Gladstone Investment Corporation is Pleased to Announce the Sale of One of its Portfolio Companies, Mitchell Rubber Products,...
April 13 2017 - 8:30AM
Gladstone Investment Corporation (NASDAQ:GAIN) ("Gladstone
Investment") announced today the closing of the sale of its equity
interest and the prepayment of its debt investment in Mitchell
Rubber Products, Inc. ("Mitchell") on April 7, 2017, to a strategic
buyer, HEXPOL Holding Inc. As a result of this transaction,
Gladstone Investment realized a capital gain on its equity
investment and generated success fee income from its debt
investment.
Mitchell, headquartered in City of Industry, CA,
is a leading rubber compounder servicing a diverse, growing array
of end markets.
"Since its inception, Gladstone Investment has
exited eleven of its management supported buyouts and realized
significant capital gains on the equity portion of these
investments. The realization of these capital gains continue to
validate Gladstone Investment's strategy and capability as a buyout
fund through our investment approach of realizing gains on equity,
while generating strong current income for monthly distributions to
shareholders over the investment period," said David Dullum,
president of Gladstone Investment.
"Gladstone Investment has appreciated the
partnership with the Mitchell management team over the life of our
investment. Mitchell has developed a meaningful footprint in the
U.S. with a marquee list of customers. We wish the team a
successful and bright future under the new ownership," said Chris
Daniel (Managing Director, Private Equity, of Gladstone
Investment's investment adviser).
Mitchell was represented by BellMark Partners,
LLC.
SOURCE: Gladstone Investment
Corporation
For further information: Gladstone Investment Corporation, 703-287-5893
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