Stifel Financial Corp. and Jersey City-based Lord Abbett & Co. on Thursday announced they formed a joint venture for private credit, SBLA Private Credit.
This new partnership will concentrate on origination and management of existing loans to small and midsized portfolio companies of financial sponsors, complementing the existing capabilities of both firms.
SBLA Private Credit brings together two of the industry’s most established brands, with in-depth coverage across the middle market and reputations for strategic growth and disciplined risk management.
“Stifel continues to forge strategic partnerships that allow the firm to meet the different needs of our diverse client base and offer a full suite of competitive private credit solutions,” Ron Kruszewski, chairman and CEO of Stifel, said. “By partnering with Lord Abbett, we are able to expand Stifel Bank’s capacity to lead larger credit facilities, and better support the growth of our clients.”
“It is a privilege to work with a world-class partner like Stifel,” Douglas Sieg, CEO & managing partner of Lord Abbett, said. “This strategic partnership will deepen our market presence, expand our origination and increase our scale, while differentiating and diversifying our loan origination capability and private credit offerings.”
SBLA Private Credit will be equally managed by senior representatives from Stifel Bank and Lord Abbett. As a demonstration of both firms’ strong and aligned credit cultures, Stifel and Lord Abbett have already co-invested across multiple loans.
KBW, a Stifel company, advised Stifel. Bryan Cave LLP and Dechert LLP provided legal and regulatory advice to Stifel and Lord Abbett, respectively.
