Apollo Interested in Another Credit Suisse Subsidiary: After Credit Suisse sold its US securitization business to Apollo, another deal is said to be in the offing. Creditsuisse restructuring Apollo
The US investment firm has now agreed to acquire Sector Financial, a Credit Suisse subsidiary specializing in financing and lending to mid-sized companies, as «Bloomberg» reports citing people familiar with the matter.
Sector Financial, headquartered in Chevy Chase, Maryland, outside of Washington DC, focuses on borrowers in industries such as healthcare and technology, offering loans ranging from $10 million to over $100 million. Its business portfolio also includes commercial mortgages and leveraged loans. Apollo operates a mid-market lending platform under the name MidCap Financial. Credit Suisse announced on Tuesday that it would sell a large part of its securitization business to Apollo. The New York-based private equity firm will also acquire most of the unit's employees.
The deal, along with the sale of other portfolio assets to third parties is expected to reduce the assets of the SPG from $75 billion to $20, billion according to the bank. The report did not give valuation details, and the companies declined to comment on the Sector Financial deal.
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