Firm Well Positioned for Future Growth
Boston—January 15, 2013— Crystal Financial LLC (“Crystal”) announced today that it has been acquired as a portfolio company by Solar Capital Ltd. (“Solar Capital”), a publicly-held business development company focused on lending to middle-market companies. Crystal will continue to operate as an independent commercial finance company. Crystal has achieved a long and established presence in the secured debt capital markets. Its team has operated together for over 15 years and is highly regarded for its commitment to the middle market and ability to underwrite secured debt commitments across a wide variety of industries.
“Becoming a portfolio company of Solar Capital is an exciting outcome for Crystal,” said Ward Mooney, Chief Executive Officer of Crystal Financial LLC. “We have known their team for many years, and we share their core values. Our new ownership provides us with long-term capital and a broader product offering, which will enhance our ability to meet the financing expectations of our clients. Our affiliation with the Solar Capital platform will create many exciting opportunities to expand our business.”
“The Crystal team has an outstanding reputation as a consistent originator and manager of secured debt capital. Their ability to originate and structure solutions for middle-market companies is well-regarded throughout our industry,” noted Michael Gross, Chairman and CEO of Solar Capital. “We are extremely excited about this investment.”
“Our origination team looks forward to its new affiliation with Solar Capital. The incremental capital will strengthen our ability to assist our clients in achieving their strategic and financial objectives,” commented Steve Migliero, Senior Managing Director and Head of Business Development and Originations.
About Crystal Financial LLC
Crystal Financial is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.
About Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities. For more information, please visit www.solarcapltd.com.