Gladstone Investment Corporation Exits its Investment in Alloy Die Casting Corporation
August 26 2019 - 8:30AM
Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone
Investment”) announced today the sale of its investment in GAIN ADC
Holdings, LLC, parent company to Alloy Die Casting Corporation
(“ADC”), to PWP Growth Equity on August 23, 2019. The
transaction resulted in a significant realized gain on Gladstone
Investment’s equity investment and full repayment at par of the
debt investment. Gladstone Investment acquired ADC in October
2013.
ADC is a leading provider of value-added manufacturing and
supply-chain solutions for highly- engineered metal components
serving the aerospace, defense, medical, automotive, and
industrial markets.
“Gladstone Investment has enjoyed a strong partnership with
ADC’s management team over the last several years,” said
Christopher Lee, Managing Director of Gladstone Investment.
“Rick Simpson, President, 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 ADC and from inception in 2005, Gladstone
Investment has exited 19 of its management supported buy-outs,
generating significant net realized gains on these investment exits
in aggregate,” said David Dullum, President of Gladstone
Investment. “Our strategy and capability as a buyout fund with 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 significant equity and
secured debt 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.gladstonecompanies.com.
Forward-looking Statements:
The statements in this press release regarding
the longer-term prospects of Gladstone Investment and ADC and its
management team, and the ability of Gladstone Investment and ADC 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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