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13 June 20213 minute read

DLA Piper advises Sound Point Capital in acquisition of CVC Credit's US direct lending unit

DLA Piper represented Sound Point Capital Management, LP, a credit-oriented investment management firm overseeing approximately US$25 billion in total assets, in its recent acquisition of the US direct lending platform of CVC Credit.

As part of the agreement, Sound Point has hired a team of nine investment professionals from CVC Credit who together manage a portfolio of approximately US$1 billion of assets. The team primarily provides first lien and unitranche debt facilities to US middle-market companies. Borrowers have included companies in a wide variety of industry sectors, including consumer services, business services, healthcare, pharmaceuticals, hospitality, telecommunications, industrials and other sectors.

“We were pleased to advise Sound Point Capital on this acquisition, bringing together our deep experience advising private fund managers and our strong transactional capabilities. This acquisition will strengthen our client’s already robust lending platform and position it well for future growth,” said Richard Reilly, head of DLA Piper’s Structured Finance practice.

The DLA Piper team was led by John Reiss (New York), Stephen Ballas and David Parsly (both of Los Angeles). In addition, the team included US lawyers David Kurlander (Philadelphia), Jamie Knox, Gerald Rokoff, Joy Cheng, Garrett Kennedy (all of New York), Chana Ben-Zacharia (Miami) and Richard Ashley (Chicago), and, outside the US, Caroline Pimpaud, Catherine Pogorzelski and Vanessa Marinska from the Luxembourg funds practice, and Luis Muñoz on Luxembourg/EU tax matters, among others.

DLA Piper’s global investment funds practice advises on all types of investment funds matters, with extensive experience in credit and real estate funds, private equity and infrastructure funds, hedge funds, venture capital funds and structured products.