Portman Ridge Finance Corporation and Garrison Capital Inc. Announce Stockholder Approval of Merger
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “PTMN”) and Garrison Capital Inc. (Nasdaq: GARS) (“GARS”) announced today that each company has obtained stockholder approval for the previously announced proposed merger of the two companies (the “Merger”) at their respective special meetings held on October 19, 2020.
Stockholders voted overwhelmingly in favor of the proposed transaction as over 95% of PTMN stockholders and almost 99% of GARS stockholders who voted at the meetings voted in favor of the Merger. The closing of the Merger is anticipated to take place on or about October 28, 2020, subject to satisfaction of customary closing conditions.
Ted Goldthorpe, CEO of PTMN, stated, “We would like to thank our stockholders for their strong support and approval of the merger. We are confident that the added size and scale of the overall platform, and the resources of a large asset management firm, will deliver meaningful benefits to all stakeholders of the combined company.”
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge Finance Corporation’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. The Company’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge Finance Corporation's filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company's website at www.portmanridge.com.
About Garrison Capital Inc.
Garrison Capital Inc. (Nasdaq: GARS) is an externally managed, non-diversified, closed-end management Investment Company that has elected to be treated as a business development company under the Investment Company Act of 1940. GARS is managed by its investment adviser, Garrison Capital Advisers LLC, an affiliate of Garrison Investment Group, and a registered investment adviser under the Investment Advisers Act of 1940 which provides the resources and expertise of the investment professionals at Garrison Investment Group.