NEW YORK, May 3, 2021 /PRNewswire/ -- Dyal Capital
Partners today announced that the investors in the funds it manages
provided the required consents to permit the closing of its pending
strategic combination with Owl Rock Capital Group and Altimar
Acquisition Corporation (NYSE: ATAC). Additionally, the Securities
and Exchange Commission has declared effective the S-4 filed by
Altimar, the special purpose acquisition company buying the merged
company to form Blue Owl Capital.
Owl Rock announced in March an overwhelming majority of
affirmative votes from shareholders of each of its four requisite
business development companies to approve the business
combination.
Owl Rock, Dyal and Altimar agreed in December to form Blue Owl,
a differentiated $50.9 billion AUM
alternative asset manager with industry leading franchises in two
of the fastest growing areas of alternative asset management:
Direct Lending and GP Capital Solutions. The Dyal Capital Partners
funds are currently part of Neuberger Berman, a private,
independent, employee-owned investment manager.
Sean Ward, Founding Partner and
Managing Director of Dyal Capital Partners said: "We greatly
appreciate the broad support we received from our investors and
other parties with whom we have engaged during this process. We
look forward to finalizing this transaction and strengthening our
position as a leading private markets capital partner and
investment manager."
Michael Rees, Head of Dyal
Capital Partners, said: "We are excited about the benefits we
believe Blue Owl will deliver for our stakeholders, including the
support we will offer financial sponsors and private companies as
they continue to serve as an engine of growth for the broader
economy."
Rees will be co-president of Blue Owl alongside Owl Rock
Co-Founder and President Marc
Lipschultz. Management believes that Blue Owl will offer
public investors a uniquely attractive way to gain exposure to the
alternative asset management sector through its potential
combination of strong growth and margins with a focus on permanent
capital and fee related earnings (FRE). Specifically, 91% of Blue
Owl's $50.9 billion in AUM will be
permanent capital and the company initially will derive all its
distributable earnings from FRE, which allows for enhanced
predictability of earnings.
A special meeting of stockholders of Altimar to approve the
business combination between Dyal Capital Partners and Owl Rock
Capital Group is scheduled to be held on Tuesday, May 18, 2021, at 11:30 a.m. ET. If the proposals at the special
meeting are approved, the business combination is expected to close
on May 19, 2021, subject to the
satisfaction of customary closing conditions.
Blue Owl is expected to be listed on the NYSE under the ticker
symbol "OWL" following the anticipated close of the business
combination.
About Owl Rock
Owl Rock Capital Group, together with its subsidiaries, is a
New York based alternative asset
manager with approximately $27.1
billion of assets under management as of December 31, 2020. Owl Rock's platform consists
of multiple investment funds and products including business
development companies. Owl Rock is comprised of a team of seasoned
investment professionals with significant and diverse experience
from some of the world's leading investment firms and financial
institutions. Owl Rock's relationship-oriented approach to
investing seeks to provide companies with sizeable commitments to
facilitate transactions and support their growth needs with
certainty, speed and transparency throughout the entire investment
process. For more information, please visit us
at www.owlrock.com.
About Dyal Capital Partners
Dyal Capital Partners seeks to acquire minority equity stakes in
and provide financing to established alternative asset managers.
With over a decade of experience transacting with institutional
financial firms, Dyal has completed over 50 equity and debt
transactions and manages approximately $23.8
billion in aggregate capital commitments as of December 31, 2020. Central to Dyal's success is
our Business Services Platform (the "BSP"). The BSP is a team that
provides strategic support to underlying management company
partners in various areas, primarily including capital strategy and
advisory services. Part of Neuberger Berman, the Dyal team is
located in New York, London, and Hong
Kong.
