Earlier this week Countrywide reported revenue and other income increases of six per cent to £539.8m, with double digit EBITDA growth of 12 per cent to £63m. It said the capital would go towards addressing its £250m of debt and refinancing a new £100m facility.
Oaktree invested in Countywide in February 2009, taking over from US buyout group Apollo Global Management, which acquired the company for $1bn in 2007. While Apollo effectively was forced to write off its investment while cutting its ownership stake to 25 per cent, Oaktree took part in a complicated deal that saw Countrywide’s debt burden cut significantly and the distressed specialist invest a further £110m for a 50 per cent stake.
Jon Moulton’s distressed investment group Alchemy Partners also participated in the restructuring, and continues to hold an approximate ten per cent stake in the company.
Earlier this year, AltAssets reported that Oaktree was targeting $3bn for its latest mid-market vehicle aimed at making control investments in troubled companies.
Oaktree said it raised $2.3bn of capital overall in the fourth quarter of 2012, taking its fundraising total for the year to $11bn.
During the fourth quarter the firm held an interim close for its Oaktree Enhanced Income Fund, which invests in senior loan assets on a leveraged basis.
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