JMP Group Divests Interest in Harvest Capital Credit Corporation
June 11 2021 - 6:45AM
Business Wire
JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, announced today that Harvest Capital Credit
Corporation, a business development company previously externally
managed by JMP Group subsidiary HCAP Advisors, has been acquired by
Portman Ridge Finance Corporation. Harvest Capital Credit
Corporation had been listed on Nasdaq under the symbol “HCAP.”
The aggregate value of the cash and stock received in exchange
for JMP Group’s investment in Harvest Capital Credit Corporation
was approximately $9.7 million.
“This transaction represents the continuation of our
well-established plan to divest non-strategic asset management
businesses in order to simplify our company and deleverage,” said
Chairman and Chief Executive Officer Joe Jolson. “While we had not
been receiving a regular cash dividend from HCAP in recent
quarters, we now have the opportunity to redeploy the capital
returned to us in a fashion that could be immediately accretive to
earnings per share.”
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity 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. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities and its venture capital and private capital activities
through Harvest Capital Strategies and JMP Asset Management. For
more information, visit www.jmpg.com.
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Investor Relations JMP Group LLC
Andrew Palmer (415) 835-8978 apalmer@jmpg.com
Media Relations Dukas Linden Public Relations, Inc.
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Michael Falco (646) 808-3611 michael@dlpr.com
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