AlbaCore Capital Group Announces its Largest Private Realization To-Date
Brookfield Business Partners’ acquisition of Modulaire Group closes the chapter on a series of profitable investments for AlbaCore
LONDON–(BUSINESS WIRE)–AlbaCore Capital Group (“AlbaCore”), a leading European credit specialist with ~$91 billion in assets under management, announces the largest private realization in its five-year history as it refinances its position in Modulaire Group and exercises its warrants.
In 2018, AlbaCore underwrote a private bespoke solution for €335 million of junior debt with warrants for Modulaire Group, then known as Algeco Scotsman, anchoring a constellation of nearly a dozen related investments in the company totaling more than €620 million. The closing of Brookfield Business Partners’ acquisition of Modulaire Group from TDR for ~$5bn, announced in June 2021, has resulted in the refinancing of AlbaCore’s debt position, as well as the realization of its warrants, effectively putting an end to the four-year period of investing in the company.
“The acquisition of Modulaire Group closes the chapter on a series of profitable investments for AlbaCore, which highlights the success of our approach with creativity and partnership at the core,” said David Allen, Managing Partner and Chief Investment Officer at AlbaCore. “We believe the combination of selective private lending to larger European corporates, alongside an opportunistic approach to primary and secondary opportunities, allows for the greatest possibility of generating P&L through a cycle. Modulaire Group is the largest exit to date for our investors, but just one example of a company where we have made multiple investments over time and created value.”
Sunny Thakrar, Deputy Group CEO and Group COO at Modulaire Group added: “We enjoyed the partnership with AlbaCore over the years supporting Modulaire Group with creative debt solutions, which supported our business to grow and become an attractive investment for Brookfield Business Partners.”
About AlbaCore Capital Group
AlbaCore Capital Group is one of Europe’s leading specialist credit investors focusing on public and private corporate credit markets. The senior investment team have been investing with this hybrid strategy for over a decade. Founded in 2016, AlbaCore has invested over $20bn2 for global pension funds, sovereign wealth funds, consultants, insurance companies, family offices and endowments. AlbaCore is focused on consistently outperforming the market in the long term while protecting investor capital. The credit selection process is based on fundamental research with a focus on capital preservation, ESG factors and risk-adjusted returns. Headquartered in London with offices in New York and Dublin, AlbaCore has a partnership approach with values at the center of the AlbaCore community. www.AlbaCoreCapitalGroup.com.
1AuM is calculated as the sum of the Net Asset Value, undrawn capital commitments and available debt finance for the Fund presented, or across all investment entities managed by AlbaCore when presented at the firm level, converted from the local currency of each investment entity to the presentation currency using spot FX rate as at 31 October 2021.
2Invested capital is the sum of all ‘buy’ trades for all AlbaCore mandates since inception to 31 October 2021, and includes recycled capital and co-investment.
NOTE: Please note this is an example of an AlbaCore investment and there is no assurance that similar investments will be executed for existing and future funds.
Contacts
Press: Lansons
Sarah Oppler
+44 (0) 7530 627765
[email protected]
