ACCESS Newswire
27 Jun 2022, 18:07 GMT+10
MCLEAN, VA / ACCESSWIRE / June 27, 2022 / Gladstone Investment Corporation (Nasdaq:GAIN) ('Gladstone Investment') announced today the sale of its portfolio company Bassett Creek Services, Inc. ('Bassett Creek') to Watterson, a portfolio company of Highview Capital. As a result of this transaction, Gladstone Investment received repayment of its debt investment at par and realized a meaningful capital gain on its equity investment. Gladstone Investment formed Bassett Creek in partnership with Bassett Creek Capital, Inc. ('BCC') in 2018.
Bassett Creek, headquartered in Chicago, IL, is a provider of restoration and renovation services across the country.
'Gladstone Investment has enjoyed a strong partnership with BCC and Bassett Creek's management team over the last several years. We are proud to have supported the business through a period of rapid growth, both organically and through acquisition,' said Peter Roushdy, Managing Director of Gladstone Investment. 'The entire Bassett Creek management team has achieved outstanding results in growing the business and we wish them continued success.'
'With the sale of Bassett Creek and from inception in 2005, Gladstone Investment has exited over 20 of its management supported buy-outs, generating significant net realized gains on these investments,' said David Dullum, President of Gladstone Investment. 'Our strategy as a buyout fund, realizing gains on equity, while also generating strong current income during the investment period from debt investments alongside our equity investments, provides meaningful value to shareholders through stock appreciation and dividend growth.'
Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market private businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.
For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstonecompanies.com.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Gladstone Investment and Bassett Creek and its management team, and the ability of Gladstone Investment and Bassett Creek to be successful in the future 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 beliefs 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 update or revise these forward looking statements whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Investment Corporation, 703-287-5810
SOURCE: Gladstone Investment Corporation
Get a daily dose of Albuquerque Express news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Albuquerque Express.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...