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Clarion Capital closes investment in accounts receivable manager Harris & Harris

New York-based lower-middle-market investor Clarion Capital Partners LLC completed its investment in Chicago-headquartered accounts receivable management firm Harris & Harris Ltd.

Under the deal, CEO Arnie Harris and COO David Harris will retain meaningful ownership in the company and will remain in their existing roles.

Harris & Harris aims to use the fresh capital to broaden its service offerings and to invest in its employees, compliance and technology infrastructure. It will also seek mergers and acquisitions opportunities to expand its geographic footprint.

Midcap Financial and Greyrock Capital provided financing for the deal, financial terms for which were not disclosed.

Mesirow Financial was the exclusive financial adviser to Harris & Harris. Kaulkin Ginsberg Co. was its special adviser, and Much Shelist PC served as legal adviser.

Greenberg Traurig LLP, Venable LLP, and Mintz Levin Cohn Ferris Glovsky and Popeo PC advised Clarion Capital.