NEW YORK, July 19, 2011 /PRNewswire/ -- Saratoga Investment Corp. (NYSE: SAR), a business development company, is pleased to announce that Michael J. Grisius has been appointed Managing Director and Chief Investment Officer of Saratoga Investment Advisors, the management company overseeing its portfolio. Saratoga Investment Corp. intends to nominate Mr. Grisius to its board of directors.
"We are thrilled to have Mike join us. He has a long and very successful career and investment record, having originated and managed more than $2 billion of subordinated debt investments, senior unitranche loans and control buyouts during his 16 years at Allied Capital Corporation," said Christian L. Oberbeck, Chief Executive Officer and President of Saratoga Investment Corp. and managing member of Saratoga Investment Advisors. "Mike fits well with our team and culture and we are confident, with his excellent experience and capabilities, that he will be an important contributor to our growth."
Mr. Grisius said he believes that a business development corporation, or a BDC, is the best vehicle for financing the growth of small- to middle-market companies, and Saratoga Investment Corp. provides a strong growth opportunity.
"I am excited to be joining Saratoga Investment Corp.'s investment team, particularly at this juncture when it is so well-positioned strategically. It has a solid foundation of exceptional people, a strong credit culture and a stable balance sheet upon which to grow. I look forward to using my investing and team-building experience to help build Saratoga Investment Corp. into one of the country's leading BDCs," said Mr. Grisius.Mr. Grisius has an undergraduate degree from Georgetown University and an MBA from the Johnson Graduate School of Management at Cornell University. His professional experience includes KPMG Peat Marwick, Chemical Banking Corp. and 16 years at Allied Capital Corporation, where he most recently served as co-chairman of the firm's investment committee. About Saratoga Investment Corp. Saratoga Investment Corp. is a specialty finance company that invests primarily in leveraged loans and mezzanine debt issued by U.S. middle-market companies, both through direct lending and through participation in loan syndicates. It has elected to be treated as a business-development company under the Investment Company Act of 1940.