BC Partners-backed Portman Ridge Finance completed the merger with Harvest Capital Credit in a $46m deal.

BC Partners-backed Portman Ridge Finance, a closed-end, externally managed, non-diversified management investment company, completed the merger with Harvest Capital Credit, a provider of customized financing solutions to privately held small and mid-sized companies, in a $46m deal. "We believe the combination with PTMN represents a favorable outcome for HCAP investors. As HCAP’s largest non-institutional shareholder, I have agreed to take stock in the merger and to lockup my PTMN position for 90 days post-closing to facilitate greater liquidity for HCAP shareholders who receive shares in the merger. The transaction is expected to be accretive to net investment income of the combined company due to material cost savings, lower investment management fees, and reduced borrowing costs on HCAP’s contributed assets. Finally, HCAP shareholders who receive PTMN shares in the merger can expect to receive regular cash dividends from PTMN on a go-forward basis," Joseph Jolson, HCAP Chairman and CEO.