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.