Gladstone Investment Corporation Supports Acquisition of Plastic Solutions, Inc.
April 08 2015 - 4:54PM
Gladstone Investment Corporation (Nasdaq:GAIN) ("Gladstone
Investment") announced today that on March 31, 2015, it made a
follow-on investment of equity and debt in its portfolio company,
Precision Southeast, Inc. ( PSI ), to facilitate the strategic
acquisition of Plastic Solutions, Inc. Plastic Solutions, Inc. is
based in Indiana and is a custom injection molder serving the
automotive, small engine, furniture, air handling device, sporting
goods, manufactured housing, and recreational vehicles
industries. PSI is based in South Carolina and is an injection
molder that designs sophisticated molds and manufactures highly
engineered molded plastic products using a variety of
resins. The combined company operates three plants, two in
South Carolina and one in Indiana. This acquisition significantly
enhances PSI's competitive capabilities and product offerings, with
presses ranging in capacity from 22 tons to 1,500 tons.
Steve Stradtman, CEO of PSI, and Bob Tennyson, former CEO of
Plastic Solutions, Inc., have combined two companies with excellent
management teams and capabilities in order to build on long term
customer relationships and to expand the offerings of PSI.
Steve Stradtman said of the acquisition, "[my] vision for PSI
and being competitive in the marketplace is to bring value to
relationships by investing in growth, quality, program management,
continuous improvement and technology. The purchase of Plastic
Solutions, Inc. fits all of these categories."
Christopher Lee, a Managing Director of Gladstone Investment,
agreed, "[t]his combination strengthens both companies, bringing
added customer and end-industry diversification, expanded
geographic reach, and a strengthened / broadened management
bench."
Gladstone Investment Corporation is a publicly traded business
development company that seeks to make debt and equity investments
in small and mid-sized businesses in the United States in
connection with acquisitions, changes in control and
recapitalizations. Additional information on the transaction can be
found at www.gladstonecompanies.com. For Investor Relations
inquiries related to any of the monthly dividend paying Gladstone
funds, please visit www.gladstone.com. Forward-looking
Statements:
The statements in this press release regarding the longer-term
prospects of PSI and its management team, and the ability of PSI to
grow and expand 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 plans
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
publicly release the result of any revisions to these forward
looking statements that may be made to reflect any future events or
otherwise, except as required by law.
CONTACT: For further information:
Gladstone Investment Corporation,
703-287-5893
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