JMP Group LLC sold a 50.1% equity interest in unit JMP Credit Advisors LLC to Medalist Partners LP, an alternative asset management company specializing in structured credit and asset-backed lending, as well as a 4.9% interest to JMP Credit Advisors' management.
A wholly owned subsidiary of JMP Group will retain a 45.0% interest in JMP Credit Advisors.
JMP Credit Advisors has been renamed Medalist Partners Corporate Finance LLC, which is a registered investment adviser and an asset manager that invests in senior secured debt through collateralized loan obligations. As of Dec. 31, 2018, it managed three CLOs with combined assets of $1.2 billion.
Medalist Partners committed to provide additional capital for a pre-existing long-term warehouse credit facility with BNP Paribas for the acquisition of syndicated corporate loans. Medalist Partners Corporate Finance acts as collateral manager for the loans.
JMP Securities LLC acted as exclusive financial adviser to JMP Group for the deal, while Dechert LLP acted as legal adviser.