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Ropes & Gray Advises Benefit Street Partners in Purchase of Triangle Capital Investment Portfolio for $980 Million

Practices: Private Equity, Securities & Public Companies, Investment Management, Finance

Benefit Street Partners L.L.C., a leading credit-focused alternative asset management firm, has entered into an asset purchase agreement under which Triangle Capital Corporation will sell its December 31, 2017 investment portfolio to funds advised by Benefit Street Partners for $981.2 million in cash. Simultaneously, Triangle entered into a stock purchase and transaction agreement with Barings LLC, pursuant to which Barings will become the investment advisor to Triangle following the closing of the asset sale to Benefit Street Partners.  The transactions were announced in April 4, 2018 and are subject to customary closing conditions.

Triangle Capital Corporation is a business development company that invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. 

The Ropes & Gray team, which advised Benefit Street Partners, was led by private equity partner Paul Van Houten, securities & public companies partner Christopher Comeau, investment management partner Michael Doherty, finance partner Patricia Lynch and private equity associate Adam Leamon.

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