NMFC New Mountain Finance Corporation

New Mountain Finance Corporation (NMFC) has announced the extension of its stock repurchase program until December 31, 2025, allowing the company to repurchase up to $50 million of its common stock. The extension was authorized by NMFC's board of directors due to potential undervaluation of its common stock from market volatility. To date, approximately $2.9 million has been repurchased under the program.

New Mountain Finance Corporation (NMFC) announced its financial results for the quarter ended September 30, 2024, reporting adjusted net investment income of $0.34 per share and declaring a regular quarterly distribution of $0.32 per share, plus a supplemental distribution of $0.01 per share. The company maintained strong credit performance with 97.3% of its portfolio rated green and a net asset value of $12.62 per share. NMFC's management highlighted its disciplined, defensive growth strategy and ongoing improvements to its liabilities.

New Mountain Capital has closed its majority growth investment in Broadcast Music, Inc. (BMI), a performing rights organization. This partnership aims to accelerate BMI's growth plan and enhance value for its songwriters, composers, and publishers, with former shareholders allocating $100 million of the sale proceeds to affiliates.

Aegion Corporation has completed its transaction with affiliates of New Mountain Capital, making it a private company and delisting its common stock from Nasdaq. Robert M. Tullman has been appointed as the new President and CEO, succeeding Charles R. Gordon. Tullman expressed excitement for Aegion's future growth leveraging its technology portfolio to maintain and strengthen critical infrastructure globally.

Aegion (AEGN) has entered into a merger agreement to be acquired by affiliates of New Mountain Capital for approximately $963 million, or $26.00 per share in cash. This transaction, expected to close in Q2 2021, will take Aegion private. The deal represents a 21% premium to Aegion's closing stock price before the announcement.

New Mountain Capital announced the closing of two new private equity funds, totaling over $10.2 billion in aggregate capital commitments in 2020. These include their sixth flagship fund, New Mountain Partners VI, L.P. (Fund VI), with $9.6 billion, and their first non-control fund, Strategic Equity Fund I, L.P. (SEF I), with $640 million. The firm focuses on “building great businesses” in non-cyclical growth sectors and demonstrated a strong year in 2020 with $2.6 billion deployed and $5.4 billion returned or in contract.