FS Investments committed approximately $4.0 billion in 2016
PHILADELPHIA, PA – FS Investments, a leading alternative investment manager and the largest manager of business development companies (BDCs), announced that its BDC direct lending platform committed more than $1.7 billion in senior secured loans and other debt and equity financing to middle market companies in the fourth quarter of 2016, bringing its total originations in 2016 to approximately $4.0 billion. The directly originated investments supported five new portfolio companies and provided financing to several existing portfolio companies during the quarter.
The 2016 commitments were provided by five BDCs managed by affiliates of FS Investments and sub-advised by affiliates of GSO Capital Partners LP: FS Investment Corporation (NYSE: FSIC), FS Investment Corporation II (FSIC II), FS Investment Corporation III (FSIC III), FS Investment Corporation IV (FSIC IV) and FS Energy and Power Fund (FSEP).
FS Investments’ directly originated transactions, which are unique to its BDCs and not typically accessible elsewhere, included investments in the following companies in the fourth quarter:
Addison Group (Addison)
FSIC, FSIC II, FSIC III and FSIC IV provided senior secured financing to support Odyssey Investment Partners’ acquisition of Addison Group. Addison is a leading national provider of professional staffing and direct hire services. The company concentrates on placing skilled professionals in service lines including information technology, finance and accounting, non-clinical healthcare, and HR/administration.
Empire Today, LLC (Empire)
FSIC, FSIC II, FSIC III and FSIC IV provided a new senior secured unitranche loan to Empire Today, LLC. Empire is the largest in-home sales flooring company in the United States and one of the largest specialty flooring providers in America. The financing supports the acquisition of Empire by an affiliate of H.I.G. Capital, a leading global private equity and alternative assets investment firm with more than $21 billion of equity capital under management.
ABOUT FS INVESTMENTS
FS Investments is a leading asset manager dedicated to helping individuals, financial professionals and institutions design better portfolios. The firm provides access to alternative sources of income and growth through funds managed in partnership with top institutional investment advisers. It focuses on setting industry standards for investor protection, education and transparency.
FS Investments is headquartered in Philadelphia with offices in Orlando and Washington, DC. The firm currently manages seven funds with over $19 billion in assets under management as of December 31, 2016. Visit fsinvestments.com to learn more.
ABOUT BLACKSTONE AND GSO
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with approximately $367 billion in assets under management as of December 31, 2016, includes investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
GSO Capital Partners LP (GSO) is the global credit investment platform of Blackstone. With approximately $93 billion of assets under management as of December 31, 2016, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies.
Forward-Looking Statements and Important Disclosures
This press release may contain certain forward-looking statements, including statements with regard to the future performance or operations of FSIC, FSIC II, FSIC III, FSIC IV and FSEP. Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings FSIC, FSIC II, FSIC III, FSIC IV or FSEP make with the U.S. Securities and Exchange Commission. FSIC, FSIC II, FSIC III, FSIC IV or FSEP undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.