CARMEL,
Ind., April 27, 2022 /PRNewswire/ -- CNO
Financial Group, Inc. (NYSE: CNO) today announced that it has
acquired a strategic minority interest in Rialto Capital ("Rialto")
and agreed to invest in a number of Rialto-managed investment
vehicles. Rialto is an investment and asset management platform
focused on the commercial real estate sector with $14.2 billion1 in assets under
management.
Partnering with Rialto extends the capabilities of CNO's
in-house investment platform and enables the company to
opportunistically benefit from increased exposure to commercial
real estate, as market conditions allow.
"This partnership demonstrates CNO's commitment to allocate
capital and diversify our investment portfolio to enhance
shareholder returns," said Gary C.
Bhojwani, chief executive officer. "We are pleased to invest
in Rialto and its proven management team, who are leading investors
and asset managers in this important sector."
"We are thrilled to welcome CNO as a strategic partner," said
Jeff Krasnoff, chief executive
officer of Rialto. "CNO has a successful track record and we look
forward to creating value together."
Jay Mantz, president of Rialto,
added "We believe this relationship will help us continue to grow,
both in our flagship real estate debt and equity strategies as well
as in newly formed investment vehicles, to capitalize on the
current investment environment."
CNO's minority interest joins funds managed by Stone Point
Capital and Rialto's management team as continuing owners of the
business. Financial terms of the transaction were not
disclosed.
Deutsche Bank Securities Inc. served as exclusive financial
advisor and Mayer Brown LLP acted as legal counsel to CNO Financial
Group. Wells Fargo Securities, LLC served as exclusive financial
advisor and Kramer Levin Naftalis
and Frankel LLP acted as legal counsel to Rialto.
About CNO Financial Group
CNO Financial Group, Inc.
(NYSE: CNO) secures the future of middle-income America. CNO
provides life and health insurance, annuities, financial services,
and workforce benefits solutions through our family of brands,
including Bankers Life, Colonial Penn and Washington National. Our
customers work hard to save for the future, and we help protect
their health, income and retirement needs with 3.2 million policies
and $36 billion in total assets. Our
3,400 associates, 4,500 exclusive agents and 4,700 independent
partner agents guide individuals, families and businesses through a
lifetime of financial decisions. For more information, visit
CNOinc.com
About Rialto Capital
Rialto is a fully integrated real
estate investment management and asset management company with a
dedicated special servicer. Rialto invests and manages assets
throughout the real estate capital structure in real estate
properties, loans and securities and as of December 31, 2021 has approximately $14.2 billion1 of assets under
management. Rialto's mission is to create long term value for our
investors and sustain results across market cycles. Rialto is
headquartered in Miami, FL and has
professionals operating from 12 locations throughout the United States. For more information,
please visit rialtocapital.com
About Stone Point Capital
Stone Point is an investment firm based in
Greenwich, CT, with over
$40 billion of assets under
management. Stone Point targets
investments in companies in the global financial services industry
and related sectors. The firm invests in a number of alternative
asset classes, including private equity, through its flagship
Trident Funds. Stone Point also
manages both liquid and private credit funds and managed accounts.
In addition, Stone Point Capital Markets supports our firm,
portfolio companies and other clients by providing dedicated
financing solutions. For more information, please visit
stonepoint.com
1For Rialto, assets under management represent face
value owned of CMBS bonds, fair value of all other investments, and
uncalled capital net of outstanding subscription facilities for
vehicles still in their investment period, all as of 12/31/21 and gross assets as of 2/28/22 for the mortgage REIT sub-advised by RCM,
which is the latest info publicly available.
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SOURCE CNO Financial Group