FSC Inc., which is administrator of two specialty financial services firms and does business as Fifth Street, is moving its headquarters and 50 employees from White Plains, N.Y., to Greenwich, where it plans to add another 46 positions over the next decade.
The move, which comes with the help of $5 million in state loans and grants, was announced today by Gov. Dannel P. Malloy.
FSC is administrator of Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp., which are both classified and regulated as Business Development Companies and publicly traded on the NASDAQ stock exchange.
Fifth Street Finance lends to and invests in private small and midsize companies, and Fifth Street Senior Floating Rate invests primarily in senior secured loans to middle market companies, according to a release from the governor’s office. Both companies are managed by Fifth Street Management L.L.C., a registered investment adviser affiliated with FSC.
“We are thrilled to relocate our operations to the state of Connecticut,” said FSC CEO Leonard Tannenbaum. He said the Fifth Street platform has a history of working with Connecticut-based companies, and commended Malloy for supporting “the continued growth of Greenwich as a major financial services hub.”
According to the governor’s office, FSC will purchase and build out a 44,000-square-foot office space in Greenwich; however, it did not name the property FSC has chosen to move to.
To support the move, the state Department of Economic and Community Development will provide a 10-year, $4 million loan, a $500,000 grant to fund job training and a $500,000 grant for the installation of a fuel cell, wind or solar-powered energy system at the Greenwich site. Up to $3 million of the loan may be forgiven, contingent on FSC meeting hiring goals.
“Fifth Street’s move strengthens Connecticut’s competitive position in this global industry and demonstrates that Connecticut continues to be a preferred destination for firms that could locate their business almost anywhere,” Malloy said in the release.
