Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Gladstone Investment Corporation
MCLEAN, Va., Oct. 3, 2013 /PRNewswire/ -- Gladstone Investment Corporation (NASDAQ: GAIN) ("Gladstone Investment") announces today that on October 1, 2013, it invested $16.3 million in a combination of debt and equity to purchase Alloy Die Casting Co. ("ADC"). Gladstone Investment's affiliated company, Gladstone Capital Corporation (NASDAQ: GLAD) participated as a co-investor by providing $7.0 million of debt and equity financing on the same terms as Gladstone Investment in support of the acquisition.
Founded in 1946 and headquartered in Buena Park, CA, ADC is a manufacturer of high quality, finished aluminum and zinc castings for aerospace, defense, aftermarket automotive and industrial applications. ADC provides its customers with engineering support and custom tool design and fabrication as well as in-house machining and finishing capabilities.
"Gladstone Investment is excited to partner with ADC's talented and experienced management team. We look forward to the continued growth of the business and building upon the success of the management team over the past few years," said Greg Bowie, a 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 99 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 ADC and its management team, and the ability of ADC 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.
©2012 PR Newswire. All Rights Reserved.