Great Elm Capital Corp. Announces Successful Completion Of The Full Circle Capital Merger

BOSTON, Nov. 04, 2016 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (NASDAQ:GECC) today announced the successful completion of the merger between GECC and Full Circle Capital Corporation ("Full Circle").

The transformational transaction more than doubles assets under management for the combined business development company ("BDC"), providing a platform for growth.  GECC intends to focus on strategies for thoughtfully growing its business, as the enhanced scale should enable GECC to support its distribution going forward, to opportunistically buy back shares at a discount and to invest in market dislocations.  GECC is 15% owned by Great Elm Capital Group, Inc. (NASDAQ:GEC), the parent of GECC's investment manager.  This significant alignment of interest between the stockholders and the manager is expected to create both operational and financial focus on total stockholder return.

Management and Governance

GECC is managed by Great Elm Capital Management ("GECM"). GECM's investment team has deployed more than $17 billion into more than 550 issuers across 20+ jurisdictions over its 14 year history under MAST Capital Management, LLC ("MAST").  Led by Peter A. Reed, GECC's Chief Executive Officer, GECM's investment team has more than 100 years of aggregate experience financing and investing in leveraged middle market companies.  "Our opportunistic investment strategy seeks to identify compelling investments in the securities of leveraged issuers.  By focusing on catalyst-driven investments, we strive to deliver attractive risk-adjusted returns throughout the credit cycle," said Mr. Reed.


Effective as of the close of trading today, November 3, 2016, Full Circle common shares will cease trading on the NASDAQ. Great Elm Capital Corp. common shares will begin trading on the NASDAQ under the new trading symbol "GECC" effective as of market open on Friday, November 4, 2016.