Investment and asset management company First Capital Real Estate Investments LLC has agreed to acquire Freedom Capital Investment Management LLC, the parent company of First Capital Investment Corp.'s investment adviser, FCIC Advisors LLC.
The transaction is expected to close on or about April 3. Terms of the deal were not disclosed.
Under the anticipated transaction, Jeffrey McClure resigned as president and CEO of First Capital Investment, effective March 30. He also resigned as the chairman of the company's board, effective that date.
Subsequently, the First Capital Investment board appointed Pat Clemens president and CEO of the company to replace McClure.
Clemens previously served as an investment management professional for Revere Capital LLC.
Concurrently, Liam Coakley, David Duhamel, Keith Hall and Steven Looney also resigned from the company's board on March 30 and were replaced by independent directors Bob Froehlich and Frank Grant.
Froehlich has previously chaired investment committees for multiple global asset management organizations, including Deutsche Bank AG, while Grant has served as managing director of Interstate Venture Capital.
Additionally, Suneet Singal was added to the board as an interested director and was named the board chairman. Singal is the CEO and founding principal of First Capital Real Estate Investments.