Portman Ridge Wins Proxy Support for Merger with Logan Ridge
Deal News | Jun 03, 2025 | EIN
Portman Ridge Finance Corporation (PTMN) and Logan Ridge Finance Corporation (LRFC) are set to merge, with both receiving endorsements from leading proxy advisory firms ISS and Glass Lewis. These firms recommend that shareholders vote in favor of the merger at meetings scheduled for June 6, 2025. The merger is seen as a strategic move to consolidate two entities under common management with overlapping investments and strategies, aiming to create a larger entity with enhanced diversification and liquidity. The merger, wherein PTMN will remain as the surviving entity, is positioned to result in earnings accretion and support future growth. CEO Ted Goldthorpe emphasized the alignment of strategic goals with shareholder interests, as highlighted by the endorsements. Comprehensive proxy materials have been made available to facilitate informed shareholder voting.
Sectors
- Financial Services
- Investment Management
Geography
- United States – Both Portman Ridge Finance Corporation and Logan Ridge Finance Corporation are based in New York, USA, indicating the geographical focus of the article.
Industry
- Financial Services – The article covers news about a merger between two financial corporations, Portman Ridge and Logan Ridge, both operating as business development companies in the financial services industry.
- Investment Management – Portman Ridge and Logan Ridge are involved in investment management, originating, structuring, and managing investment portfolios, making this sector relevant to the article.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Portman Ridge Finance Corporation | Target | Company | A publicly traded investment company engaged in middle-market investing, serving as the surviving entity in the merger. |
| Logan Ridge Finance Corporation | Target | Company | A business development company investing in lower middle-market companies, merging into Portman Ridge. |
| Institutional Shareholder Services (ISS) | Proxy Advisory Firm | Company | ISS is providing recommendations for shareholders to vote in favor of the merger between PTMN and LRFC. |
| Glass, Lewis & Co. | Proxy Advisory Firm | Company | Glass Lewis is advising shareholders to support the merger between Portman Ridge and Logan Ridge. |
| Ted Goldthorpe | Executive | Person | President and CEO of both PTMN and LRFC, supporting the merger. |
| BC Partners | Investment Adviser | Company | Manages the investment activities of PTMN. |
| Sierra Crest | Investment Adviser | Company | PTMN's investment adviser. |
| Broadridge | Proxy Solicitor | Company | Handling proxy solicitation and facilitating shareholder communications for the merger. |