Harvest Capital Strategies Launches Harvest Capital Credit
25 August 2011 - 10:15PM
Business Wire
Harvest Capital Strategies, the alternative asset management arm
of JMP Group Inc. (NYSE: JMP), announced today the formation of
Harvest Capital Credit LLC, a specialty finance company providing
structured credit to small businesses. Richard P. Buckanavage, who
was formerly president and chief executive officer of Patriot
Capital Funding, Inc., serves as president of Harvest Capital
Credit and is joined by longtime colleague Ryan T. Magee. Mr.
Buckanavage and Mr. Magee are based in New York.
“Harvest Capital Credit is a dedicated provider of growth and
opportunity capital to small businesses located throughout the
U.S.,” said Joseph A. Jolson, JMP Group’s chairman and chief
executive officer. “Although Harvest Capital Credit will originate
transactions independently, it will leverage the infrastructure and
capabilities of JMP Credit Advisors and should benefit from
relationships and opportunities presented by Harvest Capital
Strategies, which has committed an initial equity investment of $10
million and an additional line of credit of up to $30 million.”
“The lingering effects of the financial crisis and current
financial market volatility have impeded capital formation in the
commercial lending industry,” said Mr. Buckanavage. “The lack of
liquidity is most pronounced for small businesses—the very market
we seek to serve. We believe that the factors impacting our
industry will persist, which should generate a strong pipeline of
attractive investment opportunities for our platform.”
Mr. Buckanavage co-founded Patriot Capital Funding, a publicly
traded business development company that provided debt financing to
lower middle-market corporate borrowers, in 2003 and served as a
member of its board of directors, its president and its chief
executive officer until its sale in 2009. From 1999 through 2003,
he held a variety of positions at GE Capital Corporation, most
recently as managing director and head of debt capital markets,
overseeing all U.S. debt syndication and private placement
activities for the company’s middle-market global sponsor finance
and commercial finance business units. From 1995 until 1999, Mr.
Buckanavage was a senior vice president at Creditanstalt Corporate
Finance, Inc. and a senior investment officer at Creditanstalt
Small Business Investment Corporation, where he managed a portfolio
of senior secured loans, subordinated debt investments and equity
investments in excess of $1.2 billion. He previously held various
portfolio management and business development roles in the
leveraged finance groups at Bank of America, Fleet Bank and its
predecessors.
Mr. Magee was formerly a vice president at Patriot Capital
Funding and its successor, Prospect Capital Corporation. At Patriot
Capital Funding, he was responsible for originating, structuring,
underwriting and monitoring debt and equity investments, helping to
manage a portfolio of more than 30 investments valued at nearly
$300 million at the time of the company's sale in December 2009. He
previously held a portfolio management role in GE Capital
Corporation’s global sponsor finance unit.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements provide JMP Group’s current
expectations or forecasts about future events, including beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts, such as the prospect of attractive
investment opportunities for Harvest Capital Credit LLC and the
availability of debt financing of up to $30 million.
Forward-looking statements are subject to known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Actual results could differ materially from those
anticipated in forward-looking statements for many reasons,
including the factors described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in JMP Group’s Form 10-K for
the year ended December 31, 2010 as filed with the Securities and
Exchange Commission on March 8, 2011 as well as in the similarly
captioned sections of other periodic reports filed by JMP Group
under the Exchange Act. The Form 10-K for the year ended December
31, 2010 and all other periodic reports are available on JMP
Group’s website at www.jmpg.com and on the Securities and Exchange
Commission’s website at www.sec.gov. Unless required by law, JMP
Group undertakes no obligation to publicly update or revise any
forward-looking statement to reflect circumstances or events after
the date of this press release.
About JMP Group
JMP Group Inc. is a full-service investment banking and asset
management firm that provides investment banking, sales and
trading, and equity research services to corporate and
institutional clients and alternative asset management products to
institutional and high-net-worth investors. JMP Group operates
through three subsidiaries: JMP Securities, Harvest Capital
Strategies and JMP Credit Advisors. For more information, visit
www.jmpg.com.
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