MCLEAN, Va., Oct. 03, 2016 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (NASDAQ:GLAD) (“Gladstone Capital”) announced today that it has exited its investment in Southern Petroleum Laboratories (“SPL”) in connection with the exit by the investment’s sponsor, Hastings Equity Partners. SPL, headquartered in Houston, TX, provides a full complement of laboratory test and measurement services for the oil & gas production industry. This transaction resulted in prepayment in full of Gladstone Capital’s junior debt and a gain on its equity co-investment.
"Congratulations to our friends at Hastings Equity Partners on their successful sale of SPL. We are proud to have supported you and your partners at Jordan/Zalaznick Advisers, Inc. and The Edgewater Funds in this investment,” said John Freal, a Managing Director of Gladstone Capital. "Despite the significant challenges across the energy sector, the SPL team delivered superior results and we wish them continued success in the future."
Hastings Equity Partners is a private equity firm focused on investing in lower middle-market energy services and equipment businesses. Hastings partnered with certain funds advised by Jordan/Zalaznick Advisers, Inc. and The Edgewater Funds in this transaction.
Gladstone Capital Corporation is a publicly traded business development company that invests in debt and equity securities, consisting primarily of secured first and second lien term loans to small and medium sized businesses in the United States. Information on the business activities of Gladstone Capital and 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.
For further information: Gladstone Capital Corporation, 703-287-5893
Source:Gladstone Capital Corporation