Fifth Street Senior Floating Rate Corp. Appoints Patrick J. Dalton as Chief Executive Officer
December 14 2016 - 7:05AM
Fifth Street Senior Floating Rate Corp. (NASDAQ:FSFR) (“FSFR” 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 succeeding Ivelin M. Dimitrov. In addition, the Company
announced that Todd G. Owens will also step down from his roles as
President and a member of the Board of Directors, effective January
2, 2017.
On November 30, 2016, Fifth Street Finance Corp. (NASDAQ:FSC)
announced the appointment of Mr. Dalton as its Chief Executive
Officer and as Co-President of Fifth Street Asset Management Inc.
(NASDAQ:FSAM), both 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 are delighted to welcome Patrick to FSFR’s leadership team,”
said Bernard D. Berman, Chairman of the FSFR Board of Directors.
“His deep industry insight and more than 25 years of credit and
investment experience make him uniquely qualified to guide FSFR.
With Patrick having full responsibility for FSFR’s investment
and operating strategy, we look forward to continuing to execute on
our strategic plan to deliver enhanced stockholder value. We would
like to thank Ivelin and Todd for their numerous contributions to
FSFR and wish them well in all of their future endeavors.”
“I am excited to lead both of Fifth Street’s credit-focused
BDCs, which provide unique value propositions for shareholders,”
said Mr. Dalton. “With 100% of its current debt portfolio invested
in senior secured floating rate loans, I believe that FSFR is
well-positioned for a potential rise in interest rates and is
uniquely capable to originate and invest in attractive
opportunities with appropriate risk-adjusted returns. Looking
ahead, I am focused on improving the Company’s operating
performance and stabilizing NAV, as we seek to improve returns for
our shareholders over the long-term.”
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 a partner of Apollo Investment Management,
his contributions were instrumental to the firm’s development and
growth of Apollo Investment Corporation, leading over $8.6 billion
of investments across 165 portfolio companies from 2004 through
2011. 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 Senior Floating Rate
Corp.
Fifth Street Senior Floating Rate Corp. is a specialty finance
company that provides financing solutions in the form of floating
rate senior secured loans to mid-sized companies, primarily in
connection with investments by private equity sponsors.
FSFR's investment objective is to maximize its portfolio's total
return by generating current income from its debt investments while
seeking to preserve its capital. 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. FSFR's
website can be found at fsfr.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 Senior
Floating Rate Corp. (“FSFR”, 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 FSFR’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. FSFR
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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