OTTAWA (dpa-AFX) - Brookfield Asset Management (BAM, BAM.TO) announced Tuesday that it has entered into an agreement to acquire a majority ownership stake in asset manager Angel Oak Companies. The financial terms of the deal were not disclosed.
Angel Oak joins Brookfield as part of the firm's $317 billion credit business, aligning with its broader strategy to partner with best-in-class credit managers alongside its direct investment platform.
Founded in 2008, Angel Oak currently has over $18 billion in assets under management, serving both institutional and individual investors.
Following the deal, Angel Oak will continue to operate its business independently, retaining its current leadership, including Sreeni Prabhu and Mike Fierman, co-founders and Co-CEOs of Angel Oak.
Craig Noble, CEO of Brookfield Credit said, 'We are pleased to announce our partnership with Angel Oak. Their origination and investment capabilities will be a strong complement to Brookfields overall credit offering as we grow our platform. We believe Brookfield can add significant value as Angel Oak looks to build upon its success by both broadening and deepening its relationships with institutional investors.'
In the transaction, Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as Brookfield's legal counsel. KingsRock Securities LLC, a wholly owned subsidiary of KingsRock Advisors LLC, acted as exclusive financial advisor to Angel Oak.
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