Generali Investments’ wholly-owned subsidiary, Conning & Company, will acquire a majority stake in private credit manager MGG and its affiliates.
Launched in 2014 by Kevin Griffin and McCourt Global, a private family company, New York-based MGG provides senior secured loans and structured capital solutions to US middle market businesses. Since inception, the firm has deployed more than $10bn across more than 175 deals, with a differentiated focus on non-sponsored borrowers and more complex, bespoke situations.
“Acquiring MGG accelerates Generali Investments’ strategic build-out of our private credit capabilities to meet the evolving needs of our clients, including our affiliated insurance companies who will become investors in MGG offerings,” said Woody Bradford, Chief Executive Officer and General Manager of Generali Investments.
“MGG’s rigorous credit underwriting, structuring approach and focus on middle market, non-sponsored borrowers complement our existing offerings and better position us to help clients achieve their direct lending investment objectives.”
MGG will continue to be led by CEO & CIO Kevin Griffin with no changes to MGG’s investment strategy or processes.
“Our partnership with Generali is an exciting new chapter that will support MGG’s future growth and enable us to expand our investment and capital formation capabilities,” said Griffin.
“Generali Investments is a leading asset management platform with robust strategic resources and a client-focused culture that is aligned with our philosophy and values. This transaction is a testament to the MGG team and business that we have built over the past decade. It provides new and greater opportunities for our employees and enhances our ability to serve our investors and borrowers.”
Conning & Company has signed a definitive agreement to purchase 77% of MGG for $320m at closing with additional amounts payable subject to the achievement of certain operating milestones. Current shareholders, including MGG management and McCourt Global, will retain a minority ownership interest. The transaction is expected to close in 2025, subject to customary approvals and closing conditions.
Ardea Partners International is serving as financial advisor and Morgan, Lewis & Bockius is serving as legal advisor to Generali Investments. UBS Securities is serving as financial advisor and Schulte Roth & Zabel and Cadwalader, Wickersham & Taft are serving as legal advisors to MGG and its shareholders.