December 2021 - Harbert Management Corporation Announces Strategic Transaction with South Bay Partners

Birmingham, AL, December 21, 2021 – Harbert Management Corporation (“HMC”) announces a strategic transaction by which HMC will become the majority owner and manager of South Bay Partners, LLC (“South Bay”).  Based in Dallas, Texas, South Bay is a development platform with a 25 year track record of building quality senior housing communities. Founder and Chief Executive Officer, Craig W. Spaulding, launched South Bay in 1994.  Craig will move to an advisory role and the previous President, Patrick McGonigle, will step into the CEO role and lead South Bay’s expert team of development professionals.  HMC also expects to raise capital for South Bay’s development projects through a series of separately managed accounts and comingled funds.

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