Prospect Capital Corp. has provided $28.5 million in debt financing to support TZP Group‘s investment in Global Employment Solutions. Based in Littleton, Colorado, GES is a provider of specialty staffing solutions in North America.
NEW YORK, NY–(Marketwired – Mar 31, 2014) – Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Prospect has provided $28.5 million of first-lien floating-rate debt to support the investment in Global Employment Solutions, Inc. (“GES”) by TZP Group, LLC (“TZP”).
Headquartered in Littleton, Colorado, GES is one of the fastest-growing providers of specialty staffing solutions in North America, offering contract and permanent placement staffing services, with a strategic focus on the attractive information technology (“IT”) segment. GES operates under two nationwide brands: Global Employment Solutions, which provides professional contract staffing and permanent placement services, and Fahrenheit IT, which provides IT contract and permanent placement staffing solutions.
“We had an outstanding experience working with Prospect,” said Vlad Gutin, a Partner at TZP.
“We selected Prospect based on the firm’s speed, constructive approach, and industry knowledge from prior financings,” said Harris Newman, a Managing Director at TZP. “We are very pleased with our decision.”
“GES has delivered robust revenue growth and maintains an attractive market position in the growing IT and professional staffing markets,” said Ben Harris, a Vice President of Prospect Capital Management LLC. “The accelerated timeframe to complete this transaction demonstrates how Prospect differentiates itself through responsive service and flexible structuring solutions to our private equity firm relationships.”
Prospect closed approximately $2.7 billion of new originations during calendar year 2013. Prospect has closed over $738 million of originations during the current March 2014 quarter, with further origination activity expected in the current quarter and the coming weeks.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.