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Pepper credit managers stage MBO

The senior executives of Pepper Investment Management, a boutique credit investor, finalised a management buyout of Pepper Group's controlling 75 per cent stake.Patrick Holt, the head of investment management at PIM, already owned a 25 per cent stake in the firm (together with his spouse). Other staff of PIM may be part of the buyout group.PIM manages two high income funds with around A$350 million in assets, open to wholesale investors. These funds invest in the unrated and higher yielding tranches of Australian residential mortgage backed securities and asset backed securities, set up to refinance loans originated by the Pepper Group.PIM, which was established in 2012, has changed its name to Blue Quay Investment Management.Pepper Group's prospectus for its recent ASX listing disclosed an EBITDA target for PIM of around $810,00 and 2017 profit target (relevant to equity for key staff) of $1.5 million.

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