Mesirow acquires asset-backed lender Bastion
Financial services firm Mesirow has acquired Bastion Management, an asset-backed specialty finance lender, to expand its alternatives capabilities.
Mesirow operates across investment management, capital markets and investment banking, and advisory services. It has $302.6bn (£242bn) of assets under supervision as of 30 September 2024.
Bastion will operate within Mesirow’s investment management arm, serving as the platform for its private credit and asset backed-lending expansion.
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It will sit alongside Mesirow’s existing alternatives capabilities: Mesirow Currency Management, Mesirow Private Equity and Mesirow Institutional Real Estate Direct Investments.
Connecticut-based private credit fund manager Bastion focuses on the asset-backed specialty finance space, lending to the lower middle market. It has completed over 50 deals collectively attracting more than $2bn in commitments, over the past 13 years.
The financial details of the deal, which closed at the end of 2024, were not disclosed.
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“We are pleased to welcome Bastion to Mesirow as we extend our alternatives offering in the asset-backed lending space,” said Natalie Brown (pictured), Mesirow chief executive. “The Bastion team has built an impressive business and culture that aligns well with our own, and we are confident that they will be an integral part of Mesirow’s ongoing growth and success.”
Jay Braden, chief executive of Bastion, added: “We are thrilled to join Mesirow, an independent, employee-owned firm whose client-centric approach and emphasis on long-term relationships align seamlessly with our own values.
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“Mesirow’s robust distribution platform will enable us to accelerate our growth while continuing to deliver exceptional service to our clients. We are proud of our historical performance and excited about the opportunities this partnership brings to expand our lending platform and build on our success.”
DLA served as legal advisors to Mesirow. Berkshire Global Advisors served as financial advisor to Bastion and Latham Watkins served as Bastion’s legal advisors.
