Gladstone Investment Corporation Acquires Fairhaven Group, Inc. and Gum Drop Cases, LLC
August 28 2017 - 3:10PM
Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone
Investment”) announced today that on August 25, 2017, Gladstone
Investment, together with the executive management team of
Fairhaven Group, Inc. (“Fairhaven”), formed Pioneer Square Brands,
Inc. (“Pioneer Square”) to acquire Fairhaven and Gum Drop
Cases, LLC (“Gumdrop”). Gladstone Investment provided equity
and secured debt to complete the transaction. Pioneer Square
designs and markets premium mobile technology bags and cases sold
primarily to the K-12 education market. Pioneer Square will
continue to operate the respective brands of Fairhaven and Gumdrop
separately.
"We are excited to partner with Fairhaven’s
talented and experienced management team on the creation of Pioneer
Square," said Kyle Largent, Managing Director of Gladstone
Investment’s investment adviser. “The combination of these two
companies creates a clear market leader in mobile device protection
in the rapidly growing K-12 sector, and we look forward to building
on that leadership position.”
Gladstone Investment is a publicly traded business
development company that seeks to make debt and equity investments
in lower middle market businesses in the United States in
connection with acquisitions, changes in control and
recapitalizations. Additional information on the transaction can be
found at www.gladstoneinvestment.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 Pioneer
Square and its management team, and the ability of Pioneer Square
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 U.S. 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.
For further information: Gladstone Investment Corporation, 703-287-5893
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