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MCLEAN, Va., April 13, 2017 -- Gladstone Investment Corporation (NASDAQ:GAIN) ("Gladstone Investment") announced today the closing of the sale of its equity interest and the prepayment of its debt investment in Mitchell Rubber Products, Inc. ("Mitchell") on April 7, 2017, to a strategic buyer, HEXPOL Holding Inc. As a result of this transaction, Gladstone Investment realized a capital gain on its equity investment and generated success fee income from its debt investment.
Mitchell, headquartered in City of Industry, CA, is a leading rubber compounder servicing a diverse, growing array of end markets.
"Since its inception, Gladstone Investment has exited eleven of its management supported buyouts and realized significant capital gains on the equity portion of these investments. The realization of these capital gains continue to validate Gladstone Investment's strategy and capability as a buyout fund through our investment approach of realizing gains on equity, while generating strong current income for monthly distributions to shareholders over the investment period," said David Dullum, president of Gladstone Investment.
"Gladstone Investment has appreciated the partnership with the Mitchell management team over the life of our investment. Mitchell has developed a meaningful footprint in the U.S. with a marquee list of customers. We wish the team a successful and bright future under the new ownership," said Chris Daniel (Managing Director, Private Equity, of Gladstone Investment's investment adviser).
Mitchell was represented by BellMark Partners, LLC.
SOURCE: Gladstone Investment Corporation
For further information: Gladstone Investment Corporation, 703-287-5893
