Belle Meade investment firm Courage Capital Management announced today the launch of a Los Angeles office that will be led by two debt industry veterans focused on distressed debts in the lower middle market.
John Klinge and Scott Imbach have joined Courage as senior managing directors from Levine Leichtman Capital Partners. Courage manages about $655 million in investment funds, according to SEC filings last spring. The 14-year-old firm works with endowments, pension funds, family offices and other institutional investors as well as high-net-worth individuals.
“These gentlemen bring to Courage over 50 years of collective experience investing in all forms of stressed and distressed opportunities, longstanding relationships that provide a sourcing and research advantage, and demonstrated track records of realizing value in businesses confronting operational or financial challenges,” said Richard Patton, CIO and founder of Courage in a statement. “John and Scott are experienced investors across market cycles.”
Imbach is a 23-year veteran of the banking and investment industry with 16 years of experience in investing in stressed, distressed and other special situations. Klinge has almost three decades of banking and investment experience including an 18-year track record of investing institutional capital in a variety of stressed, distressed, control-play, high-yield, and leveraged loan opportunities.
“I have a great deal of respect for Richard and the business he has built,” Imbach said in the statement. “In addition, I have known John for over 20 years and recently worked closely with him for almost three years at LLCP pursuing a U.S. middle market control and influence distressed debt strategy that is very similar to the one we will pursue at Courage. I believe these longstanding relationships and years of working together will allow the Courage team to collectively operate seamlessly to deliver superior investment results.”