Blackrock Capital Investment Corporation Appoints New Chief Executive Officer and New Chairman of the Board
December 22 2016 - 4:00PM
Business Wire
BlackRock Capital Investment Corporation (or “BCIC”)
(NASDAQ:BKCC) today announced that Michael Zugay, Head of
Investments for BlackRock’s US Private Capital Group, has been
named Chief Executive Officer of the company. Further, James
Keenan, Global Head of Fundamental Credit at BlackRock, has been
appointed as the new Chairman of the Board. The appointments of
Zugay and Keenan follow the decision of Steven Sterling to leave
his executive role, while remaining a Director for BCIC. The
changes will be effective January 1, 2017.
“We are grateful to Steve for his considerable contributions as
CEO and we are pleased we will continue to benefit from his
insights as a Director of the company,” said Mr. Keenan. “Michael
is a talented investor with extensive experience in the middle
market private investing space, and I am confident in his abilities
to lead the business going forward.”
Mr. Zugay commented, “I look forward to continuing to work with
our talented investment team as we build on the strong foundation
that Steve has established during his tenure.”
James Keenan is Global Head of Fundamental Credit at BlackRock.
In this capacity, he leads the strategy for Global Fundamental
Credit and is responsible for providing oversight of the investment
process and performance, the partnerships with BlackRock's
distribution channels, and the team's infrastructure. Mr. Keenan
has oversight of the Investment Grade Credit and Sub-Investment
Grade Credit businesses and is Chief Investment Officer of the
Leveraged Finance team, overseeing global high yield, leveraged
loans, alternative, and distressed products. Prior to joining
BlackRock in 2004, Mr. Keenan held roles within credit research and
trading from 1998 to 2003 at UBS Global Asset Management and at
Columbia Management Group.
Michael Zugay is Head of Investments for BlackRock’s US Private
Capital Group based out of the New York office, where he leads the
team’s underwriting and monitoring of its private investments,
including investments on behalf of BCIC. Mr. Zugay currently serves
as Vice Chairman of US Private Capital's investment committee, and
will become Chairman of US Private Capital's investment committee
effective January 1, 2017. Before joining BlackRock, Mr. Zugay was
a Managing Director for Ares Management's Direct Lending Group
where he was responsible for sourcing, evaluating, structuring and
executing private debt and equity investments. Prior to Ares, Mr.
Zugay worked at Zolfo Cooper, a debt restructuring firm, where he
was involved in several large corporate restructurings. He began
his career at Donaldson, Lufkin and Jenrette ("DLJ") as an analyst
in its corporate finance investment banking program and later
joined UBS as a generalist in its investment banking division in
Los Angeles, CA.
About BlackRock Capital Investment Corporation
BlackRock Capital Investment Corporation is a business
development company that provides debt and equity capital to
middle-market companies. The Company's investment objective is to
generate both current income and capital appreciation through debt
and equity investments. The Company invests primarily in
middle-market companies in the form of senior and junior secured
and unsecured debt securities and loans, each of which may include
an equity component, and by making direct preferred, common and
other equity investments in such companies.
Forward-looking statements
This press release, and other statements that BlackRock
Capital Investment Corporation may make, may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, with respect to BlackRock Capital
Investment Corporation’s future financial or business performance,
strategies or expectations. Forward-looking statements are
typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions. BlackRock Capital Investment
Corporation cautions that forward-looking statements are
subject to numerous assumptions, risks and uncertainties, which may
change over time. Forward-looking statements speak only as of the
date they are made, and BlackRock Capital Investment
Corporation assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
In addition to factors previously disclosed in BlackRock
Capital Investment Corporation’s SEC reports and
those identified elsewhere in this press release, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: (1) our future operating results; (2) our business
prospects and the prospects of our portfolio companies; (3) the
impact of investments that we expect to make; (4) our contractual
arrangements and relationships with third parties; (5) the
dependence of our future success on the general economy and its
impact on the industries in which we invest; (6) the ability of our
portfolio companies to achieve their objectives; (7) our expected
financings and investments; (8) the adequacy of our cash resources
and working capital, including our ability to obtain continued
financing on favorable terms; (9) the timing of cash flows, if any,
from the operations of our portfolio companies; (10) the impact of
increased competition; (11) the ability of our investment advisor
to locate suitable investments for us and to monitor and administer
our investments; (12) potential conflicts of interest in the
allocation of opportunities between us and other investment funds
managed by our investment advisor or its affiliates; (13) the
ability of our investment advisor to attract and retain highly
talented professionals; (14) fluctuations in foreign currency
exchange rates; and (15) the impact of changes to tax legislation
and, generally, our tax position.
BlackRock Capital Investment Corporation’s Annual Report on Form
10-K/A for the year ended December 31, 2015, filed with
the SEC identifies additional factors that can affect
forward-looking statements.
Available Information
BlackRock Capital Investment Corporation’s filings with
the SEC, press releases, earnings releases and other financial
information are available on its website
at www.blackrockbkcc.com. The information contained on our
website is not a part of this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20161222005743/en/
Media:BlackRock Capital Investment CorporationEd Sweeney,
1-646-231-0268Ed.Sweeney@blackrock.com
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