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Solar Capital to purchase Crystal Financial

US based investment company Solar Capital has signed a definitive agreement to purchase Crystal Capital Financial (Crystal Financial) from SSP Energy, Quartz Managers and Quantum Strategic Partners in a $275m deal.

Under terms of the transaction, current management team of Crystal Financial will lead the acquired operation.

The acquirer expects to fund the acquisition with available liquidity, including borrowings from its existing credit facilities.

The transaction is likely to close before the end of 2012, after satisfying customary closing conditions, including the expiration of the applicable waiting period under the Hart Scott Rodino Act.

Crystal Financial currently manages a directly originated and underwritten, diversified portfolio of 23 loans with a total par value of nearly $400m on 30 November 2012.

The company operates as a commercial finance company, focused on providing asset-based and other secured financing services.

Deutsche Bank Securities served as financial advisor to Crystal Financial for the transaction.