Spouting Rock Asset Management LLC has agreed to acquire Old Hill Partners Inc., an alternative asset manager focused on asset-based lending transactions with small- and medium-sized businesses.

Spouting Rock Alternative Credit LLC, a newly formed subsidiary of Spouting Rock, will house the Old Hill asset-based lending business and become the investment adviser to Old Hill's existing funds and other investment vehicles, with Old Hill alumni Jeff Haas and Peter Faigl serving as president and chief investment officer, respectively.

Financial terms of the transaction were not disclosed.