|By PR Newswire||
|December 16, 2013 04:16 PM EST||
MCLEAN, Va., Dec. 16, 2013 /PRNewswire/ -- Gladstone Investment Corporation (NASDAQ: GAIN) ("Gladstone Investment") announced today that it invested $12.9 million in a combination of debt and equity to purchase Behrens Manufacturing, LLC ("Behrens") with the participation of Behrens' existing management team. Gladstone Investment's affiliated company, Gladstone Capital Corporation (NASDAQ: GLAD), also participated as a co-investor by providing $5.5 million of debt and equity financing on the same terms as Gladstone Investment in support of the acquisition.
Founded in 1911 and based in Winona, MN, Behrens is a manufacturer and marketer of high quality, classic looking, utility products and containers. Behrens is the top supplier of steel cans, pails, tubs and watering cans in North America and offers the largest breadth of products in its industry.
"Gladstone is proud to be partnering with the talented and experienced management team at Behrens to help it continue to build on the growth that it has achieved over the past several years. We look forward to working with yet another great American company, and to helping Behrens' management team build on its impressive history of producing high quality products in the United States," said Kipp Kranbuhl, Director, Private Finance, of Gladstone Management Corporation, Gladstone Investment's affiliated investment adviser.
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. Gladstone Investment has paid 101 consecutive monthly cash distributions on its common stock. Additional information on this 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.
The statements in this press release regarding the longer-term prospects of Behrens and its management team, and the ability of Behrens 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.
SOURCE Gladstone Investment Corporation