Great Elm Capital Group issues $30 million in debt and reshuffles board
Great Elm Capital Group has secured $30 million through the issuance of convertible senior notes and appointed two new members to its board of directors.
Great Elm Capital Group (GEC), a holding company based in Waltham, Massachusetts, has issued $30 million in aggregate principal of convertible senior notes due in 2030. The notes, which carry a 5.00% interest rate, were purchased primarily by the company's existing major shareholders, including entities managed by Imperial Capital Asset Management and Northern Right Capital Management.
Concurrently, the company announced significant board-level changes. Jason Reese, CEO of Imperial Capital, and Eric Scheyer, a partner at Magnetar Capital, have joined the board. Reese will serve as executive co-chairman. H. Steven Wilson has resigned from his position on the board, effective February 25.
CEO Peter A. Reed stated that the capital infusion is intended to support the company’s acquisition strategy. GEC operates across three primary verticals: operating companies, investment management, and real estate. The company noted it has a pipeline of acquisition opportunities that it continues to pursue as it seeks to grow its footprint.