TCW/Crescent Mezzanine Notable Investments: TCW/Crescent Mezzanine is a private equity firm that invests in mezzanine debt and equity for middle market companies across North America and Europe. Established by Michael Attanasio and Michael A. Callaghan in 1991 and acquired by Trust Company of the West (TCW) in 1995, Crescent Capital Group broke away to form its own entity again by spin off. In 2010 Crescent Capital Group officially emerged from TCW to reestablish itself independently again.
About TCW/Crescent Mezzanine
TCW/Crescent Mezzanine has raised five investment funds totalling more than $2 billion, total capital commitments exceeding this figure. Their investment strategy involves providing mezzanine financing for companies too small or risky for traditional bank loans; mezzanine debt being a hybrid form between debt and equity typically offers higher yield than traditional debt but lower returns than equity investments.
TCW/Crescent Mezzanine has invested across industries, from healthcare and technology to manufacturing and services. Their investments have generated attractive returns for their limited partners.
TCW/Crescent Mezzanine has made several noteworthy investments:
- In 2001, TriZetto Group received $50 million investment from the firm and later purchased by McKesson Corporation for $2.7 billion in 2010.
- In 2004, Onex Corporation invested $30 million in Carestream Health, a medical imaging provider. Onex acquired Carestream for $1.7 billion later that same year.
- In 2007, the firm invested $100 million in IMS Health, a healthcare information provider which would later be acquired by Thomson Reuters for $6.8 billion in 2011.
TCW/Crescent Mezzanine is an established private equity firm with an outstanding track record, serving as an invaluable source of mezzanine financing to middle market companies looking for additional capital.
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