Gladstone Investment Corporation Exits its Investment in Cambridge Sound Management
December 20 2018 - 4:19PM
Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone
Investment”) announced today the sale of its equity interest and
the prepayment of its debt investment in Cambridge Sound
Management, Inc. (“Cambridge Sound”) to Biamp Systems, a leader in
professional audio/video solutions and a portfolio company of
Highlander Partners, L.P. As a result of this transaction,
Gladstone Investment realized a significant gain on its equity
investment. Gladstone Investment acquired Cambridge Sound in
partnership with Boston Harbor Capital in 2014.
Cambridge Sound, headquartered in Waltham, MA, is the world’s
largest supplier of sound masking solutions. Cambridge Sound
designs and manufactures next generation sound masking
solutions to help companies create a more comfortable, secure,
and productive workplace.
“Gladstone Investment has enjoyed a strong partnership with
Cambridge Sound’s management team over the last several years. We
are proud to have supported the business through a period of rapid
growth, both organically and through acquisition,” said Erika
Highland, Managing Director of Gladstone Investment.
“Christopher Calisi, CEO, and Meghann Ellis, CFO, and the entire
management team have achieved outstanding results in both growing
and transforming the business and we wish them continued
success.”
“With the sale of Cambridge Sound and from inception in 2005,
Gladstone Investment has exited 15 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 provides 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 Cambridge
Sound and its management team, and the ability of Gladstone
Investment and Cambridge Sound 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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