Jeff Preps an $80B-AUM Firm's Recap
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Tuesday, July 18, 2023

Jeff Preps an $80B-AUM Firm's Recap

A $79.6-billion-AUM (as of June 30), PE-backed, multi-boutique asset manager's creditors are preparing to take over the company later this year.

Jeffrey Karl "Jeff" Ringdahl
Resolute Investment Managers / American Beacon Advisors
President, CEO
Yesterday, Jeff Ringdahl, president and CEO of Resolute Investment Managers, Inc., revealed that the Irving, Texas-based firm's lenders and equity sponsors (i.e. current owners) have agreed to a recapitalization deal. Under that deal, Resolute's first-lien debtholders will exchange that for new debt and stock, while second-lien debtholders will exchange that for stock alone, and the firm's revolving credit facility will be extended through 2027.

The deal is expected to close by the end of 2023. According to the Resolute team, "no changes to the day-to-day management, operations, or personnel of Resolute and its affiliates are anticipated."

Resolute's recapitalization deal comes eight years after two private equity firms, Estancia and Kelso, bought Resolute (then called Astro AB Holdings). Resolute's boutique subisidiaries include: American Beacon [profile], National Investment Services, RSW Investments, Shapiro Capital Management, and SSI Investment Management. (The rest of Resolute's 30-plus boutique allies are independent.)

Ringdahl, who took over last year as CEO of both American Beacon and Resolute, describes the planned recapitalization as "an important milestone that puts [Resolute] on stronger financial footing."

"We look forward to partnering with our new investors who are fully supportive of our business strategy and continued evolution into a diversified investment solutions provider," Ringdahl states.

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