Hayfin announces maritime debt partnership with Breakwater CapitalOctober 29th 2014
Hayfin Capital Management LLP (“Hayfin”) has agreed an exclusive partnership with Breakwater Capital (“Breakwater”), a leading maritime finance specialist. Under the terms of the arrangement, Breakwater will work exclusively with Hayfin on debt transactions in the maritime sector.
Hayfin will provide the credit, risk control and capital allocation framework and Breakwater will focus on developing and maintaining relationships with ship owners and operators, origination of debt transactions and the initial analysis of opportunities. The partnership will benefit from Hayfin and Breakwater’s combined credit expertise and established local sourcing networks.
Tim Flynn, Chief Executive Officer of Hayfin said: “This is an exciting opportunity to enter a sector where we see significant opportunity, working side by side with an established operator with a strong track record and a distinguished pedigree. Demand for capital within the maritime sector is robust. Traditional lenders have reduced exposure or have completely withdrawn from the sector, creating ideal conditions for non-traditional lenders such as Hayfin to originate or acquire solid credits on good terms."
Andreas Povlsen, Chief Executive Officer of Breakwater said: “Bringing together our scalable platform, deep sector knowledge and strong relationships, with Hayfin’s lending expertise will enable us to capitalise even more effectively on the rapidly improving conditions for maritime finance. We look forward to a very successful partnership between two firms of very similar cultures and approach to credit.”
Hayfin is a specialist lender founded in 2009 and has extended loans totalling €5.7bn to more than 200 predominantly mid-market companies across Europe. Hayfin’s European market leading expertise extends across mid-market credit, special situations, maritime finance, syndicated debt and alternative credit, complemented by our specialist transatlantic healthcare team. Hayfin is headquartered in London with offices in Amsterdam, Frankfurt, Madrid, New York and Paris.
Breakwater Capital is a specialist in maritime finance and is exclusively focused on debt opportunities within the sector. Breakwater Capital and related parties have more than $1bn of maritime assets under management. The firm has a dedicated team with a long standing presence in the industry and more than 15 years of experience working together. Breakwater has an established credit management platform in place, supported internally through transaction sourcing, financial and market analysis, investment execution, asset and technical management.