Gladstone Investment Corporation Exits its Investment in Logo Sportswear, Inc.
November 05 2018 - 9:40AM
Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone
Investment”) announced today the sale of its equity interest and
the prepayment of its debt investment in LogoSportswear, Inc.
(“Logo”) to a sponsor-backed strategic investor. As a result of
this transaction, Gladstone Investment realized a significant gain
on its equity investment. Gladstone Investment acquired
LogoSportswear in partnership with Digital Fuel Capital, a
private-equity firm focused on e-commerce businesses, in
2015.
Logo, headquartered in Wallingford, CT, is a
leading on-line provider of custom promotional apparel. Home to the
LogoSportswear, TeamSportswear and tfund™ brands, Logo Sportswear
Inc. has worked with large companies, small businesses, groups,
events, teams, sports fans and individuals for over 20 years
offering one of the largest selections of customizable apparel,
workwear and uniforms.
“Gladstone Investment has greatly enjoyed our
partnership with Logo’s management team and Digital Fuel Capital
over the last few years,” said Kyle Largent, Managing Director of
Gladstone Investment. “Pat Cerreta and his team have achieved
outstanding results in both growing and transforming the business
and have a bright future ahead of them.”
“With the sale of Logo and from inception in
2005, Gladstone Investment has exited 14 of its management
supported buy-outs, generating significant net realized gains on
these investments,” said David Dullum, President of Gladstone
Investment. ”Our strategy and capability as a buyout fund and our
investment approach of realizing gains on equity, while generating
strong current income during the investment period continues to
provide meaningful value to shareholders.”
Gladstone Investment Corporation is a publicly
traded business development company that seeks to make secured debt
and equity investments in lower middle market private businesses in
the United States in connection with acquisitions, changes in
control and recapitalizations. Additional information can be found
at www.gladstoneinvestment.com.
For Investor Relations inquiries related to any
of the monthly distribution-paying Gladstone family of funds,
please visit www.gladstone.com.
Forward-looking Statements:
The statements in this press release regarding
the longer-term prospects of Gladstone Investment and Logo and its
management team, and the ability of Gladstone Investment and Logo
to be successful in the future are "forward-looking statements."
These forward-looking statements inherently involve certain risks
and uncertainties in predicting future results and conditions.
Although these statements are based on Gladstone Investment's
current beliefs that are believed to be reasonable as of the date
of this press release, a number of factors could cause actual
results and conditions to differ materially from these
forward-looking statements, including those factors described from
time to time in Gladstone Investment's filings with the Securities
and Exchange Commission. Gladstone Investment undertakes no
obligation to update or revise these forward looking statements
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE: Gladstone Investment Corporation
For further information: Gladstone Investment
Corporation, 703-287-5810
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