the day-to-day independence of the Hayfin team over operations, investments, and personnel will be unaffected by the change in ownership,” stated Hayfin, which has €8.2bn of assets under management.
Tim Flynn, CEO of Hayfin Capital Management, commented: “This long-term investment from bcIMC will provide the access to capital and streamlined ownership structure to realise our ambition of becoming Europe’s leading credit platform. What won’t change under the new ownership arrangements is the independence of Hayfin’s experienced team of credit investment professionals, or our commitment to delivering high-quality returns for the third-party investors whose capital we manage.”
Jim Pittman, senior vice president of private equity at bcIMC added: “We see this as a strategic long-term investment in a leading company that has the potential to generate value-added returns for our clients. Having known the Hayfin team since inception, I’m confident in their strategy and ability to further expand their business and raise additional capital through their funds.”
British Columbia Investment Management Corporation has C$122bn (€86.4bn) in assets under management.