Media Contact:
Prosek Partners
David Wells / Josh Clarkson / Emily
Goldberg
dwells@prosek.com / jclarkson@prosek.com / egoldberg@prosek.com
Important Additional Information about the Business
Combination and Where to Find It:
In connection with the Business Combination, a registration
statement on Form S-4 (the "Registration Statement") has been
declared effective by the Securities and Exchange Commission (the
"SEC"), which includes a definitive proxy statement with respect to
the Special Meeting (the "Proxy Statement"). Altimar's
shareholders and other interested persons are advised to read the
Registration Statement and combined proxy statement/prospectus
contained therein and any documents filed in connection therewith,
as these materials will contain important information about Blue
Owl, Altimar, and the Business Combination. The Proxy
Statement will be mailed to Altimar's shareholders who
were holders of record as of April
23, 2021. The documents filed by Altimar with the SEC
may be obtained free of charge at the SEC's website
at www.sec.gov. In addition, the documents filed by Altimar
may be obtained free of charge from Altimar at
www.altimaracquisition.com. Alternatively, these documents can be
obtained free of charge from Altimar upon written request to
Altimar Acquisition Corporation, 40 West 57th Street,
New York, New York 10019, Attn:
Secretary, or by calling 212–287–6767.
Participants in the Solicitation
Altimar and certain of its respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the stockholders of Altimar, in favor of the approval
of the Business Combination. For information regarding Altimar's
directors and executive officers, please see Altimar's annual
report on Form 10-K filed with the SEC on February 24, 2021 and as amended on April 22, 2021. Additional information regarding
the interests of those participants and other persons who may be
deemed participants in the transaction may be obtained by reading
the Proxy Statement. Free copies of these documents may be obtained
as described in the preceding section.
Non-Solicitation
The disclosure herein is not a proxy statement or solicitation
of a proxy, consent or authorization with respect to any securities
or in respect of the proposed Business Combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
any securities, nor shall there be any sale of any such securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a definitive
document.
Forward-Looking Statements
Certain statements made in this press release, and oral
statements made from time to time by representatives of Dyal, Owl
Rock, Neuberger and Altimar are "forward looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Statements
regarding the proposed Business Combination and expectations
regarding the combined business are "forward looking statements."
In addition, words such as "estimates," "projects," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "would," "should," "future," "propose,"
"target," "goal," "objective," "outlook" and variations of these
words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the control of Dyal,
Owl Rock, Neuberger and Altimar, that could cause actual results or
outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, that
may affect actual results or outcomes include: the inability of the
parties to complete the proposed Business Combination with Owl Rock
and Dyal; the risk of delays in the expected timing of the closing
of the proposed Business Combination with Owl Rock and Dyal; the
risk that Altimar shareholder approval of the proposed Business
Combination is not obtained; the inability to recognize the
anticipated benefits of the proposed Business Combination, which
may be affected by, among other things, the amount of funds
available in Altimar's trust account following any redemptions by
Altimar's stockholders; changes in general economic conditions,
including as a result of the COVID-19 pandemic; the outcome of
litigation related to or arising out of the proposed Business
Combination, or any adverse developments therein or delays or costs
resulting therefrom; the ability to meet the New York Stock
Exchange's listing standards following the consummation of the
proposed Business Combination; costs related to the proposed
Business Combination; those factors discussed in Altimar's annual
report on Form 10-K, filed with the SEC on February 24, 2021 and as amended on April 22, 2021, under the heading "Risk Factors";
those factors discussed in the Proxy Statement under the heading
"Risk Factors" and other documents of Altimar filed, or to be
filed, with the SEC. Dyal, Owl Rock, Neuberger and Altimar do not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Non-GAAP Financial Measures
This press release includes references to fee related earnings,
or FRE, which is a supplemental measure that is not required by, or
prepared in accordance with, accounting principles generally
accepted in the United States
("GAAP").
FRE is used to assess core operating performance by determining
whether recurring revenue is sufficient to cover operating expenses
and to generate profits. FRE is derived from and reconciled to, but
not equivalent to, its most directly comparable GAAP measure of Net
Income (Loss) Before Income Taxes. FRE differs from income before
taxes computed in accordance with GAAP as it excludes performance
income, performance related compensation, investment net gains
(losses) and certain other items that we believe are not indicative
of our core operating performance. We use FRE as a non-GAAP measure
to assess and track our performance. FRE is not a measurement of
our financial performance under GAAP and should be considered in
addition to, and not in lieu of, the results of operations which
are derived in accordance with GAAP.
View original
content:http://www.prnewswire.com/news-releases/dyal-capital-partners-funds-receive-investor-consents-required-for-strategic-combination-with-owl-rock-capital-group-to-form-blue-owl-301282198.html
SOURCE Dyal Capital Partners