Generali Subsidiary to Buy Majority Stake in $6B US Private Debt Shop
Conning & Co., a subsidiary of Milan-based Generali Investments, has acquired a majority stake in MGG Investment Group, a U.S. private direct lending firm with over $6 billion in assets under management.
Conning & Co will take a 77% stake of MGG for $320 million at closing with additional amounts payable subject to the achievement of certain operating milestones. Current shareholders, including MGG management and McCourt Global, will retain a minority ownership interest. The transaction is expected to close in 2025.
Launched in 2014 by CEO and CIO Kevin Griffin and McCourt Global, a private family company, New York-based MGG provides senior secured loans and structured capital solutions to U.S. middle market businesses. Since inception, the firm has deployed more than $10 billion across more than 175 deals.
“MGG’s rigorous credit underwriting, structuring approach and focus on middle market, non-sponsored borrowers complement our existing offerings and better position us to help clients achieve their direct lending investment objectives,” said Woody Bradford, CEO and general manager of Generali Investments.
Ardea Partners International LLP is serving as financial advisor and Morgan, Lewis & Bockius LLP is serving as legal advisor to Generali Investments. UBS Securities LLC is serving as financial advisor and Schulte Roth & Zabel LLP and Cadwalader, Wickersham & Taft LLP are serving as legal advisors to MGG and its shareholders.
