Centerbridge Partners
Encyclopedia
Centerbridge Partners is a private equity
investment firm focused on leveraged buyout
s and distressed securities
.
The firm manages in excess of $5.5 billion of investor commitments and is based in New York City
with an additional office in London
, UK.
The firm was founded in 2005 by Jeffrey Aronson and Mark Gallogly
, who were previously high-profile investment professionals at other leading firms. Aronson had previously been the head of distressed securities and had founded the leveraged loan business at Angelo, Gordon & Co.
, which he had joined in 1989 from L.F. Rothschild & Co. Gallogly was formerly a senior managing director and head of private equity investments at the Blackstone Group
from 2003 until his departure. At Blackstone, Gallogly was heavily involved in the firm's investments in New Skies Satellites and Sirius Satellite Radio
among others and had joined the firm in 1989 from Manufacturers Hanover Trust Company, where he worked in acquisition finance.
In September 2006, the firm raised its debut fund with $3.2 billion of investor commitments to focus on control investments in distressed securities as well as leveraged buyout
transactions. The firm also raised a $2 billion noncontrol, activist-oriented credit trading fund known as Centerbridge Special Credit Partners through 2009 and 2010. In 2010, the firm announced plans to begin marketing a second investment fund with a target of $3.75 billion of investor commitments.
In 2010, Centerbridge won control of Extended Stay Hotels
, a company that Gallogly had been involved with at Blackstone
.
On 24 September 2010, Centerbridge Capital Partners announced acquisition of 'GMAC Commercial Finance', a subsidiary of Ally Financial.
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
investment firm focused on leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
s and distressed securities
Distressed securities
Distressed securities are securities of companies or government entities that are either already in default, under bankruptcy protection, or in distress and heading toward such a condition. The most common distressed securities are bonds and bank debt...
.
The firm manages in excess of $5.5 billion of investor commitments and is based in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
with an additional office in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, UK.
The firm was founded in 2005 by Jeffrey Aronson and Mark Gallogly
Mark Gallogly
Mark Gallogly is currently a managing principal, and was a founder, of the New York City based private investment firm Centerbridge Partners He formerly served as a Senior Managing Director of the Blackstone Group from May 1989 to September 2005.He is currently a member of President Barack...
, who were previously high-profile investment professionals at other leading firms. Aronson had previously been the head of distressed securities and had founded the leveraged loan business at Angelo, Gordon & Co.
Angelo, Gordon & Co.
Angelo Gordon & Company is an American private equity firm focused on making distressed investments and a hedge fund sponsor. Within its hedge fund activities, Angelo Gordon focuses on a number of alternative investment strategies...
, which he had joined in 1989 from L.F. Rothschild & Co. Gallogly was formerly a senior managing director and head of private equity investments at the Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
from 2003 until his departure. At Blackstone, Gallogly was heavily involved in the firm's investments in New Skies Satellites and Sirius Satellite Radio
Sirius Satellite Radio
Sirius Satellite Radio is a satellite radio service operating in North America, owned by Sirius XM Radio.Headquartered in New York City, with smaller studios in Los Angeles and Memphis, Sirius was officially launched on July 1, 2002 and currently provides 69 streams of music and 65 streams of...
among others and had joined the firm in 1989 from Manufacturers Hanover Trust Company, where he worked in acquisition finance.
In September 2006, the firm raised its debut fund with $3.2 billion of investor commitments to focus on control investments in distressed securities as well as leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
transactions. The firm also raised a $2 billion noncontrol, activist-oriented credit trading fund known as Centerbridge Special Credit Partners through 2009 and 2010. In 2010, the firm announced plans to begin marketing a second investment fund with a target of $3.75 billion of investor commitments.
In 2010, Centerbridge won control of Extended Stay Hotels
Extended Stay Hotels
Extended Stay Hotels is a privately owned hotel brand that operates in the extended stay hotel market. The company is headquartered in Spartanburg, South Carolina....
, a company that Gallogly had been involved with at Blackstone
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
.
On 24 September 2010, Centerbridge Capital Partners announced acquisition of 'GMAC Commercial Finance', a subsidiary of Ally Financial.
External links
- Centerbridge Partners (company website)
- Centerbridge Partners (NYT Deal Book)