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Debt & Specialty Finance
FINANCE
crescentcap.com

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Investments

14

Portfolio Exits

8

Funds

17

Service Providers

1

About Crescent Capital Group

Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London and New York. The firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, high yield debt, mezzanine debt, distressed debt and other private debt securities.On October 22nd, 2020, Sun Life Financial acquired a majority stake in Crescent Capital Group.

Crescent Capital Group Headquarters Location

11100 Santa Monica Blvd Suite 2000

Los Angeles, California, 90025,

United States

310-235-5900

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Latest Crescent Capital Group News

Crescent Capital BDC, Inc. Reports Second Quarter 2022 Financial Results; Declares a Third Quarter 2022 Regular Dividend of $0.41 per Share

Aug 10, 2022

08/10/2022 | 04:16pm EDT Message : *Required fields LOS ANGELES, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $15.5 million, or $0.50 per share, and adjusted net investment income of $12.7 million, or $0.41 per share,1 for the quarter ended June 30, 2022. Reported net asset value per share was $20.69 at June 30, 2022. The Company announced that its Board of Directors declared a regular cash dividend for the third quarter of 2022 of $0.41 per share, which will be paid on October 17, 2022 to stockholders of record as of the close of business on September 30, 2022. Additionally, the fourth and final previously declared $0.05 per share special cash dividend will be paid on September 15, 2022 to stockholders of record as of September 2, 2022. Selected Financial Highlights   June 30, 2022                           Portfolio & Investment Activity As of June 30, 2022 and December 31, 2021, the Company had investments in 137 and 134 portfolio companies with an aggregate fair value of $1,285.3 and $1,270.4 million, respectively. The portfolio at fair value was comprised of the following asset types: Portfolio Asset Types:     For the quarter ended June 30, 2022, the Company invested $112.4 million across 11 new portfolio companies, 12 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $97.1 million in aggregate exits, sales and repayments. For the quarter ended March 31, 2022, the Company invested $60.0 million across 2 new portfolio companies, 5 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $49.6 million in aggregate exits, sales and repayments. Results of Operations For the three months ended June 30, 2022 and 2021, investment income totaled $26.7 million and $23.8 million, respectively. Interest income, which includes amortization of upfront fees, increased from $21.5 million for the three months ended June 30, 2021 to $24.4 million for the three months ended June 30, 2022, due to an expansion of the income-producing investment portfolio and a rise in benchmark rates. Included in interest from investments for the three months ended June 30, 2022 and 2021 are $1.5 million and $2.3 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income was $2.1 million for both periods, and other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities, was $0.2 million for both periods. For the three months ended June 30, 2022 and 2021, total net expenses, including income and excise taxes, totaled $11.2 million and $12.8 million, respectively. The decrease was primarily driven by a $(2.8) million reversal of capital gains based incentive fees. Liquidity and Capital Resources As of June 30, 2022, the Company had $18.9 million in cash and cash equivalents and restricted cash and $227.5 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average interest rate on the Company’s debt outstanding as of June 30, 2022 was 4.23%. The Company’s debt to equity ratio was 1.03x as of June 30, 2022. Non-GAAP Financial Measures On a supplemental basis, the Company is disclosing adjusted net investment income and adjusted net investment income per share, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted net investment income represents net investment income, excluding capital gains incentive fees. We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believe that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends without giving effect to capital gains incentive fees. The Company’s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. We believe that adjusted net investment income is a useful performance measure because it reflects the net investment income produced on the Company’s investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. The following table provides an unaudited reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:   Conference Call The Company will host a webcast/conference call on Thursday, August 11, 2022 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended June 30, 2022. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call. Those interested in participating via webcast in listen-only mode can access the event on the Investor Relations section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. For participants who would like to participate via telephone, please register here to receive the dial-in number along with a unique PIN number that is required to access the call. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC's website. Endnotes 3) Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate. Crescent Capital BDC, Inc. (in thousands except share and per share data)   About Crescent BDC Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent Capital Group LP (“Crescent”). Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein. About Crescent Capital Group Crescent is a global credit investment manager with over $39 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London and more than 200 employees globally. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein. Contact: Forward-Looking Statements This press release, and other statements that Crescent BDC may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. Crescent BDC cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and Crescent BDC assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in Crescent BDC’s SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment adviser or its affiliates; (13) the ability of our investment adviser to attract and retain highly talented professionals; (14) changes in law and policy accompanying the new administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position. Crescent BDC’s Annual Report on Form 10-K for the year ended December 31, 2021 and quarterly report on Form 10-Q for the quarter ended June 30, 2022, each filed with the SEC, identify additional factors that can affect forward-looking statements. Other Information The information in this press release is summary information only and should be read in conjunction with Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2021, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 23, 2022, Crescent BDC’s quarterly report on Form 10-Q for the quarter ended June 30, 2022, which Crescent BDC filed with the SEC on August 10, 2022, as well as Crescent BDC’s other reports filed with the SEC. A copy of Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2021, Crescent BDC’s quarterly reports on Form 10-Q and Crescent BDC’s other reports filed with the SEC can be found on Crescent BDC’s website at www.crescentbdc.com and the SEC’s website at www.sec.gov.

