Babson Capital Management LLC, a Springfield, Mass., investment manager, announced it has bought Murray Capital Management Inc.'s distressed-debt management business.
The price of the acquisition was not disclosed in Tuesday's announcement.
Murray Capital Management, founded in 1995 and based in New York, specializes in distressed debt, transitional and stressed high-yield, special situation equities, and private-claims investing.
Marti P. Murray — Murray Capital's president, portfolio manager, and senior research analyst — and her investment team are to join Babson and report to Cliff Noreen, the head of its corporate securities division.
The deal is Babson's third in six years. It acquired its U.S. bank loan team in Charlotte, N.C., from Wachovia Corp. in 2002 and the European bank loan business that is now Babson Capital Europe Ltd., in London, from Duke Street Capital in 2004.
Babson, which closed the deal for Murray Capital on Tuesday, had $108 billion of assets under management at March 31.
