Centerbridge to Launch Overland Advisors to
Execute an Innovative and Differentiated Investment Strategy with
Anchor Equity Investments from ADIA, British Columbia Investment
Management Corporation, Wells Fargo and Centerbridge
Centerbridge Partners (Centerbridge) and Wells Fargo &
Company (NYSE: WFC) announced they are entering into a strategic
relationship focused on direct lending to non-sponsor North
American middle market companies. To meet the alternative credit
needs of this segment, Centerbridge intends to launch Overland
Advisors to manage a newly formed business development company that
will be primarily focused on making senior secured loans. Overland
represents a transformative new business model for direct lending
to middle-market companies, diversifying the market of clients
served by private credit and direct lending.
The Centerbridge and Wells Fargo strategic relationship includes
differentiated origination sourcing from Wells Fargo’s extensive
middle market customer base, and an equity investment from Wells
Fargo. In addition to expanding financing access to the non-sponsor
segment, Overland will pursue other transactions, including
traditional sponsor-backed direct lending opportunities.
Overland Advisors is targeting a minimum of $5 billion in
investible capital, including $2.5 billion in equity commitments
for this strategy. Anchor investors, including wholly owned
subsidiaries of the Abu Dhabi Investment Authority (ADIA) and
British Columbia Investment Management Corporation (BCI), have
committed to provide nearly $2 billion in initial equity
commitments.
“Overland represents a new paradigm in direct lending, bringing
a relationship approach to direct lending and offering a
much-needed capital solution in the large but underpenetrated
non-sponsor U.S. middle market,” said Jeff Aronson, Co-Founder and
Managing Principal of Centerbridge Partners. “We believe Overland
draws on the unique and complementary capabilities of both
Centerbridge’s leading private credit underwriting capabilities and
Wells Fargo’s nationwide sourcing and origination network to offer
an attractive new proposition for borrowers in the private lending
and direct credit space at a particularly compelling time.”
“As a leader in U.S. middle market and asset-based lending, we
are continually focused on finding ways to best serve our clients,
and Overland can offer them options for alternative capital
structures that can be used to pursue a broader set of growth and
value creation initiatives across a variety of market conditions,”
said Charlie Scharf, CEO of Wells Fargo. “Working with Centerbridge
under our sourcing relationship will help us elevate our support of
middle market clients.”
Hamad Shahwan AlDhaheri, Executive Director of the Private
Equities Department at ADIA, commented, “Overland represents a
highly differentiated and scalable approach to direct lending in
the U.S. middle market. We are excited about our anchor investment
in this unique platform.”
Daniel Garant, Executive Vice President & Global Head,
Public Markets, BCI, said, “Direct Lending provides an important
alternative financing source for middle market businesses. We
believe Overland takes that to the next level by broadening and
diversifying the types of businesses served, and we are pleased to
be making this meaningful long-term investment.”
The sourcing relationship between Overland Advisors and Wells
Fargo will provide an innovative, relationship-driven approach to
direct lending that meets the capital needs of Wells Fargo clients
and other non-sponsor owned middle-market businesses by providing
important financing capacity and access to capital for family-owned
and other privately owned businesses in North America that have
limited connectivity to private credit. Harnessing Centerbridge and
Wells Fargo’s strengths and scale and building on their respective
track records and deep relationships, Overland will be
well-positioned to offer a differentiated client experience for
borrowers.
Overland expects to leverage Centerbridge’s recognized
leadership as a private and alternative credit investor, with a
seasoned investment team that has decades of experience creating
innovative solutions and underwriting credit investments. It also
expects to benefit from Wells Fargo’s long-term relationships,
extensive client base and leading position in U.S. middle market
and asset-based lending, supported by a nationwide network of
relationship managers in 49 out of 50 of the largest markets across
the country.
Overland Advisors will be controlled by Centerbridge Partners,
and Wells Fargo will be a minority investor.
About Centerbridge Centerbridge Partners, L.P. is a
private investment management firm employing a flexible approach
across investment disciplines — Private Equity, Private Credit and
Real Estate — in an effort to develop the most attractive
opportunities for its investors. The firm was founded in 2005 and
as of June 30, 2023, has approximately $36 billion in capital under
management with offices in New York and London. Centerbridge is
dedicated to partnering with world-class management teams across
targeted industry sectors and geographies.
For more information, please visit www.centerbridge.com and
LinkedIn.
About Wells Fargo Wells Fargo & Company (NYSE: WFC)
is a leading financial services company that has approximately $1.9
trillion in assets, proudly serves one in three U.S. households and
more than 10% of small businesses in the U.S., and is a leading
middle market banking provider in the U.S. We provide a diversified
set of banking, investment and mortgage products and services, as
well as consumer and commercial finance, through our four
reportable operating segments: Consumer Banking and Lending,
Commercial Banking, Corporate and Investment Banking, and Wealth
& Investment Management. Wells Fargo ranked No. 47 on Fortune’s
2023 rankings of America’s largest corporations. In the communities
we serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low‑carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
About Abu Dhabi Investment Authority (ADIA) Established
in 1976, ADIA is a globally-diversified investment institution that
prudently invests funds on behalf of the Government of Abu Dhabi
through a strategy focused on long-term value creation.
About BCI British Columbia Investment Management
Corporation (BCI) is amongst the largest institutional investors in
Canada with $233.0 billion in gross assets under management, as of
March 31,2023. Based in Victoria, British Columbia, with offices in
Vancouver, New York City, and London, U.K., BCI manages a portfolio
of diversified public and private market investments on behalf of
its 32 British Columbia public sector clients. With a global
outlook, BCI integrates ESG factors in all investment decisions and
activities that convert savings into productive capital to meet
clients’ risk and return requirements over time. Founded in 1999,
BCI is a statutory corporation created by the Public Sector Pension
Plans Act.
For more information, visit bci.ca or LinkedIn.
This press release is not intended to, and does not, constitute
an offer to purchase or sell securities of Overland Advisors or any
entity advised by it. Any offer, solicitations to offer or sales of
securities of Overland Advisors or any entity advised by it will
only be made in accordance with the registration requirements of
the Securities Act of 1933, as amended, or an exemption
therefrom.
This press release contains forward-looking statements.
Forward-looking statements, which involve assumptions and describe
future plans, strategies and expectations, are generally
identifiable by use of the words “may,” “will,” “should,” “expect,”
“anticipate,” “estimate,” “believe,” “intend,” “target,” “goals,”
“plan,” “forecast,” “project,” other variations on these words or
comparable terminology, or the negative of these words. These
forward-looking statements are based on assumptions that may be
incorrect, and neither Centerbridge nor Wells Fargo can assure you
that the projections included in these forward-looking statements
will come to pass. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither Centerbridge nor Wells Fargo undertakes an
obligation to publicly update or revise any forward-looking
statements made herein. There is no assurance that Overland
Advisors will launch this strategy or any entity advised by it as
described in this press release or at all.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230925416209/en/
Centerbridge Partners Jeremy
Fielding / Anntal Silver / Daniel Hoadley overland@kekstcnc.com
Wells Fargo Liz Lange
elizabeth.c.lange@wellsfargo.com
BCI Olga Petrycki media@bci.ca
Wells Fargo (NYSE:WFC)
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