KKR & Co. (NYSE:KKR) has reached across the Atlantic for its latest acquisition. The buyout boutique is set to purchase privately held European credit investment management firm Avoca Capital, the companies announced in a joint press release. The terms of the deal were not made public.

The London- and Dublin-based company, founded in 2002, describes itself as having "a long track record of being one of the top performing investment firms in the European sub-investment grade credit markets." It says it has 6 billion euros ($8.2 billion) of assets under management, and employs 67 people.

In the press release, KKR quoted its co-CEOs Henry Kravis and George Roberts, saying of their new acquisition that it "will enable us to expand our credit platform to offer a full spectrum of credit opportunities globally for our clients."

The transaction, which is subject to customary regulatory approvals, is expected to close in the first quarter of 2014.  

At the end of its most recently reported quarter, KKR had $1.65 billion in cash and short-term investments, and total debt of $1.71 billion.

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