Shearman & Sterling advised Great Elm Capital Corp. (Nasdaq: GECC) (GECC) in its acquisition of a majority equity interest in Sterling Commercial Credit, LLC (Sterling). GECC purchased its majority ownership position in Sterling for $7.54 million, consisting of $4.94 million in cash and $2.60 million in GECC shares issued at GECC’s net asset value.

Established in 2004, Sterling provides asset-based loans to middle market companies throughout the United States. The Sterling team has been active in the commercial finance industry for over 30 years.

GECC is an externally-managed business development company that that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses.

The Team