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Announced

Completed

BC Partners-backed Portman Ridge Finance completed the merger with Garrison Capital in a $64m deal.

Financials

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Transaction Value£51m
Consideration TypeCash, Ordinary Shares
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium43%
One Off Charge-

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Completed

United States

Acquisition

Single Bidder

Public

Asset Managers and Custodians

Friendly

Majority

Merger

investment management

Private Equity

Synopsis

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BC Partners-backed Portman Ridge Finance, a publicly traded, externally managed investment company, completed the merger with Garrison Capital, a publicly traded business development company, in a $64m deal. "After a robust and thorough strategic alternatives process conducted by the Board of Directors, we believe this transaction is an excellent result for the GARS stockholders, along with continuing the growth objective and value creation for PTMN stockholders. In addition to a significant cash consideration component, we believe the continued ownership of PTMN stock and their affiliation with the BCP Credit team and the overall BC Partners platform will provide stockholders with enhanced value and significant future upside," Joseph Tansey, Garrison Capital Chairman and CEO.

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