MCLEAN, Va., Aug. 4, 2014 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (Nasdaq:GLAD) ("Gladstone Capital") announced today that on August 1, 2014 it invested $8.75 million through a combination of debt and equity to support the acquisition of Southern Petroleum Laboratories, Inc. ("SPL") by Hastings Equity Partners ("Hastings"), certain funds advised by Jordan/Zalaznick Advisers, Inc. ("JZAI") and The Edgewater Funds ("Edgewater").
Founded in 1944 and headquartered in Houston, TX, SPL provides the oil and gas production industry with independent lab, measurement and field meter services. Customers use this information to support refining plans, to determine the value of the oil and gas when it is sold, and to satisfy regulatory filing requirements. SPL also provides well production allocation services. Based on SPL's quantity, quality and composition measurements of fluids that are comingled from multiple wells, clients use SPL to allocate the wells' royalty stream payments to the appropriate landowners who tend to differ by well.
"SPL is a recognized leader in the oil and gas production industry. We see many opportunities for growth, driven by the increasing activity in this sector of the energy industry and by geographic expansion. Gladstone Capital looks forward to working with Hastings, JZAI, Edgewater and the SPL management team to support the continued growth of this business." said John Freal, a Managing Director of Gladstone Capital.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of senior, second lien and senior subordinated term loans in small and medium sized businesses in the United States. The Company has paid 130 consecutive monthly cash distributions on its common stock (and eight consecutive quarterly cash distributions on its common stock prior thereto). 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 SPL and its management team, and the ability of SPL 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 the Company'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 forwardlooking statements that may be made to reflect any future events or otherwise, except as required by law.
CONTACT: Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5893
Source:Gladstone Capital Corporation