Gladstone Capital Corporation Invests $5.5 Million in Behrens Manufacturing, LLC
MCLEAN, Va., Dec. 16, 2013 /PRNewswire/ -- Gladstone Capital Corporation (NASDAQ: GLAD) ("Gladstone Capital") announced today that it invested $5.5 million in a combination of debt and equity to purchase Behrens Manufacturing, LLC ("Behrens") with the participation of Behrens' existing management team. Gladstone Capital's affiliated company, Gladstone Investment Corporation (NASDAQ: GAIN), also participated as a co-investor by providing $12.9 million of debt and equity financing on the same terms as Gladstone Capital 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 Capital's affiliated investment adviser.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of senior term loans, second term lien loans, and senior subordinated term loans in small and medium sized businesses in the United States. The Company has paid 122 consecutive monthly cash distributions on its common stock. Before the Company started paying monthly distributions, the Company paid eight consecutive quarterly cash distributions on its common stock. Information on the business activities of all the Gladstone funds 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 Capital'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 Capital's filings with the Securities and Exchange Commission. Gladstone Capital 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 Capital Corporation