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Alternative Market Briefing

Spouting Rock takes majority stake in $2.25bn boutique Penn Capital Management

Monday, December 14, 2020

Laxman Pai, Opalesque Asia:

Spouting Rock Asset Management (SRAM), a multi-boutique manager platform providing alternative, traditional and thematic investment solutions and service, has taken a majority stake in $2.25bn boutique Penn Capital Management Company (PCMC).

PCMC, a fixed-income and equities manager, is an asset manager more than two times its size of SRAM, which spawned out of a family office two years ago.

The deal, which is partially funded by private investors and is expected to close in the first quarter of 2021, is an example of how the Bryn Mawr, Pennsylvania-based Spouting Rock plans to grow into a back office and distribution platform for established boutique asset managers, according to chairman John Coyne.

The value of the all-cash deal was not disclosed, SRAM CEO Andrew Smith said. This transaction is expected to close in the first quarter of 2021, with PCMC employees owning the remainder of the firm's equity.

"The acquisition adds another skilled manager to SRAM's multi-boutique platform of shared services and complementary investment solutions," the release added.

"PCMC's investment approach focuses on understanding a firm's capital structure analysis and identifying opportunities with the most value, positioning them for continued success. We are excited to partner with them and help enhance their growth potential," Andrew added.

PCMC will be transitioning into a new generation of leadership, with Richard Hocker stepping down fro......................

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