Chicago-based lender Monroe Capital has dismissed its lawsuit against Warren Woo and Breakaway Capital, the two firms announced last week (4 December). Monroe originally brought charges against Woo, a former employee of Monroe Capital, in June for allegedly stealing confidential information from Monroe for his new firm.
“Upon further investigation, it is clear that Warren's actions were not improper,” Ted Koenig, president and chief executive of Monroe Capital, said in a statement.
Woo, who is now a managing partner of the Breakaway Capital Partners Fund, also commented: “I am pleased with the settlement and with the acknowledgement that my actions were in no way improper. As a result of remaining a limited partner in Monroe Capital Partners Fund, with a financial interest in the general partner of the fund, I look forward to remaining economically aligned with Monroe going forward.”
Breakaway Capital is a private investment firm based in Los Angeles with approximately $50 million of committed capital under management. Focused on companies with up to $5 million of EBITDA, Breakaway provides senior debt, subordinated and mezzanine debt, unitranche structures, structured equity and common equity to companies for leveraged buyouts, acquisitions, recapitalizations, restructurings and growth capital for both sponsored and non-sponsored transactions.
Monroe Capital is a private investment firm that provides senior and junior debt and equity co-investments to mid-market companies in the US and Canada. Investment instruments include unitranche financing, bridge loans, acquisition facilities, mezzanine debt, second lien or last-out loans, equity co-investments and acquisitions of distressed debt.