Saratoga Investment Corp. (SAR) Research

Saratoga Investment Corp. (SAR) operates as a Business Development Company (BDC), specializing in providing essential capital to companies within the lower-middle market. The firm focuses on a wide array of financial transactions, including funding for leveraged and management buyouts, strategic acquisitions, expansion initiatives, recapitalizations, debt restructurings, and interim financing solutions. To facilitate these investments, Saratoga employs a varied suite of financial instruments, encompassing both debt and equity. Their debt offerings include first and second lien loans, mezzanine financing, and various types of bonds such as high-yield, senior secured, and unsecured. On the equity front, they engage in co-investments and acquire stakes through preferred and common stock. The company actively pursues investment opportunities throughout the United States. Its preferred industries are broad, spanning sectors like aerospace, automotive aftermarket, business and consumer products, education, environmental services, industrial services, financial services, food and beverage, healthcare, logistics, manufacturing, restaurants, software and technology services, specialty chemicals, and media and telecommunications. Typically, Saratoga commits between $5 million and $50 million per investment. They target companies with annual revenues from $8 million to $250 million and an EBITDA of at least $2 million. The firm often seeks to secure a majority ownership position. Investments are made through direct lending as well as participation in syndicated loans. Headquartered in New York, New York, with an additional office in Florham Park, New Jersey, the company was formerly known as GSC Investment Corp.

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