Centerbridge Partners, L.P. is a multi-strategy private investment firm focused on

leveraged buyout A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...

s and

distressed securities In corporate finance, distressed securities are security (finance), securities over companies or government entities that are experiencing Financial distress, financial or operational distress, Default (finance), default, or are under bankruptcy. ...

. The firm manages over $56 billion of assetsBidding company with participation by Advent International and Centerbridge Partners announces intention to launch
Bloomberg, November 23, 2021. and is based in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, with an additional office in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

. The firm invests in both control (

private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

and public debt with a "loan-to-own" strategy) and non-control (public market debt, public market equities, and other publicly traded securities) opportunities. The firm Split in Private Equity Funding

The Wall Street Journal ''The Wall Street Journal'' (''WSJ''), also referred to simply as the ''Journal,'' is an American newspaper based in New York City. The newspaper provides extensive coverage of news, especially business and finance. It operates on a subscriptio ...

, August 21, 2012 was founded in 2005 by

Jeffrey Aronson Jeffrey Kenneth Aronson (born 1947) is a British physician and clinical pharmacologist, currently working at the Centre for Evidence-Based Medicine in Oxford. Education Aronson studied at the University of Glasgow from 1964 to 1970, qua ...

and Mark Gallogly. Aronson had previously been the head of distressed securities and had founded the

leveraged loan In finance, leverage, also known as gearing, is any technique involving borrowing funds to buy an investment. Financial leverage is named after a lever in physics, which amplifies a small input force into a greater output force. Financial leverag ...

business at Angelo, Gordon & Co., which he had joined in 1989 from L.F. Rothschild & Co. Gallogly was formerly a senior managing director and head of private equity investments at the

Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

from 2003 until his departure. At Blackstone, Gallogly was heavily involved in the firm's investments in New Skies Satellites and

Sirius Satellite Radio Sirius Satellite Radio was a satellite radio ( SDARS) service that operated in the United States and Canada. Sirius launched in 2002, and primarily competed with XM Satellite Radio, until the two services merged in 2008 to form Sirius XM. Li ...

among others and had joined the firm in 1989 from Manufacturers Hanover Trust Company, where he worked in acquisition finance. In September 2006, the firm raised its debut fund with $3.2 billion of investor commitments to focus on control investments in distressed securities as well as

transactions. The firm also raised a $2 billion non-control, activist-oriented credit trading fund known as Centerbridge Special Credit Partners through 2009 and 2010. In 2010, the firm announced plans to begin marketing a second investment fund with a target of $3.75 billion of investor commitments. In 2011, the firm closed its second flagship fund, Centerbridge Partners II, on $4.4 billion, including a commitment from the GP. This was followed by a closing of its $2bn second Special Credit Partners fund in March 2012. In 2010, Centerbridge won control of Extended Stay Hotels, a company that Gallogly had been involved with at Blackstone. That same year, Centerbridge acquired 'GMAC Commercial Finance', a subsidiary of

Ally Financial Ally Financial Inc. (known as GMAC until 2010) is an American bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan. The company provides financial services including car finance, online bank ...

as well as Rock Bottom Restaurants and Gordon Biersch Brewery Restaurant Group, merged to form CraftWorks Restaurants & Breweries. In 2012, Centerbridge acquired P. F. Chang's China Bistro, a chain of Chinese casual dining restaurants. Three years later announced its agreement to buy Senvion SE from Indian wind turbine manufacturer

Suzlon Suzlon Energy is an Indian Multinational corporation, multinational wind turbine manufacturer headquartered in Pune. History Tulsi Tanti was a Gujarati people, Gujarati businessman managing a small textile company. Due to the erratic availa ...

and acquired Great Wolf Resorts, the world's largest chain of indoor water park resorts for $1.35 billion. In August 2016, Centerbridge Partners, together with Canyon Capital Advisors, Värde Partners and seven other funds, participates in the rescue of Spanish giant Abengoa, injecting a combined €1.17 billion. In January 2017, Centerbridge Partners sells Vela Energy to Sonnedix for €600 million. Sonnedix thus takes over a portfolio of 136MWp, corresponding to 43 solar PV plants in Spain, making it the second largest solar PV operator in Spain and one of the largest in the world, with close to 500MW worldwide. During the

2020 Democratic Party presidential primaries Presidential primaries and caucuses were organized by the Democratic Party to select delegates to the 2020 Democratic National Convention to determine the party's nominee for president in the 2020 election. The primaries and caucuses took p ...

Pete Buttigieg Peter Paul Montgomery Buttigieg ( ; born January 19, 1982) is an American politician and former naval officer who served as the 19th United States Secretary of Transportation, United States secretary of transportation from 2021 to 2025. A me ...

received scrutiny for accepting donations from members of Centerbridge due to the firm's "reputation for its work buying up distressed debt in

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

." Centerbridge sat on the steering committee of the Ad Hoc group, a group of hedge funds that litigated against the Puerto Rican government for full repayment on constitutionally guaranteed general obligation bonds. In the fall of 2020, Centerbridge took a minority stake in

FreshDirect FreshDirect is an American online grocery company and among the first enterprises to sell and deliver perishable foods to consumers without maintaining a retail operation. It offers its services via a website and mobile app. On December 15, 20 ...

, an online grocer. The deal was part of a buyout of the company along with Dutch-based food retailer

Ahold Delhaize Koninklijke Ahold Delhaize N.V. (in Dutch language, Dutch literally "Royal Ahold Delhaize"), commonly known as Ahold Delhaize, is a Dutch-Belgian multinational retail and wholesale holding company. Its name comes from the 2016 merger of two comp ...

References

External links

Centerbridge Partners
(company website)
Centerbridge Partners
(NYT Deal Book) {{private equity firms Private equity firms of the United States Financial services companies established in 2005 Companies based in New York City Blackstone Inc. Companies based in London 2005 establishments in the United States