Garrison Capital Inc. to Merge with Portman Ridge Finance Corporation
June 23, 2020
Garrison Capital Inc. (Nasdaq: GARS) will merge with and into Portman Ridge Finance Corporation (Nasdaq: PTMN) under a definitive agreement approved by both boards. The combined company will be externally managed by Sierra Crest Investment Management (an affiliate of BC Partners) and is expected to deliver scale benefits, operational synergies and immediate accretion to net investment income per share; GARS stockholders will receive a mix of cash and PTMN shares plus a $5.0 million aggregate additional cash payment from Sierra Crest.
- Buyers
- Portman Ridge Finance Corporation, Sierra Crest Investment Management LLC, BC Partners Advisors L.P., LibreMax Capital LLC
- Targets
- Garrison Capital Inc.
- Sellers
- Garrison Capital Inc. stockholders
- Industry
- Financial Services
- Location
- New York, United States
- Transaction Type
- Buyout
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