- Acquisition of Corrum Capital further diversifies and enhances Callodine’s best-in-class credit platform focused on asset based and specialty lending strategies
- Corrum Capital brings over a decade of experience and expertise in the sports, music & entertainment and aviation industries
BOSTON & CHARLOTTE, N.C.–(BUSINESS WIRE)–Callodine Group (“Callodine”) today announced that it has entered into a definitive agreement to acquire a majority stake in Corrum Capital Management LLC (“Corrum Capital”), a leading private credit platform with approximately $1.4 billion in assets under management.
Founded in 2013, Corrum Capital specializes in asset-backed and cashflow-oriented investments across the sports, music & entertainment industries, as well as aviation finance, with teams based in Charlotte and London. The strategic partnership with Callodine will provide Corrum Capital with enhanced resources to further diversify its sources of capital and expand the firm’s strong track record of execution within its robust and growing core investment strategies.
“We thoughtfully looked for a long-term partner with a shared culture, aligned strategic outlook, and investor-centric approach, and are excited to join forces with Callodine to support the next phase of our growth,” said Jason Cipriani, founder and CEO of Corrum Capital. “Our goal was to partner with an organization to ensure we have the appropriate resources in place to execute on our strong investment pipeline and strategy in our target sectors and that we can attract, retain and reward top talent across the organization.”
“We are incredibly excited to have the Corrum Capital team join the Callodine platform,” said James Morrow, founder and CEO of Callodine. “Corrum’s expertise in the sports, music & entertainment sectors is highly synergistic with Callodine’s strategic capital partner, East Asset Management. Their team’s capabilities within the aviation finance market are also complementary to our asset-based credit platform and provide yet another attractive strategy and collateral type to offer our institutional and individual investors.”
In connection with the closing of the transaction, Corrum Capital’s management team, investment committee and investment process will all remain intact, with Callodine providing strategic guidance, as well as operational and capital resources. Jason Cipriani, Jonathan Mandle and other members of the Corrum Capital executive team will retain a significant equity stake going forward. All current Corrum Capital employees are expected to remain with Corrum Capital post-closing.
Paul, Weiss LLP served as legal counsel to Callodine.
Berkshire Global Advisors LP served as the exclusive financial advisor and Gibson Dunn & Crutcher LLP and Winston & Strawn LLP served as legal counsel to Corrum Capital.
About Callodine Group
Callodine Group is a Boston-based asset management platform with over $20 billion in assets under management across affiliated advisers. The Firm seeks to pursue predominantly income-oriented investment strategies with high cash yields that offer the potential for equity-like returns. Callodine’s specialized and dedicated investment teams target strategies across private credit, real estate credit, public equities and fixed income on behalf of institutional and individual investors.
About Corrum Capital Management
Corrum Capital Management LLC is a US-based private investment firm that takes an active approach to asset backed, cashflow-oriented investing, with an emphasis on downside protection, low market correlation and diversifying characteristics. Our demonstrated expertise, strong global network, and active investment approach allow us to deploy capital effectively across operationally intensive investments. Corrum Capital currently has active investments primarily within the music, entertainment, and sports industries and the aviation finance industry. Since inception, Corrum Capital has originated over $1.4 billion in loans globally within the music, entertainment, and sports industries and has invested in over $2.5 billion in assets in the aviation industry. Corrum Capital’s investors include corporate and public pension plans, endowments and foundations, insurance companies, family offices and fund-of-funds. www.corrumcapital.com
Forward-Looking Statements and Additional Disclosure
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance, or events may differ materially from those expressed or implied in such forward-looking statements. Any forward-looking statements herein are made only as of the date of this press release, and the company assumes no obligation to update any forward-looking statement contained herein, except as required by law.
Contacts
Callodine Group
Tyler Bak
Phone: (617) 880-7491
Email: [email protected]
