SAN FRANCISCO–(BUSINESS WIRE) – JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, today announced that Harvest Capital Credit Corporation, a business development firm formerly managed externally by JMP Group subsidiary HCAP Advisors, has been acquired by Portman Ridge Finance Corporation. Harvest Capital Credit Corporation is listed on Nasdaq under the symbol “HCAP”.
The aggregate value of cash and shares received in exchange for the JMP Group’s investment in Harvest Capital Credit Corporation was approximately $9.7 million.
“This transaction represents a continuation of our well-established plan to divest non-strategic asset management businesses in order to simplify our company and deleverage,” said President and CEO Joe Jolson. “Although we have not received a regular cash dividend from HCAP in recent quarters, we now have the opportunity to redistribute the capital returned to us in a way that could be immediately added to earnings per share. ”
About the JMP Group
JMP Group LLC is a diversified capital markets firm providing investment banking, stock research and sales and trading services to corporate and institutional clients, as well as alternative asset management products and services to institutional and high net worth investors. liquid. The JMP Group conducts its investment banking and research, sales and trading activities through JMP Securities and its venture capital and private equity activities through Harvest Capital Strategies and JMP Asset Management. For more information visit www.jmpg.com.