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Janus Henderson (JHG) to Buy Private Credit Manager Victory Park
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Janus Henderson Group plc (JHG - Free Report) has agreed to acquire a majority stake in Victory Park Capital Advisors, LLC, a global private credit manager that provides customized private credit solutions to established and emerging businesses. The closing of the deal, subject to customary conditions, including regulatory approvals, is expected in the fourth quarter of 2024.
Per the terms of the deal, the consideration comprises a mix of cash and shares of Janus Henderson common stock. The acquisition is expected to be neutral-to-accretive to earnings per share in 2025.
Janus Henderson will acquire a 55% ownership interest in Victory Park at closing, with a defined path for JHG to reach 100% ownership over time. The existing Victory Park owners will retain a 45% ownership interest at closing.
Since Victory Park complements Janus Henderson’s highly successful securitized credit franchise and expertise in public asset-backed securitized markets, it will help expand JHG’s capabilities further into the private markets for its clients.
Notably, JHG has been a pioneer in active securitized ETFs with innovative products. It expects Victory Park to complement and build upon its $36.3 billion in securitized assets under management globally.
The partnership is highly synergistic and will likely enable mutually beneficial growth opportunities. Victory Park’s long-standing partnerships with global institutional clients, including insurance companies, pensions, endowments and sovereign wealth funds, are expected to enhance JHG’s position in the global institutional market.
The acquisition marks another milestone in Janus Henderson’s client-led expansion of its private credit capabilities following its recent announcement to acquire the National Bank of Kuwait’s emerging markets private investments team, NBK Capital Partners, expected to close later in 2024.
Ali Dibadj, the CEO of Janus Henderson, informed, “As we continue to execute on our client-led strategic vision, we are pleased to expand Janus Henderson’s private credit capabilities further with Victory Park Capital. Asset-backed lending has emerged as a significant market opportunity within private credit, as clients increasingly look to diversify their private credit exposure beyond only direct lending.”
Richard Levy, the CEO and founder of Victory Park, stated, “We are excited to partner with Janus Henderson in VPC’s next phase of growth. This partnership is a testament to the strength of our established brand in private credit and differentiated expertise, and we believe it will enable us to scale faster, diversify our product offering, expand our distribution and geographic reach, and bolster our proprietary origination channels.”
Brendan Carroll, senior partner and co-founder of Victory Park, said, “As a leading active asset manager with a diverse, global presence, Janus Henderson is an ideal partner to support our high-caliber team and VPC’s continued expansion. We have known the Janus Henderson leadership team for many years and believe our organizations are aligned in our client-first mentality, commitment to disciplined investing, and shared values.”
Over the past six months, JHG shares have gained 12.5% compared with the industry’s 0.9% rally.
Recently, Wintrust Financial Corporation (WTFC - Free Report) closed the all-stock deal to acquire Macatawa Bank Corporation for $510.3 million or $14.85 per share. The merger agreement, which is not expected to have a material effect on Wintrust’s 2024 earnings, was signed this April.
Headquartered in Holland, MI, Macatawa operates a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties, including Grand Rapids.
As of Jun 30, 2024, Macatawa Bank had $2.7 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. Its approach to customer service is similar to that at each of the fifteen other Wintrust Community Banks and their more than 170 banking locations.
Last month, Eastern Bankshares Inc. (EBC - Free Report) completed its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.
The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under EBC’s brand name.
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Janus Henderson (JHG) to Buy Private Credit Manager Victory Park
Janus Henderson Group plc (JHG - Free Report) has agreed to acquire a majority stake in Victory Park Capital Advisors, LLC, a global private credit manager that provides customized private credit solutions to established and emerging businesses. The closing of the deal, subject to customary conditions, including regulatory approvals, is expected in the fourth quarter of 2024.
Per the terms of the deal, the consideration comprises a mix of cash and shares of Janus Henderson common stock. The acquisition is expected to be neutral-to-accretive to earnings per share in 2025.
Janus Henderson will acquire a 55% ownership interest in Victory Park at closing, with a defined path for JHG to reach 100% ownership over time. The existing Victory Park owners will retain a 45% ownership interest at closing.
Since Victory Park complements Janus Henderson’s highly successful securitized credit franchise and expertise in public asset-backed securitized markets, it will help expand JHG’s capabilities further into the private markets for its clients.
Notably, JHG has been a pioneer in active securitized ETFs with innovative products. It expects Victory Park to complement and build upon its $36.3 billion in securitized assets under management globally.
The partnership is highly synergistic and will likely enable mutually beneficial growth opportunities. Victory Park’s long-standing partnerships with global institutional clients, including insurance companies, pensions, endowments and sovereign wealth funds, are expected to enhance JHG’s position in the global institutional market.
The acquisition marks another milestone in Janus Henderson’s client-led expansion of its private credit capabilities following its recent announcement to acquire the National Bank of Kuwait’s emerging markets private investments team, NBK Capital Partners, expected to close later in 2024.
Ali Dibadj, the CEO of Janus Henderson, informed, “As we continue to execute on our client-led strategic vision, we are pleased to expand Janus Henderson’s private credit capabilities further with Victory Park Capital. Asset-backed lending has emerged as a significant market opportunity within private credit, as clients increasingly look to diversify their private credit exposure beyond only direct lending.”
Richard Levy, the CEO and founder of Victory Park, stated, “We are excited to partner with Janus Henderson in VPC’s next phase of growth. This partnership is a testament to the strength of our established brand in private credit and differentiated expertise, and we believe it will enable us to scale faster, diversify our product offering, expand our distribution and geographic reach, and bolster our proprietary origination channels.”
Brendan Carroll, senior partner and co-founder of Victory Park, said, “As a leading active asset manager with a diverse, global presence, Janus Henderson is an ideal partner to support our high-caliber team and VPC’s continued expansion. We have known the Janus Henderson leadership team for many years and believe our organizations are aligned in our client-first mentality, commitment to disciplined investing, and shared values.”
Over the past six months, JHG shares have gained 12.5% compared with the industry’s 0.9% rally.
Image Source: Zacks Investment Research
Currently, JHG sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Inorganic Growth Efforts by Other Finance Firms
Recently, Wintrust Financial Corporation (WTFC - Free Report) closed the all-stock deal to acquire Macatawa Bank Corporation for $510.3 million or $14.85 per share. The merger agreement, which is not expected to have a material effect on Wintrust’s 2024 earnings, was signed this April.
Headquartered in Holland, MI, Macatawa operates a network of 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties, including Grand Rapids.
As of Jun 30, 2024, Macatawa Bank had $2.7 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. Its approach to customer service is similar to that at each of the fifteen other Wintrust Community Banks and their more than 170 banking locations.
Last month, Eastern Bankshares Inc. (EBC - Free Report) completed its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company’s inorganic growth strategy.
The merged private banking and wealth management divisions will work under the brand and leadership of Cambridge Trust as it has a distinct presence in its peer local markets. Other areas of the merged bank, including Commercial, Business and Consumer Banking, will operate under EBC’s brand name.