The board of StHealth Capital Investment Corporation, a publicly-registered, non-traded business development company formerly known as First Capital Investment Corp, has appointed former Florida Senator Ronald Silver to serve as interim independent director until the company’s 2020 annual meeting of stockholders is held. Silver replaces Dr. Robert Brown, who resigned from the board in mid-November.
Silver was first elected to the Florida House of Representatives from 1978 until 1992. While in the Florida House, he served as majority whip (1984-1986) and majority leader (1986-1988). He also chaired various committees, including the select committee on juvenile justice, criminal justice, ethics and elections, as well as the subcommittee of appropriations on general government.
Silver was then elected to the Florida Senate in 1992 and subsequently re-elected, serving as the majority (Democratic) leader for the 1994 session. During his last term in the Senate, he was designated by both the House and Senate as the dean of the legislature for being the longest serving member. In 1993, Silver was elected chairman of the Southern Legislative Conference of the Council of State Governments.
Since his retirement from the Senate in 2002, Silver also serves as president of his consulting firm, Ron Silver & Associates, and maintains his law practice in Miami Beach, Florida. In addition, he served as the first chairman of the Florida Biofuels Association and is currently a member of the board.
StHealth Capital Investment Corporation is a $500 million offering that seeks to invests in private U.S. small- and middle-market companies. The BDC invested approximately $9.6 million in nine portfolio companies, as of September 2019. From February to November 2019, the company issued 3 million shares of its common stock and received gross proceeds of approximately $5.7 million for an average share price of $1.88.
In March 2018, First Capital Investment Corp announced that StHealth Capital Partners LLC was purchasing the entity that owns FCIC Advisors LLC, the company’s investment adviser. In light of the changes, Dr. Bob Froehlich resigned as chairman of the board and audit committee in a strongly worded letter that was highly critical of the company’s management team.