CNL Financial Group launched CNL Strategic Capital LLC, a limited liability company that seeks to acquire controlling equity stakes in combination with loan positions in middle-market businesses.
CNL Strategic Capital is managed by an affiliate of CNL Financial and sub-managed by an affiliate of Levine Leichtman Capital Partners, an investment management firm.
The company is offering up to $1 billion of its class A, class T, class D and class I common shares in a continuous initial public offering, and CNL Securities Corp., or the managing dealer, will use its best efforts to sell them. The initial per-share public offering price will be $27.32 per class A share, $26.25 per class T share, $25.00 per class D share and $25.00 per class I share.
CNL Strategic is also offering up to $100 million of these four classes of common shares pursuant to its distribution reinvestment plan.
It currently intends to sell shares in its continuous offering until March 7, 2020, but may suspend or terminate the offering sooner or extend the offering for up to an additional 18 months.
As of Feb. 8, CNL Strategic had raised aggregate gross proceeds of approximately $81.7 million in a private offering of its class FA shares, which satisfied the minimum offering requirement for this offering of $2.0 million.
