Fifth Street Asset Management

Fifth Street Asset Management[1]
Public.[2]
Industry Asset Management [2]
Founder Leonard M. Tannenbaum [1]
Headquarters Greenwich, Connecticut [1]
Key people
 Leonard M. Tannenbaum, Founder & CEO [1]
Products Mezzanine capital, leveraged buyouts, venture lending, senior secured, unitranche, one-stop financing, first lien debt, second lien debt, mezzanine debt, equity co-investment, delayed draw term loan
Total assets $6 billion [1]
Number of employees
 97
Website [http:// www.fifthstreetfinance.com]

Fifth Street Asset Management Inc. is an SEC-registered American credit-focused asset manager.[1] The firm lends to small and medium-sized businesses.[2] Revenues of these businesses is generally between $25 million and $500 million[3]

Fifth Street has principal offices in Greenwich [4] Silicon Valley, Dallas,[5] and Chicago.[6]

History

The Fifth Street entities were founded by Leonard M. Tannenbaum in 1998 [1]

Fifth Street Asset Management owns two publicly traded business development companies, Fifth Street Finance Corporation and Fifth Street Floating Rate Corporation.[1] Fifth Street Finance Corporation was founded in 1998 and launched its IPO in 2008[7] and Fifth Street Senior Floating Rate Corporation was established in 2013.[8]

In 2014, Fifth Street Finance partnered with the Kemper Corporation on two joint ventures, which allow lenders to take on and re-distribute more debt, for $200 million in equity commitments and $400 million in leverage. Other firms that have entered into these agreements include Solar Capital and THL Credit. Fifth Street Asset Management also has two senior loan funds on its books.[9]

In October 2014, Fifth Street Asset Management completed its initial public offering and is currently listed on the NASDAQ(NASDAQ: FSAM). The company had initially withdrawn its initial public offering, only to then amend it on October 28 and reduce the initial offering by 50 percent.[2] Originally, the company planned to issue 8 million shares at between $24 to $26 per share.[1] Company shares declined 21 percent to $13.37 on its first day of trading after opening at $17 per share.[2]

Future Initiatives

The company reported during its earnings call in December 2014 that it plans to expand its business to Japan and also launch an aircraft leasing fund.[10]

Recognitions

Fifth Street in 2013 was named the Mergers & Acquisitions M&A Mid-Market Lender of the Year.[10]

Local Involvement

Fifth Street Asset Management, together with GE, Ernst & Young, KPMG and UBS help sponsor the Junior Achievement program for young Connecticut entrepreneurs.[11] Its founder Leonard M. Tannenbaum also runs a Connecticut-based political action committee called "Keeping America Competitive".[10]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 “Fifth Street Asset Management Pulls IPO” Sital Patel, “MarketWatch”, October 22, 2014
  2. ↑ 2.0 2.1 2.2 2.3 2.4 “Fifth Street Declines in Trading Debut After Reduced IPO”, Leslie Picker, “Bloomberg.com”, October 30, 2014
  3. ↑ “Fifth Street's Leonard Tannenbaum to Become One of the World's Youngest Billionaires”, “International Business Times”, October 2014
  4. ↑ “Fifth Street Financial Firm To Move Operations to Greenwich”, “Greenwich Daily Voice”, July 2013
  5. ↑ “Fifth Street Enters Venture Lending Business”, “The Middle Market”, August 2013
  6. ↑ “Fifth Street Finance buys HQ in Greenwich”, “Stamford Advocate”, August 2013
  7. ↑ “Filling the Gap… With Enthusiasm: A Conversation with Leonard Tannenbaum, CEO of Fifth Street Finance”, “ABFJournal”, May 2012
  8. ↑ “Fifth Street Senior Floating Rate IPO Raises $100 Mln”, “Reuters”, Luisa Beltran, July 17, 2013
  9. ↑ “BDCs Look to a Future with more Leverage through Joint Ventures”, “Creditflux”, December 2014
  10. ↑ 10.0 10.1 10.2 “Following IPO, Fifth Street Plans to Expand Business Lines, Open Tokyo Office”, “Mergers & Acquisitions”, December 2014
  11. ↑ “'Future captains of industry' meet at Fifth Street”, “Greenwich Time”, December 2014

External links