NEW YORK, April 19, 2012 /PRNewswire/ -- Saratoga Investment Corp., (NYSE: SAR), a business development company, is pleased to announce that Joe Burkhart has joined Saratoga Investment Advisors, the management company overseeing its portfolio, as Managing Director of Business Development. He will work with management at Saratoga Investment Corp. to increase deal flow, strengthen the firm's investment-origination platform and increase assets under management.
"Joe will help us put our capital to work, particularly the capital available through the Small Business Investment Company license that Saratoga received two weeks ago from the U.S. Small Business Administration," said Christian L. Oberbeck, Chief Executive Officer and President of Saratoga Investment Corp. "He will be instrumental in employing SBIC financing and other resources to achieve our current objective of more than doubling assets under management."
An SBIC license allows Saratoga Investment Corp. to drawdown borrowings of up to $150 million over a five-year period that have a term of 10 years at SBA fixed rates, currently below 4% per annum. Saratoga will invest this money in middle-market businesses that comply with SBIC regulations.
"Having worked closely with Joe, I have firsthand knowledge of his experience as a prodigious investment originator and his impressive track record of building highly successful business development platforms at institutions such as Tatum Partners and American Capital. His productivity and experience will be key to helping us build Saratoga into one of the country's leading BDCs," Mike Grisius, Saratoga's Chief Investment Officer, said.Burkhart said, "I am excited to be joining Saratoga Investment Advisors, with its strong and growing foundation of exceptional people, a great investment culture and an important niche focused on the underserved smaller end of the middle market. It is ideally positioned with ample dry powder, particularly from the SBIC license."
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