Kirkland, Dechert Assist Crescent's $142M Alcentra Buy

By McCord Pagan (August 13, 2019, 5:18 PM EDT) -- Crescent Capital said it was buying fellow business development company Alcentra Capital from Bank of New York Mellon for about $142 million in a deal led by attorneys at Kirkland & Ellis and Dechert, the companies announced Tuesday.

Los Angeles-based credit investment firm Crescent Capital BDC Inc. said the cash and stock deal for asset management firm Alcentra Capital Corp. provides continued opportunities for its investors. Alcentra said the transaction is the result of a long-term strategic review by its board of directors.

"We believe this transaction is the right next step in the development of our [business development company] and...

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