Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
leading buyer of life insurance policies and vertically integrated
alternative asset manager specializing in specialty insurance
products, today announced a definitive agreement to acquire
Carlisle Management Company SCA (“Carlisle”), a leading
Luxembourg-based investment manager in the life settlement space,
for approximately $200 million. The acquisition of Carlisle, with
approximately $2.0 billion in assets under management, is firmly
aligned with Abacus’ continued expansion as a global asset manager.
The addition of Carlisle further enhances Abacus’ offering to
institutional investors seeking attractive risk-adjusted returns
with low correlation to other asset classes. Since 2008, Carlisle’s
team has been at the forefront of the life settlement industry,
establishing the new standard for transparent transactions,
maintaining integrity, and creating exceptional opportunities for
life settlement investors and policyholders. Carlisle is licensed
as an Alternative Investment Fund Manager under the oversight of
the Commission de Surveillance du Secteur Financier (“CSSF”) in
Luxembourg, the second largest domicile for fund managers in the
world.
“We are excited to be joining the industry-leading team at
Abacus. The transaction will provide a myriad of potential
opportunities and synergies that will be available to our funds,
shareholders, and our employees,” said Carlisle Management’s Chief
Executive Officer Jose Garcia. “Our company cultures are a perfect
fit, and our portfolios, operations and management systems are
clearly complementary. As we move forward, our primary focus
remains to provide the highest standard of service and exceptional
value to our clients.”
“The acquisition of Carlisle is a strategic move aligned
perfectly with our commitment to client-centric solutions and our
continued growth as a global alternative asset manager,” said
Abacus Life CEO Jay Jackson. “Carlisle has the strongest and most
enduring track record as a fund manager within the life settlement
industry, and its geographically diverse client base will further
accelerate our drive towards becoming a global financial
player.”
Elena Plesco, Chief Capital Officer of Abacus Life, commented on
the significance of the transaction: “This acquisition represents a
pivotal moment for our ABL Wealth division, which provides
investors with access to an uncorrelated, high-returning asset
class of insurance products. By integrating Carlisle’s expertise
and robust portfolio into our offerings, we are strategically
positioning ABL Wealth at the cornerstone of our mission to provide
sophisticated investment solutions for the life settlement market.
The acquisition underscores our commitment to delivering
unparalleled value and expanding our capabilities to serve a
broader spectrum of investors.”
Transaction Details
Carlisle shareholders will receive consideration in the form of
$73.5 million in par value of Abacus bonds and 9.3 million Abacus
common stock, which are subject to closing adjustments and certain
performance thresholds. Transaction is subject to regulatory
approval.
Advisors
Dynasty Investment Bank is acting as exclusive financial advisor
to Abacus Life, and White & Case LLP and Elvinger S.à r.l. PLLC
are acting as legal counsel to Abacus Life. Manorhaven Capital, LLC
is acting as exclusive financial advisor to Carlisle Management,
and ArentFox Schiff LLP, TS&P and Arendt & Medernach SA are
acting as legal counsel to Carlisle Management.
About Carlisle Management Company SCA
Established in 2008, Carlisle is a leading, highly diversified
global investment management firm. Carlisle’s state-of-the-art
facilities and statistical modelling systems incorporate knowledge
gained from over 60 years of combined investment experience within
the alternative assets sector. Supervised by the Luxembourg
regulator and overseen by reputable audit firms at both management
company and fund levels, Carlisle operates independently. This
allows management to focus solely on maximizing investor returns,
risk management and transparency in investor reporting within a
regulated framework.
https://cmclux.com
About Abacus Life,
Inc.
Abacus is a leading vertically integrated alternative asset
manager and market maker, specializing in longevity and actuarial
technology. Since 2004, Abacus has purchased life insurance
policies from consumers seeking liquidity and has actively managed
those policies over time (via trading, holding, and/or servicing).
With over $5 billion in face value of policies purchased, Abacus
has helped thousands of clients maximize the value of life
insurance. Abacus is the only public life settlement company
trading on the Nasdaq Exchange under the ticker symbol ABL.
Over the past 20 years, the Company has built an
institutionalized origination and portfolio management process that
is supported by a 100+ person team, long-term relationships with 78
institutional partners and 30,000 financial advisors, and the
ability to operate in 49 states. The Company complies with HIPAA
and privacy laws to maintain and protect confidentiality of
financial, health, and medical information. Abacus is also proud to
be a BBB Accredited Business with an A+ rating.
www.abacuslife.com
Forward Looking Statements
All statements in this press release (and oral statements made
regarding the subjects of this press release) other than historical
facts are forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside the
control of Abacus. Forward-looking information includes but is not
limited to statements regarding: Abacus’s financial and operational
outlook; Abacus’s operational and financial strategies, including
planned growth initiatives and the benefits thereof, Abacus’s
ability to successfully effect those strategies, and the expected
results therefrom. These forward-looking statements generally are
identified by the words “believe,” “project,” “estimate,” “expect,”
“intend,” “anticipate,” “goals,” “prospects,” “will,” “would,”
“will continue,” “will likely result,” and similar expressions
(including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of its business. The
factors that could cause results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to: the fact that Abacus’s loss reserves are based on
estimates and may be inadequate to cover its actual losses; the
failure to properly price Abacus’s insurance policies; the
geographic concentration of Abacus’s business; the cyclical nature
of Abacus’s industry; the impact of regulation on Abacus’s
business; the effects of competition on Abacus’s business; the
failure of Abacus’s relationships with independent agencies; the
failure to meet Abacus’s investment objectives; the inability to
raise capital on favorable terms or at all; the effects of acts of
terrorism; and the effectiveness of Abacus’s control environment,
including the identification of control deficiencies.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties set forth in documents filed by Abacus with the U.S.
Securities and Exchange Commission from time to time, including the
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and
subsequent periodic reports. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Abacus cautions you not to place undue
reliance on the forward-looking statements contained in this press
release. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Abacus assumes no obligation and,
except as required by law, does not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Abacus does not give any
assurance that it will achieve its expectations.
Contacts:
Abacus Life Investor Relationsinvestors@abacuslife.com
Abacus Life Public Relationspress@abacuslife.com
Carlisle Management Investor Relationsinfo@cmclux.com
Carlisle Management Public Relationspress@cmclux.com
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