Report: Eldridge Industries places CBAM Partners up for sale

A spokesperson for CBAM Partners declined comment today on published reports that Eldridge Industries, the CLO manager's parent company, plans to sell its majority-owned, six-year-old subsidiary.

Bloomberg reported Jan. 24 that Eldridge, which is led by former Guggenheim Securities President Todd Boehly, is in discussions with firms to sell the holding company's credit unit that manages approximately $15 billion in CLOs.

The business could reportedly be valued at between $500 million and $1 billion, per Bloomberg.

CBAM Partners was launched in 2016 by executives previously with Och-Ziff, Guggenheim and MatlinPatterson and issued its first CLO, sized at a whopping $1.252 billion, in 2017.

According to LCD data, CBAM was the leading issuer by deal volume in its first year of printing deals: $5.137 billion across four transactions, each totaling more than $1 billion apiece. Subsequent deals since 2018 have been smaller, ranging in size from $401.85 million to $756 million.

CBAM's for-sale status coincides with reports that surfaced this week that KKR is among parties interested in acquiring the $43 billion asset Alcentra credit unit of BNY Mellon.

In a deal involving another major CLO issuer, T. Rowe Price in December 2021 closed on its $4.23 billion acquisition of Oak Hill Advisors, which has issued approximately $15.639 billion of CLOs since 2011.