Triangle Capital has appointed E. Ashton Poole as chief executive officer. Garland S. Tucker, III, the company’s co-founder, chairman and CEO, will remain chairman of Triangle’s board of directors.
“I am excited about the future of Triangle under Ashton’s leadership as CEO and look forward to my continued involvement as Chairman,” said Tucker. “Since joining Triangle over two and a half years ago, Ashton has immersed himself in every aspect of our business, he has distinguished himself operationally, and he has earned the trust of the entire board. In addition, Ashton’s ability to focus strategically, coupled with his strong leadership skills and sound judgement, will enable Triangle to continue to reward all stakeholders of the company.”
Tucker co-founded Triangle’s predecessor company in 2002 and has served as the chairman and CEO since its initial public offering in February, 2007. Under Tucker’s leadership, assets under management at Triangle have grown from $60 million to $1.2 billion, annual revenues have grown from $6 million to over $100 million, and the company’s annualized base dividend has increased to $2.16 per share.
“Throughout his time as CEO, Garland has provided tremendous leadership and established a foundation through which meaningful growth has been achieved,” said on Poole. “The BDC industry was extremely small at the time of Triangle’s IPO in 2007, and as the industry has grown the Triangle team has generated significant shareholder value due in large part to Garland’s leadership and vision. I am humbled and excited to lead the Triangle team going forward.”
Raleigh, NC-based Triangle Capital invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events.