Friedman Billings Ramsey will sell a $100m (€79.3m) stake in itself to Crestview Partners and raise $300m more through private placements.
Crestview, a $1.4bn private equity firm founded by former Goldman Sachs private equity veterans Thomas Murphy and current chairman and CEO, Barry Volpert, was founded in 2004 and focuses on distressed and contrarian investments in North America and Europe.