MCLEAN, Va., April 25, 2016 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone Investment”) announced today the sale of its equity interest and the prepayment of its debt investments in Acme Cryogenics, Inc. (“Acme”) on April 22, 2016, to a private equity firm, Graham Partners. As a result of this transaction, Gladstone Investment realized a significant capital gain on its equity investment.
“With the sale of Acme and since June 2010, Gladstone Investment has exited seven of its management supported buy-outs and realized significant capital gains on the equity portion of these investments. The realization of these capital gains are in keeping with Gladstone Investment’s strategy and capability as a buyout fund and our investment approach of realizing gains on equity while generating strong current income during the investment period,” said David Dullum, president of Gladstone Investment.
Acme, headquartered in Allentown, PA, is the leading designer and manufacturer of a full suite of critically engineered products and services for the production, distribution and storage of cryogenic liquids and industrial gases.
“Gladstone Investment has greatly enjoyed our partnership with Brant Point Partners and the Acme management team over the life of our investment. The management team has achieved outstanding results in growing and transforming the business over the last several years. We wish them success with their new owner, Graham Partners,” said Blair Gertmenian, a Director (Private Equity) of Gladstone Investment’s 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. Additional information on the transaction can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstone.com.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Acme and its management team, and the ability of Acme 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 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.