Gladstone Investment Corporation Invests $17.7 Million in Jackrabbit, Inc.
Apr 22, 2013, 04:30 ET
MCLEAN, Va., April 22, 2013 /PRNewswire/ -- Gladstone Investment Corporation (NASDAQ: GAIN) (the "Company") announced that on April 11, 2013, it invested $17.7 million, compromised of a mix of debt and equity in Jackrabbit, Inc., a leading manufacturer of nut harvesting equipment based in Ripon, California, along with its wholly-owned metal cutting and forming, and pruning tower-manufacturing division, Dakota AG Welding. Gladstone Investment, together with Santa Monica, CA-based Pegasus Capital Group, provided the capital and other resources in support of the acquisition led by newly appointed CEO Bob DeMont and the long-standing management team.
Established in 1981, Jackrabbit Inc. has cultivated an outstanding name and reputation domestically and abroad. The innovative company has pioneered and improved a number of award-winning harvesting machines which are now standard in the nut farming industry. Jackrabbit's machines are staple products in almond, walnut and pecan harvesting, while Dakota's self-propelled pruning towers and laser cutting and forming services expand its reach into crop industries, including cherries and avocados. Further information is available at www.jackrabbit.bz.
Chris Daniel, Managing Director at Gladstone Investment, said, "Gladstone Investment is pleased to partner with both Pegasus and the talented management team at Jackrabbit and Dakota. We look forward to building on Jackrabbit's brand and long-standing success by continuing to grow the business."
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 has paid 93 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.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Jackrabbit and its management team, and the ability of Jackrabbit to grow and expand 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 effects of current economic instability, the Company's ability to access debt and equity capital and those factors listed under the caption "Risk Factors" of the Company's registration statement on Form N-2 (file No. 333-181879) as amended (the "Prospectus") and the supplement to the Prospectus as filed with the SEC on October 2, 2012. The risk factors set forth in the Prospectus 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