BOSTON--(BUSINESS WIRE)--Crystal Financial LLC, a commercial finance company, today announced that its CEO, Ward K Mooney, plans to retire at the end of December 2017. Upon his departure Michael L Pizette, Chief Credit Officer, and Steven Migliero, Senior Managing Director, will serve as Co-CEOs responsible for the management and operations of the firm. Mr. Mooney will continue to serve on Crystal’s Board of Managers as well as a Managing Member of Crystal SBIC GP LLC.
Crystal was established in 2006 and since inception, it has sourced, underwritten and managed over $20 billion of secured debt financings for middle market businesses. Crystal was acquired by Solar Capital Ltd. (NASDAQ:SLRC), a publically traded business development company, in December 2012.
Mr. Mooney has been involved in the financial services industry for forty-five years. In 1992, he joined Gordon Brothers and founded GBFC a specialty commercial finance company focused on asset-based financing to retailers. GBFC became the leading secured financing source for the retail industry and in 1996, GBFC was purchased by Bank of Boston. In 1998 while at Bank of Boston, Mr. Mooney co-founded Back Bay Capital a direct lending fund dedicated to underwriting second lien debt. In 2006, he co-founded Crystal Financial along with Mr. Pizette. During his career Mooney has served on many public and nonprofit boards including: President and Chairman of the Turnaround Management Association (TMA), Beth Israel Deaconess Hospital (finance committee), the American Repertory Theater, the Newport Festival Foundation (NFF) and Destination XL Group (DXLG).
Michael Gross, Chairman and CEO of Solar Capital Ltd stated, “We thank Ward for his dedication and commitment to Crystal Financial and are confident in the seamless transition that will occur given Mike and Steve’s long standing tenure and industry expertise.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings to middle-market companies. For more information, please visit www.crystalfinco.com.