Wendel Group to Buy Monroe Capital for $1.13B
Wendel Group announced plans to acquire a 75% ownership in Chicago-based middle-market private credit firm Monroe Capital for $1.13 billion in a deal that includes a $1 billion seed capital commitment as well as GP commitments throughout Monroe’s investment strategies.
AXA IM Prime is also in talks to participate in the acquisition as a minority stakeholder via its GP-stake fund, AXA IM Prime Capital Partners I, with a potential investment of up to $50 million alongside Wendel.
The partnership, which is anticipated to be finalized in the first quarter of 2025, is designed to enhance Wendel’s third-party asset management capabilities and expand Monroe’s U.S. private credit platform. Monroe’s existing management team will maintain a 25% ownership interest in the company.
“We are excited to partner with Wendel on this next chapter of Monroe’s growth,” said Theodore Koenig, chairman and CEO of Monroe. “Their commitment to our business will provide meaningful and stable capital to thoughtfully scale our platform and better capture the attractive and expanding opportunity in middle market private credit.”
The acquisition is another key move in France-based Wendel’s planned expansion into third-party asset management, following its May 2024 acquisition of a 51% share in UK private equity company IK Partners.
Monroe will continue to operate independently under its current leadership structure, with Koenig remaining as CEO and Chairman, alongside Zia Uddin as president, Michael Egan as VC and chief credit officer, and Tom Aronson as VC and head of originations.
Wendel’s portfolio includes investments in ACAMS, Bureau Veritas, Crisis Prevention Institute, IHS Towers, Scalian, Stahl, and Tarkett. Through its Wendel Growth initiative, the firm also invests in high-growth companies either directly or through funds.
Founded in 2004, Monroe Capital manages about $19.5 billion in assets across more than 45 investment vehicles. The firm has directly originated over 700 transactions and invested more than $44 billion.