Steve Scott Stuart, one of two co-founders at Garrison Investment Group, is planning to leave the firm. His partner and co-founder, Joseph Tansey, is buying out Stuart’s stake in the firm as the two work through a transition. Stuart is not yet sure exactly when he’ll leave but expects it to take between a few weeks and a few months.
The firm has $3.5 billion in assets under management and was founded in 2007. Stuart said the business is at a mature level, where he can move on. “It was something that was going to happen inevitably. The business is stable now,” Stuart told PDI, explaining that he plans to work on his own investment firm later. He said he is getting many inbound calls and inquiries about opportunities, but hasn’t made any firm plans. He doesn’t have a non-compete clause with Garrison once he leaves.
Garrison is a mid-market credit manager and asset-based investor. The firm handles closed-end funds, a business development company (under the ticker “GARS”), CLOs and real estate strategies. Its investment strategy focuses on deploying capital via corporate finance (corporate loans and select equity investments), financial assets (commercial and industrial loans and consumer loans), private equity and real estate.
The firm’s corporate finance business focuses on mid-market and lower mid-market borrowers with EBITDA of $5-$25 million. Garrison targets businesses with good growth prospects and strong management teams. The firm works with both PE-sponsored deals and sponsor-less companies.