MCLEAN, Va., Dec. 30, 2010 /PRNewswire/ -- Gladstone Investment Corporation (Nasdaq: GAIN) (the "Company") announced today that on December 28, 2010, it invested $10.8 million in Precision Southeast Inc. ("PSI") consisting of senior debt and equity. The Company, together with certain members of PSI's management, invested equity capital to support the recapitalization of the business. PSI, headquartered in Myrtle Beach, South Carolina is a custom injection molding company, focused on the filtration, consumer and industrial markets. For more information on PSI, please go to www.precisionsoutheast.com.
"Gladstone Investment is excited about partnering with the talented management team at PSI and we look forward to growing the business together," said Dave Dullum, Gladstone Investment's President. "PSI weathered the economic downturn and is positioned to grow by expansion within its existing customer base and through new business development efforts."
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. The Company pays monthly dividends to its stockholders. Additional information on this transaction can be found at www.gladstonecompanies.com.
For Investor Relations inquiries please visit www.gladstone.com.
For further information contact Investor Relations at 703-287-5893.
The statements in this press release regarding the longer-term prospects of PSI and its management team, and the ability of PSI to grow and expand in the injection molding business are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties, although they are based on the Company's current plans that are believed to be reasonable as of the date of this press release. Factors that may cause the Company's actual results to differ from these forward-looking statements include, among others, the duration and potential future effects of the current economic downturn on its portfolio companies and on the senior loan market and those factors listed under the caption "Risk Factors" of the Company's Form 10-K for the fiscal year ended March 31, 2010, as filed with the SEC on May 24, 2010 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, as filed with the SEC on August 2, 2010. The risk factors set forth in the Form 10-K and 10-Q under the caption "Risk Factors" are specifically incorporated by reference into this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Gladstone Investment Corporation