Fifth Street Finance Corp. Appoints Patrick J. Dalton as Chief Executive Officer
November 30 2016 - 7:00AM
Chief Executive Officer Todd G. Owens and Chief
Investment Officer Ivelin M. Dimitrov to Step Down, Effective
January 2, 2017
Fifth Street Finance Corp. (NASDAQ:FSC) (“FSC” or the “Company”)
today announced that its Board of Directors has appointed Patrick
J. Dalton as Chief Executive Officer and elected him as a member of
the Board of Directors, effective January 2, 2017. Mr. Dalton
will succeed Todd G. Owens, who will continue in his roles as CEO
and a member of the Board of Directors until that time to
facilitate a smooth transition. The Company also announced that
Ivelin M. Dimitrov will step down from his roles as President,
Chief Investment Officer and a member of the Board of Directors,
effective January 2, 2017.
Mr. Dalton joins Fifth Street from Gordon Brothers Finance
Company, where he served as President, CEO and Chair of the
Investment Committee from 2012 to 2016. Prior to that role,
he was President and Chief Operating Officer at Apollo Investment
Corporation from 2008 to 2012; Chief Investment Officer and
Portfolio Manager at Apollo Investment Management, L.P. from 2007
to 2012; and a partner at Apollo Global Management from 2004 to
2012. Mr. Dalton previously served as a Vice President at Goldman,
Sachs & Co., Chase Securities Corp. and Chase Manhattan
Bank.
“We’re incredibly excited to have Patrick, an accomplished
investment management executive with demonstrated success managing
a public business development company, taking the reins at FSC,”
said Bernard D. Berman, Chairman of the FSC Board of Directors.
“Given his more than 25 years of investment experience, we’re
pleased that Patrick will take over primary responsibility for all
aspects of FSC’s investment and operating strategy. We are
confident that Patrick has the unique skills and experience to
continue executing on FSC’s goal of driving shareholder value. We
sincerely thank both Todd and Ivelin for their numerous
contributions to FSC and we are confident that they will both help
ensure a smooth leadership transition.”
“I welcome the opportunity to lead FSC and look forward to
leveraging Fifth Street’s middle market direct origination platform
as we continue to seek investment opportunities with strong
risk-adjusted returns for our shareholders,” said Mr. Dalton.
“Importantly, I plan to focus a large portion of my time on
improving the company’s performance and operations, stabilizing NAV
and furthering our alignment with shareholders. I am
confident that we will be well-positioned to improve returns for
our shareholders over the long-term.”
Mr. Dalton will also join Fifth Street Asset Management Inc.
(NASDAQ:FSAM) as Co-President, effective January 2nd, succeeding
Todd Owens who will be stepping down.
About Patrick J. Dalton
Mr. Dalton is an accomplished investment management executive
with over 25 years of investment and leadership experience. Most
recently, from 2012 to 2016, Mr. Dalton was the Founder, President
and Chief Executive Officer of Gordon Brothers Finance Company
(“GBFC”), a portfolio company of BlackRock Capital Corporation
since October 2014. GBFC is a commercial finance company that
provides cash flow, asset-based and hybrid term loans to
middle-market companies in North America and Europe. Prior to
joining GBFC, Mr. Dalton was with Apollo Global Management from
2004 to 2012 where he served as President and Chief Operating
Officer of Apollo Investment Corporation from 2008 to 2012 and
served as Chief Investment Officer of Apollo Investment Management
from 2007 to 2012. As one of the founding partners of Apollo Global
Management, his contributions were instrumental to the firm’s
development and growth, leading over $8.6 billion of investments
across 165 portfolio companies from 2004 through 2011, as well as
successfully navigating though the Great Recession. In addition to
managing Apollo Investment Corporation, Mr. Dalton co-founded
Apollo’s CLO platform, managed one of Apollo’s first Credit
Opportunity Funds and was instrumental in founding Apollo’s
European credit platform in 2006. Earlier in his career, Mr. Dalton
served as a Vice President of Goldman Sachs & Co.'s GS
Mezzanine Funds and a Vice President at Chase Securities, Inc. and
The Chase Manhattan Bank, N.A. He holds an MBA from Columbia
Business School and a BS in Finance from Boston College. Mr. Dalton
was the founding sponsor for the Private Equity Mentorship Program
at Columbia Business School.
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading specialty finance
company that provides custom-tailored financing solutions to small
and mid-sized companies, primarily in connection with investments
by private equity sponsors. The company originates and
invests in one-stop financings, first lien, second lien, mezzanine
debt and equity co-investments. FSC's investment objective is
to maximize its portfolio's total return by generating current
income from its debt investments and capital appreciation from its
equity investments. The company has elected to be regulated as a
business development company and is externally managed by a
subsidiary of Fifth Street Asset Management
Inc. (NASDAQ:FSAM), a nationally recognized credit-focused
asset manager with over $5 billion in assets under
management across multiple public and private vehicles. Having
committed approximately $10 billion of loans over its 18-year track
record, Fifth Street's platform has the ability to hold loans up
to $250 million and structure and syndicate transactions
up to $500 million. Fifth Street received the 2015 ACG
New York Champion's Award for "Lender Firm of the Year," and other
previously received accolades include the ACG New York Champion's
Award for "Senior Lender Firm of the Year," "Lender Firm of the
Year" by The M&A Advisor and "Lender of the Year"
by Mergers & Acquisitions. FSC's website can be
found at fsc.fifthstreetfinance.com.
Forward-Looking Statements
Some of the statements in this press release constitute
forward-looking statements, because they relate to future events or
our future performance or financial condition. Forward-looking
statements may include statements as to the future operating
results, dividends and business prospects of Fifth Street Finance
Corp. (“FSC”, or “Company”). Words such as “believes,” “expects,”
“seeks,” “plans,” “should,” “estimates,” “project,” and “intend”
indicate forward-looking statements, although not all
forward-looking statements include these words. These
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those implied or expressed in
these forward-looking statements for any reason. Such factors are
identified from time to time in FSC’s filings with the Securities
and Exchange Commission and include changes in the economy and the
financial markets and future changes in laws or regulations and
conditions in the Company’s operating areas. FSC undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Contact
Investor Contact:
Robyn Friedman, Executive Director, Head of Investor Relations
(203) 681-3720
ir@fifthstreetfinance.com
Media Contact:
James Golden / Aura Reinhard / Andrew Squire
Joele Frank Wilkinson Brimmer Katcher
(212) 355-4449
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