Fifth Street Finance Corp. Announces Promotion of Richard A. Petrocelli to CFO
July 23 2014 - 2:00PM
Fifth Street Finance Corp. (NASDAQ:FSC) ("FSC") today announced
that its Board of Directors promoted a member of FSC's management
team, Richard A. Petrocelli, to Chief Financial Officer. Alexander
C. Frank is stepping down as CFO but remains Chief Operating
Officer of Fifth Street Management LLC, FSC's investment adviser.
In his role as COO of Fifth Street Management LLC, Mr. Frank
oversees the platform's finance and operations infrastructure
including FSC, Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR) ("FSFR") and various Fifth Street private funds. Mr.
Petrocelli will continue to report to Mr. Frank.
Prior to his promotion, Mr. Petrocelli served as Chief
Accounting Officer of FSC. Previously, Mr. Petrocelli spent 15
years at Saratoga Partners, a middle market private equity firm,
where he was Managing Director and CFO. Additionally, Rich
served as CFO and Chief Compliance Officer of Saratoga Partner's
publicly-traded business development company, Saratoga Investment
Corp. and has over 20 years of finance and accounting experience
across a wide variety of roles in the asset management industry.
Mr. Petrocelli has also been promoted to CFO of FSFR.
"As we broaden our platform, we are proud to elevate certain
individuals in recognition of their expanded responsibilities,"
stated FSC's Chief Executive Officer, Leonard M. Tannenbaum,
adding, "Rich has been a key member of the finance and accounting
team and is well-suited to take over the CFO position from Alex,
who continues to be a senior leader of the platform as COO of Fifth
Street Management LLC."
About Fifth Street Finance Corp.
Fifth Street Finance Corp. is a leading specialty finance
company that provides custom-tailored financing solutions to
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 Fifth
Street Management LLC, an SEC-registered investment adviser and
leading alternative asset manager with $5 billion in assets under
management. With a track record of more than 16 years, Fifth
Street's nationally recognized platform has the ability to hold
loans up to $150 million, commit up to $250 million and structure
and syndicate transactions up to $500 million. Fifth Street
Management received the 2014 ACG New York Champion's Award for
"Senior Lender Firm of the Year" and was named both 2013 "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
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the company. Words such as "believes,"
"expects," "estimates," "projects," "anticipates," and "future" or
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to
the inherent uncertainties in predicting future results and
conditions. Certain factors could cause actual results to
differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in
the company's filings with the Securities and Exchange
Commission. The company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT: Investor Contact:
Dean Choksi, Executive Director of Finance
& Head of Investor Relations
(203) 681-3722
dchoksi@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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