Publicly traded private equity firm American Capital Strategies recently lost David Gladstone, a member of its board of directors, who is leaving the firm to form a business that will provide senior loans to middle-market companies. Gladstone served as vice chairman of the American Capital’s board.
Gladstone declined to comment for this article, citing SEC restrictions.
In a statement, Malon Wilkus, president, chief financial officer, and chairman of American Capital, said, “We are excited about David’s new business, which will specialize in senior cash flow lending – capital that is currently difficult to raise in today’s lending environment.”
Wilkus also added that American Capital, which finances its deals with subordinated and senior debt as well as equity, plans to “enter discussions with David to explore potential strategic benefits to working with his new enterprise.”
American Capital has been in personnel reshuffling mode as of late. The firm’s board of directors recently named Ira Wagner as its executive vice president and chief operating officer, as well as elected Adam Blumenthal vice chairman. Blumenthal is stepping down from his role as president and chief operating officer, but will remain on the investment and executive committees, and will continue to represent American Capital on the boards of portfolio companies.