RALEIGH, N.C., May 03, 2017 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP), a leading provider of capital to lower middle market companies, announced today that its Board of Directors has appointed E. Ashton Poole, 50, as Chairman of Triangle’s Board of Directors, effective immediately. Garland S. Tucker, III, 69, the Company’s former Chairman, will continue to serve on the Company’s Board of Directors.
In commenting on the appointment, Triangle’s Lead Director, Simon B. Rich, Jr., stated, “The full Board is delighted that Ashton is taking on the role of Chairman in addition to his existing role as President and CEO. This promotion is a testament to the Board’s confidence in Ashton’s leadership of the Company and his ability to bring strategic focus as Triangle’s footprint continues to expand. The Board also joins me in expressing our sincere gratitude to Garland for his service and leadership throughout Triangle’s first decade, and we are pleased he will remain a Director of the Company.”
About Triangle Capital Corporation
Triangle Capital Corporation (www.TCAP.com) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $50.0 million per transaction in companies with annual revenues between $20.0 million and $300.0 million and EBITDA between $5.0 million and $75.0 million.
Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NYSE, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.