Lincoln International Assists Prospect Capital Corporation in the Valuation of Patriot Capital Funding, Inc.
CHICAGO, January 11, 2010 – Lincoln International (through its wholly owned affiliate Lincoln Partners Advisors LLC), a leading global middle-market investment bank, today announced that Prospect Capital Corporation (Nasdaq: PSEC) (“Prospect”) has completed the acquisition of Patriot Capital Funding, Inc. (Nasdaq:PCAP) (“Patriot”) in a cash-and-stock deal valued at approximately $200 million. Lincoln International acted as independent valuation advisor to Prospect on the transaction.
Patriot is a specialty finance company primarily providing customized financing solutions to private equity sponsors focused on making investments in small- to mid- sized companies. Patriot typically invests in companies with annual revenues generally ranging from $10 million to $100 million that operate in diverse industry sectors. Investments usually take the form of senior secured loans, junior secured loans, and/or subordinated debt investments -- which may contain equity or equity-related instruments.
Lincoln International has been our exclusive valuation agent for the last year valuing all of our investments on a quarterly basis.” said Grier Eliasek, President and Chief Operating Officer of Prospect. “Drawing upon their extensive experience and insight on middle-market debt and equity securities, Lincoln was instrumental in helping us value the many companies that comprise the Patriot portfolio, and ultimately assisted us in achieving a successful transaction.
About Prospect Capital Corporation
Prospect Capital Corporation (www.prospectstreet.com) is a mezzanine debt and private equity firm that manages a publicly-traded, closed-end, dividend-focused investment company that lends to and invests in private and microcap public businesses. Prospect primarily provides non-control debt financing to management teams or financial sponsors. In addition, Prospect selectively makes control acquisitions by providing multiple levels of the capital structure. Prospect reviews a range of financing situations, including: Mezzanine Debt, Acquisitions, Growth, Development, Financings and Recapitalizations. As a yield-oriented company, Prospect seeks investments with historical cash flows, asset collateral, or contracted pro forma cash flows.
About Lincoln International
Lincoln International specializes in mergers and acquisitions services, debt advisory services, UK pensions advisory services and providing restructuring advice, fairness opinions and valuations for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, London, Los Angeles, Madrid, New York, Paris, Tokyo and Vienna, and strategic partnerships with China Everbright in China ICICI Securities, Inc. in India, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. Additional information about Lincoln International can also be found at www.lincolninternational.com.
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