Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $25 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.
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Crescent Capital’s most common sectors for investment are business services (12%) and healthcare services (12%). The Firm’s most common investment types include secondary buyout (35%) and buyout (lbo, mbo, mbi) (33%). In total, Crescent Capital has invested in 20 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Telediffusion de France S.A for $3.7B.
In the last 3 years, Crescent Capital has exited 9 companies. The Firm’s most common exit type is trade sale (40%). Crescent Capital’s largest (disclosed) exit occurred in 2014 when it sold URS for $6.0B.
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