Spouting Rock Asset Management, headquartered in Bryn Mawr, has acquired a majority stake in Connecticut-based Old Hill Partners, an alternative asset manager that focuses on asset-based lending transactions with small and midsize businesses, for an undisclosed amount, writes Jeff Blumenthal for the Philadelphia Business Journal.

The asset management firm has $3 billion in assets under management and around 30 employees. Old Hill, which has $230 million in assets under management and six employees, will operate as its subsidiary.

Spouting Rock Alternative Credit, a newly formed subsidiary, will house the Old Hill asset-based lending business. This will serve as the investment advisor to funds managed by Old Hill and other investment vehicles.

According to Spouting Rock, the acquisition will make it possible to expand its platform and help complement the existing portfolio needs of its clients.

The acquisition comes after the firm completed a similar deal in December 2020 when it bought a majority stake in Penn Capital Management. The firm plans to continue its acquisition strategy and would like to add asset managers based in Europe and Asia, according to CEO Andrew Smith.

Read more about Spouting Rock Asset Management and the majority stake Old Hill Partners acquisition in the Philadelphia Business Journal.