Credit Suisse has acquired a 33% interest in Great American Group, an asset management and liquidation firm. Terms of the transaction were not disclosed.

Great American provides liquidation services, auctions, wind-down services, appraisals, valuations and related services to a wide range of major companies. Over the past decade, Great American has also become a leader in conducting liquidations for wholesale and industrial companies, including Collins & Aikman, Winn Dixie and Arthur Andersen.

The firm will use the infusion of capital from Credit Suisse to continue growing its liquidation business, and finance other growth initiatives, including acquisitions of complementary businesses, that will expand its service offering.

“This transaction will provide us with an entirely new platform from which to operate our key businesses of liquidation services, auctions and appraisals, and to expand our footprint internationally,” said Andrew Gumaer, CEO of Great American. “By partnering with a leading issuer of non-investment grade debt and a leading player in the distressed debt market, we anticipate new opportunities to meet the extensive appraisal needs of high yield and leveraged loan issuers, and the downsizing and liquidation needs of distressed companies. We are confident that, with Credit Suisse’s partnership and support, we will accomplish our long-term goal of becoming the preferred choice for any major national liquidation.”

“We view Great American not only as an attractive investment, but a strategic partner that will help us expand our leveraged finance franchise,” said Don Pollard, co-head of leveraged finance at Credit Suisse. “The synergies we expect to capture through this transaction will allow us to provide total solutions to distressed companies. Great American’s expertise in valuing and liquidating assets of every type will also give us access to a valuable base of collateral recovery information, and a significantly lower risk potential for restructuring over-leveraged cash flow loans.”