Great Elm receives financing, rebrands
By HME News Staff
Updated 9:22 AM CST, Tue December 22, 2020
WALTHAM, Mass. – Great Elm Capital has received a preferred equity investment of $37.7 million from an affiliate of JPMorgan Chase & Co. Proceeds will be used to refinance Great Elm’s DME business and to provide the business with growth capital, the company says. “This financing transaction enables the firm to accelerate the growth of our existing businesses and at the same time provides incremental capital to acquire additional businesses,” said Peter Reed, Great Elm’s CEO. “The transaction will immediately lower the cost of capital for our DME business and provide growth capital to take advantage of organic growth and acquisition opportunities. Longer-term, our goal is to strengthen the relationship with JPM and seek additional means of enhancing shareholder value.” As part of the transaction, Great Elm is also creating a new parent company, Great Elm Group, and executing a new ticker symbol, GEG. The transaction is expected to be completed by Dec. 29.
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