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.
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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.
Forward-looking Statements:
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
