GEG - Great Elm Group Inc. (GEG) Invests $6 Million to Support a $24 million Equity Raise for Great Elm Capital Corp. (GECC) at Net Asset Value | Benzinga
PALM BEACH GARDENS, Fla., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (the "Company" or "GEG"), (NASDAQ:GEG), an alternative asset manager, today announced it has invested $6 million in a special purpose vehicle which acquired $24 million of common stock in GECC at net asset value ("NAV").
"This transaction leverages GEG's key attributes to create a beneficial outcome for all stakeholders," said Jason Reese, GEG's Chief Executive Officer. "Raising equity at NAV for our permanent capital vehicle, GECC, will help leverage our infrastructure and help scale our credit platform. In addition, we believe our investment in the special purpose vehicle will deliver a strong return and allow us to grow our recurring revenue streams. GEG is committed to scaling its existing businesses and executing its strategic growth initiatives."
Matt Kaplan, GECC's Chief Executive Officer, said, "GECC is committed to generating durable returns for ...