Crescent Capital Group Investments

14 Investments

Crescent Capital Group has made 14 investments. Their latest investment was in Frontier Medical Group as part of their Debt on March 3, 2021.

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Crescent Capital Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/1/2021

Debt

Frontier Medical Group

Yes

1

2/26/2021

Loan

Avania

Yes

2

9/13/2019

Loan

Integrity Marketing Group

$945M

Yes

1

1/10/2018

Loan

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10

7/24/2017

Debt

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10

Date

3/1/2021

2/26/2021

9/13/2019

1/10/2018

7/24/2017

Round

Debt

Loan

Loan

Loan

Debt

Company

Frontier Medical Group

Avania

Integrity Marketing Group

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Amount

$945M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

2

1

10

10

Crescent Capital Group Portfolio Exits

8 Portfolio Exits

Crescent Capital Group has 8 portfolio exits. Their latest portfolio exit was Avania on June 20, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/20/2022

Acq - Fin - II

$99M

1

6/2/2022

Acquired

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$99M

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10

9/13/2021

Acquired

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$99M

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10

6/15/2021

Acquired - II

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$99M

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10

6/2/2021

Acq - Fin

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$99M

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10

Date

6/20/2022

6/2/2022

9/13/2021

6/15/2021

6/2/2021

Exit

Acq - Fin - II

Acquired

Acquired

Acquired - II

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

10

Crescent Capital Group Acquisitions

2 Acquisitions

Crescent Capital Group acquired 2 companies. Their latest acquisition was Savers on March 19, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/19/2019

$99M

Acq - Fin - II

2

4/5/2016

Private Equity

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$99M

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10

Date

3/19/2019

4/5/2016

Investment Stage

Private Equity

Companies

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Valuation

$99M

$99M

Total Funding

Note

Acq - Fin - II

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Sources

2

10

Crescent Capital Group Fund History

17 Fund Histories

Crescent Capital Group has 17 funds, including Crescent Direct Lending Fund III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/17/2022

Crescent Direct Lending Fund III

$6,000M

1

4/8/2020

Crescent European Specialty Lending Fund II

$1,738.07M

1

4/7/2020

Crescent European Private Credit Fund II

$1,743M

1

10/4/2019

Crescent European Specialty Lending Fund II (Cayman-Levered) LP

$99M

10

1/13/2017

Crescent Mezzanine Partners VII

$99M

10

Closing Date

2/17/2022

4/8/2020

4/7/2020

10/4/2019

1/13/2017

Fund

Crescent Direct Lending Fund III

Crescent European Specialty Lending Fund II

Crescent European Private Credit Fund II

Crescent European Specialty Lending Fund II (Cayman-Levered) LP

Crescent Mezzanine Partners VII

Fund Type

Status

Amount

$6,000M

$1,738.07M

$1,743M

$99M

$99M

Sources

1

1

1

10

10

Crescent Capital Group Service Providers

1 Service Provider

Crescent Capital Group has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Corporate Majority

Investment Bank

Financial Advisor

Service Provider

Associated Rounds

Corporate Majority

Provider Type

Investment Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Crescent Capital Group Team

7 Team Members

Crescent Capital Group has 7 team members, including current Chief Financial Officer, Gerhard Lombard.

Name

Work History

Title

Status

Gerhard Lombard

Chief Financial Officer

Current

Jason A. Breaux

Managing Director

Current

Jean Marc Chapus

Trust Company of the West

Managing Director

Current

Elizabeth Youn Ko

Managing Director

Current

Mike L Wilhelms CPA

Chief Financial Officer

Former

Name

Gerhard Lombard

Jason A. Breaux

Jean Marc Chapus

Elizabeth Youn Ko

Mike L Wilhelms CPA

Work History

Trust Company of the West

Title

Chief Financial Officer

Managing Director

Managing Director

Managing Director

Chief Financial Officer

Status

Current

Current

Current

Current

Former

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