By Leela Parker Deo
NEW YORK (Reuters) - Credit Suisse has sold its business development company Credit Suisse Park View BDC to CION Investment Corp in a cash transaction valued at approximately US$277m.
CION, through acquisition subsidiary Park South Funding, acquired all of the common stock of CS Park View from Credit Suisse Alternative Capital, LLC, according to an October 7 statement from law firm Dechert LLP.
The Park View BDC was considered a non-strategic asset, sources familiar with the transaction told Thomson Reuters LPC.
Dechert advised CION on the acquisition, which closed on September 30.
Credit Suisse confirmed the sale.
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The Park View BDC was managed by co-heads Thomas Hall and Jens Ernberg.
Following the sale, Hall is leaving Credit Suisse, the sources said. Ernberg could not immediately be reached.
BDCs are a specialized type of closed-end investment vehicle that lend to small and mid-sized private US companies.
The BDC universe includes both publicly traded funds whose shares are listed on an exchange as well as vehicles that are unlisted, or non-traded. Park View BDC is an unlisted BDC.
(Reporting by Leela Parker Deo; Editing By Jon Methven)