MCLEAN, Va., Dec. 27, 2016 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) ("Gladstone Investment") announced today the sale of its equity interest and the prepayment of its debt investment in Behrens Manufacturing, LLC ("Behrens") on December 19, 2016, to private equity firm, Mill City Capital, L.P. As a result of this transaction, Gladstone Investment realized a significant capital gain on its equity investment.
Behrens, headquartered in Winona, MN, is the leading manufacturer of branded metal containers used in a diverse, growing array of consumer and professional applications.
"Since its inception, Gladstone Investment has exited nine of its management supported buyouts and realized significant capital gains on the equity portion of these investments. The realization of these capital gains continue to validate Gladstone Investment's strategy and capability as a buyout fund through our investment approach of realizing gains on equity, while generating strong current income for monthly distributions to shareholders over the investment period," said David Dullum, president of Gladstone Investment.
"Gladstone Investment has greatly enjoyed our partnership with the Behrens management team over the life of our investment. Behrens is an exceptional company that has become a bigger, stronger, more diversified business over the course of our involvement with the company. We are confident they will continue to innovate and drive growth and profitability under new ownership and have a very bright future ahead of them," said Blair Gertmenian (Director, Private Equity, of Gladstone Investment's investment adviser).
Behrens was represented by Stifel.
For further information: Gladstone Investment Corporation, 703-287-5893
Source:Gladstone Investment Corporation