Patrick Dalton Appointed Interim CEO and Jim
Hall Re-Joins as Senior Vice President
TORONTO, Oct. 29, 2018 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX:CBL) today announced
significant additions to its senior management to strengthen the
team, support further growth of its loan portfolio and to continue
unlocking value from its portfolio of operating companies.
Effective November 5, 2018,
Patrick Dalton will join as Interim
Chief Executive Officer. Mr. Dalton is an accomplished
investment management executive with over 25 years of experience in
private credit markets, including senior leadership positions at
Fifth Street Asset Management, Gordon Brothers Finance Company,
Apollo Investment Corporation and Goldman Sachs.
Tibor Donath, Lead Director of
Callidus, stated, "We are very pleased that Patrick Dalton is joining Callidus during
Newton Glassman's absence as CEO,
working closely with the Board and Callidus' skilled management
team to advance our strategy, drive growth in our portfolio and
unlock value from our assets. Patrick's senior leadership
experience and unique credit skillset will immediately benefit
Callidus and all its shareholders. Our ability to recruit
someone of Patrick's caliber is also a direct reflection of
Callidus' effort to maximize value and its robust opportunity set
going forward."
"I am very pleased to join Callidus. The private credit
market is becoming an increasingly important component of the
global capital markets, especially for middle market
companies. As one of the largest and more experienced
publicly listed alternative lenders, Callidus is well positioned to
deploy capital to help companies that are unable to access
traditional credit, even though they have good assets and
prospects," commented Mr. Dalton. "I am impressed with the
skill and dedication of the team at Callidus as they have worked to
strengthen their current operating companies to maximize value,
such as the agreement to sell the commodity lumber operating assets
of C&C Resources. I look forward to working with the many
talented underwriters and credit specialists at Callidus."
Callidus also announced that Jim
Hall has re-joined the Company as Senior Vice President,
effective immediately. Previously, from 2014 to 2017 as Vice
President at Callidus, Mr. Hall was the company's most successful
underwriter and portfolio manager in terms of interest and fee
profitability.
These senior leadership appointments reflect part of the ongoing
recruitment efforts to position the company for growth in addition
to managing the medical leave of absence of the Company's Chief
Executive Officer, Newton Glassman.
Mr. Glassman underwent serious surgery on his back and spine on
October 8, 2018, which involved a
realignment by over 10mm of the lumbar spine, the fusing of discs,
facet joint repair, bone grafts and the insertion of two cages,
four rods and numerous screws. The surgery was successful and
a full recovery is anticipated, however, Mr. Glassman will require
intensive post-operative rehabilitation and physical therapy as a
result. The length of time that Mr. Glassman will require for
his leave of absence as he focuses on rehabilitation is
uncertain.
Given his background and experience, Mr. Hall is well suited to
oversee underwriting and management of Callidus' loan portfolio and
to assume the responsibilities of James
("Jay") Rogers, who will depart in early 2019 to pursue
opportunities closer to his family in the
United States.
"We are also very pleased to welcome Jim
Hall back to Callidus. Jim has a stellar record at
Callidus and brings back significant business advisory experience
in the Canadian and U.S. markets. Once again, he will be a
tremendous asset to the Company," continued Mr. Donath.
"Lastly, on behalf of the team at Callidus, I would like to thank
Jay for his work and dedication and appreciate the time he will
take to ensure a smooth transition of duties."
About Patrick J.
Dalton
Mr. Patrick J.
Dalton is an accomplished investment management executive
with over 25 years of investment and leadership experience.
Most recently, Mr. Dalton was Co-President of Fifth Street Asset
Management and President and Chief Executive Officer of Fifth
Street Finance Corporation and Fifth Street Senior Floating Rate
Corporation. Prior to its sale to Oaktree Capital, Fifth
Street was a nationally recognized credit-focused asset
manager. From 2012-2016, Mr. Dalton was a Founder, President
and Chief Executive Officer of Gordon Brothers Finance
Company. Gordon Brothers Finance Company ("GBFC"), a
portfolio company of BlackRock Capital Corporation from 2012 to
March 2016.
Prior to joining GBFC, Mr. Dalton was a Senior Partner of Apollo
Global Management and President, Chief Operating Officer and Chief
Investment Officer at Apollo Investment Corporation from 2004 to
2012. As a leader of Apollo Investment Management, his
contributions were instrumental to the firm's development and
growth, with over $8.6 billion of
investments across 165 portfolio companies since the firm's
inception in 2004 through 2011. In addition to managing
Apollo Investment Corporation, Mr. Dalton co-founded Apollo's CLO
platform, managed one of Apollo's earliest Credit Opportunity Funds
and held a key role in founding Apollo's European credit
platform.
Earlier in his career, Mr. Dalton served as a vice president at
Goldman Sachs' GS Mezzanine Funds and a vice president at Chase
Securities, Inc. and The Chase Manhattan Bank, N.A. He holds
an MBA from Columbia Business School
and a BS in Finance from Boston College. Mr. Dalton was the
founding sponsor for the Private Equity Mentorship Program at
Columbia Business School.
About Jim
Hall
Jim Hall is an
accomplished and versatile entrepreneur, business operator,
corporate investor, and director with expertise in finance, private
equity, banking and media. From 2014 to 2017 Jim was Vice
President, Underwriter and Portfolio Manager at Callidus Capital
Corporation where he was Callidus' most successful Underwriter and
Portfolio Manager in terms of interest and fee profitability.
In addition, Mr. Hall served as President of James Hall Advisors
Inc. (advisory company) from 2002 to 2018, Chairman and CEO of
Journal Register Company during the financial crisis of 2007-2009,
and was Senior Vice President and Chief Investment Officer of
Working Ventures Canadian Fund Inc. from 1990 to 2002. He is
presently a member of the board of IMV Inc. (NASDAQ/TSX-IMV) and
past directorships include Indigo
Books & Music Inc., Atomic Energy of Canada Limited,
Terravest Income Fund and General Donlee Income Fund. A
Chartered Professional Accountant, Jim is a graduate of the Richard
Ivey School of Business at Western
University in London,
Ontario.
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company
that specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions who demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value
of the borrower's assets, its enterprise value and borrowing needs.
Further information is available on our
website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation