Abacus Life is acquiring Carlisle Management Company SCA, a Luxembourg-based investment manager in the life settlement space, for approximately $200m.
Carlisle has approximately $2 bn in assets under management and is licensed as an Alternative Investment Fund Manager under the oversight of the Commission de Surveillance du Secteur Financier in Luxembourg.
“We are excited to be joining the industry-leading team at Abacus. The transaction will provide a myriad of potential opportunities and synergies that will be available to our funds, shareholders, and our employees,” said Carlisle Management’s Chief Executive Officer Jose Garcia.
“Our company cultures are a perfect fit, and our portfolios, operations and management systems are clearly complementary. As we move forward, our primary focus remains to provide the highest standard of service and exceptional value to our clients.”
“The acquisition of Carlisle is a strategic move aligned perfectly with our commitment to client-centric solutions and our continued growth as a global alternative asset manager,” said Abacus Life CEO Jay Jackson.
“Carlisle has the strongest and most enduring track record as a fund manager within the life settlement industry, and its geographically diverse client base will further accelerate our drive towards becoming a global financial player,” he added.
“This acquisition represents a pivotal moment for our ABL Wealth division, which provides investors with access to an uncorrelated, high-returning asset class of insurance products. By integrating Carlisle’s expertise and robust portfolio into our offerings, we are strategically positioning ABL Wealth at the cornerstone of our mission to provide sophisticated investment solutions for the life settlement market. The acquisition underscores our commitment to delivering unparalleled value and expanding our capabilities to serve a broader spectrum of investors,” said Elena Plesco, Chief Capital Officer of Abacus Life.
Carlisle shareholders will receive consideration in the form of $73.5m in par value of Abacus bonds and 9.3 million Abacus common stock, which are subject to closing adjustments and certain performance thresholds.
Dynasty Investment Bank is acting as exclusive financial advisor to Abacus Life, and White & Case LLP and Elvinger S.à r.l. PLLC are acting as legal counsel to Abacus Life. Manorhaven Capital, LLC is acting as exclusive financial advisor to Carlisle Management, and ArentFox Schiff LLP, TS&P and Arendt & Medernach SA are acting as legal counsel to Carlisle Management.