MUMBAI, India–(BUSINESS WIRE)–Eight Capital, a distressed and special situations investment manager
focused on investing in India, and Emso Asset Management, a London and
New York based emerging markets fixed income asset manager, announced
today that they have acquired Ambit Capital’s stake in Ambit Flowers
Asset Reconstruction Company, to be renamed J.C. Flowers Asset
Reconstruction Company (“JCFARC”) upon completion of the transaction.
The JCFARC will be managed by Eight Capital’s team in Mumbai and intends
to purchase non-performing loans from Indian Banks in target companies
that the team believes have the potential to be turned around through
balance sheet restructuring and infusion of fresh capital. JCFARC
anticipates acquiring loans with its own capital as well as on behalf of
investors.
J.C. Flowers & Co., a leading private investment firm specializing in
the financial services industry, and Ambit launched the ARC in 2016 to
invest in the Indian distressed asset market. J.C. Flowers will become
the largest shareholder after the transaction closes.
“I am excited to partner with J. C. Flowers and access the firm’s
specialized knowledge and deep relationships in the financial services
industry across the globe. J.C. Flowers has an established past track
record of turning around troubled financials firms with large pools of
NPLs which we expect will translate into a substantial advantage for our
business,” said Ravi Chachra, Chairman of Eight Capital. “In addition,
Emso will bring its vast experience of investing in emerging markets
across geographies and sectors to strengthen the partnership.”
“We look forward to continuing our longstanding relationship with the
principals of Eight Capital and establishing a new relationship with
J.C. Flowers in what we believe to be one of the timeliest investment
opportunities within emerging markets today,” said Rory McGregor, Chief
Operating Officer of Emso Asset Management. “The senior team at Emso has
on average more than 20 years of experience deploying capital in the
emerging markets fixed income space and we are fortunate to partner with
these two experienced firms to develop a new investment platform in one
of the fastest growing emerging markets.”
“With more than 10 years of experience investing in the Indian credit
markets, Eight Capital’s deep domain knowledge and strong relationships
with market participants makes them an ideal local partner for the
JCFARC,” said Thierry Porte, Managing Director at J.C. Flowers.
About Eight Capital
Eight Capital was founded in 2005 to invest in special situation and
distressed opportunities in India. Since its inception, the firm has
invested in 14 medium sized manufacturing companies and restructured
their NPLs under various Reserve Bank of India schemes such as Corporate
Debt Restructuring, Strategic Debt Restructuring and the Insolvency &
Bankruptcy Code. The firm was an early entrant in the Indian distressed
market has acted as an adviser to members of the bankruptcy law reform
committee of India. Eight Capital has offices in Mumbai and Norwalk,
Connecticut.
About Emso Asset Management
Emso was created in 2000 by a specialized team with deep experience
gained in the formative years of emerging market asset trading. In 2013,
Emso became an independent, fully employee-owned asset management
company after it was purchased by 27 of its employees. Emso currently
employs more than 80 people and manages approximately USD 6 billion in
client assets across various emerging markets fixed income strategies,
including absolute return (offshore and UCITS), liquid
alternatives, alternative long-only, and credit
opportunities. Emso’s strategies are jointly managed by a team of
research and investment professionals, many of whom have been active in
emerging markets investing for more than 20 years. Emso is headquartered
in London, UK, and consists of Emso Asset Management Limited in London
and a wholly-owned subsidiary, Emso Asset Management US LLC, in New York.
About J.C. Flowers & Co., LLC
J.C. Flowers is a leading private investment firm dedicated to investing
globally in the financial services industry. Founded in 1998, the firm
has invested more than $15 billion of capital in 55 portfolio companies
in 18 countries across a range of industry subsectors including banking,
insurance and reinsurance, securities firms, specialty finance, and
services and asset management. With approximately $6 billion of assets
under management, J.C. Flowers has offices in New York and London. For
more information, visit jcfco.com.
Contacts
Press Contacts
Eight Capital
Ravi Chachra
[email protected]
[email protected]
Emso
Asset Management
Rory McGregor
[email protected]
or
Clermont
Partners
Elizabeth Saunders
[email protected]
J.C.
Flowers & Co.
Blicksilver Public Relations
Jennifer
Hurson
[email protected]
or
Kristin
Celauro
[email protected]
