Merger • Business Services

Barings Acquires Sierra Income

On September 21, 2021, Barings acquired business services company Sierra Income for 624M USD

Acquisition Context

This is Barings’ 1st transaction in the Business Services sector.
This is Barings’ largest (disclosed) transaction.
This is Barings’ 2nd transaction in the United States.
This is Barings’ 1st transaction in New York.

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M&A Deal Summary
Date	September 21, 2021
Target	Sierra Income
Sector	Business Services
Buyer(s)	Barings
Deal Type	Merger
Deal Value	624M USD
Advisor(s)	Broadhaven Capital Partners (Financial) Sullivan & Worcester (Legal)

Target Company

Sierra Income

New York, New York, United States

Sierra Income is a non-traded business development company that invests primarily in first lien senior secured debt, second lien secured debt, and, to a lesser extent, subordinated debt of middle-market companies in a broad range of industries with annual revenue between $50 million and $1 billion. Sierra Income is based in New York City.

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Buyer Overview 1

Buyer

Barings

Charlotte, North Carolina, United States

Category	Company
Founded	1989
Sector	Financial Services
Revenue	123M USD (2024)

DESCRIPTION

Barings is a business development company that primarily makes debt investments in middle-market companies. Barings was founded in 1989 and is based in Charlotte, North Carolina.

Deal Context for Buyer	#
Overall	2 of 2
Sector: Business Services	1 of 1
Type: Merger	1 of 1
State: New York	1 of 1
Country: United States	2 of 2
Year: 2021	2 of 2
Size (of disclosed)	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-08-05	Eclipse Business Capital Chicago, Illinois, United States Eclipse Business Capital is an asset-based lending platform that provides financing to middle-market borrowers. Encina provides revolving lines of credit and term loans ranging in size from $10–$100 million which are secured by accounts receivable, inventory, machinery & equipment, and real estate. Eclipse Business Capital was founded in 2016 and is based in Chicago, Illinois.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2021-08-05

Eclipse Business Capital

Chicago, Illinois, United States

Eclipse Business Capital is an asset-based lending platform that provides financing to middle-market borrowers. Encina provides revolving lines of credit and term loans ranging in size from $10–$100 million which are secured by accounts receivable, inventory, machinery & equipment, and real estate. Eclipse Business Capital was founded in 2016 and is based in Chicago, Illinois.

Buy

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