Macfarlanes advises Arcmont Asset Management on its acquisition by Nuveen

28 October 2022

Macfarlanes has advised leading European private debt investment manager, Arcmont Asset Management, on its sale to Nuveen, the investment manager of the Teachers Insurance and Annuity Association of America Fund (TIAA).

Founded in 2011, Arcmont has raised over $26bn of capital from more than 350 investors and has committed in excess of $20bn across 270 transactions in Europe, with long-standing relationships among private equity firms, corporates and advisers.

The acquisition will see Arcmont benefit from Nuveen’s expertise and distribution capabilities to grow its existing business model, while Nuveen will expand its private capital expertise and presence in Europe, complementing its North American private debt and private equity investment specialist Churchill Asset Management.

The combined capabilities of Arcmont and Churchill will create one of the world’s largest private debt managers, with more than $60bn in combined committed capital. Both firms will continue to be managed by their respective leadership teams and operate under their respective names and brands, with no change to their investment teams or processes.

The transaction is expected to close in the first half of 2023, subject to Financial Conduct Authority and other regulatory approval.

The Macfarlanes team was led by corporate and M&A partner Nicholas Page, alongside managing partner Luke Powell and investment management partner Chris Daniel, with assistance from associates Henry Cooksey, Matilda Calvert-Barr and Rhian Edwards. Tax expertise was provided by partners Jeremy Moncrieff and Rob Collard, together with senior associates Alex Ereira and Mark Petch.

Nicholas Page comments: “This is a fantastic transaction for Arcmont and we are really pleased to have advised them on it. We’ve acted for Arcmont for several years, and it is exciting to see them grow into one of the world’s largest private debt managers through this partnership with Churchill and Nuveen.”

Anthony Fobel, Arcmont CEO, said: “Macfarlanes have acted as legal advisers to Arcmont for many years, and we are delighted with their exceptionally high quality of work and excellent advice, underpinned by a strong understanding of our business. It has been an absolute pleasure working with the Macfarlanes team again on this transaction.”