PE Today: Annaly to Sell Mid-Market Lending Portfolio
Plus, One Equity exits Rizing, and TPG Growth Takes Majority Stake in Morrow Sodali
Read the top headlines from Tuesday, April 26, 2022 below:
One Equity Exits SAP Consulting Firm Rizing
Information technology and consulting firm Wipro Limited said in a press release Tuesday (April 26) that it has agreed to acquire Rizing Intermediate Holdings, a global SAP consulting firm previously owned by One Equity Partners. “Our clients’ digital transformation needs are rapidly evolving, and they are turning to us to help them become intelligent enterprises,” noted Rajan Kohli, president of Wipro’s IDEAS business. The acquisition is expected to be completed before June 30, and is subject to regulatory approval.
Annaly Agrees to Sell Middle-Market Lending Portfolio to Ares
Annaly Capital Management, Inc. said in a recent announcement that it has reached an agreement to sell its middle-market lending portfolio to Ares Management Corporation in a $2.4 billion deal. The transaction includes Annaly’s middle-market lending assets, as well as assets managed by third parties – a portfolio that includes first and second lien loans across counter-cyclical industries. The firms said they expect to complete the transaction by the end of 2022’s second quarter.
“The sale of our Middle Market Lending portfolio represents a successful outcome for Annaly’s shareholders and marks the latest in a series of strategic actions,” noted Annaly chief executive officer and president David Finkelstein in a statement, pointing to Annaly’s recent disposition of its commercial real estate operations into its Mortgage Servicing Rights and Residential Credit businesses.
Related content: Lending Perspective: Year in Review & 2022 Middle Market Outlook
TPG Growth Takes Majority Stake in Advisory Firm Morrow Sodali
TPG Growth, TPG’s middle market and growth advisory platform, has acquired a majority stake in governance advisory firm Morrow Sodali. TPG noted that its partnership with and investment in Morrow Sodali will support the company’s broader strategy to support global clients’ strategic advisory and stakeholder relations management needs.
Joining forces with an organization of TPG’s strength and breadth will allow us to further enhance our market leadership position, forged over decades of guiding clients through every critical trend impacting corporations, shareholders, and the financial markets,” said Morrow Sodali chief executive officer Alvise Recchi in a statement.
