PURCHASE, N.Y., Sept. 3, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, announced today an $8 million debt investment in Morey's Seafood International LLC ("Morey's"), a Minnesota-based manufacturer, marketer, and distributor of wholesale seafood and specialty products to major grocers, and food service broad liners nationwide.
MVC's $8 million investment was part of a refinancing undertaken by Morey's to help fuel its growth.
Over the past decade, Morey's Seafood has transitioned from a regional niche manufacturer and distribution business into a nationally branded seafood company. Over the past several years, Morey's Seafood has experienced significant growth as a result of process improvement measures and continued high-quality sourcing, coupled with favorable market dynamics.
"Through a well-executed business plan, Morey's Seafood has reported strong financial results over the past few years and is anticipating further business expansion," said James O'Connor, Managing Director of The Tokarz Group Advisers, LLC, investment adviser to MVC Capital.
"This investment reflects a further step in executing against our yielding strategy by partnering with strong management teams in middle-market businesses that have niche market opportunities with favorable growth potential," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc.
About Morey's Seafood International LLC
Morey's Seafood International is a leading distributor of wholesale seafood and specialty products to big box stores, grocery stores, and food service broad liners. Morey's Seafood is an established business, operating continuously for over 70 years out of its headquarters in Minnesota. The Company is organized in two divisions—specialty products, which sells ready-to-cook meals, and distribution, which supplies fresh/frozen seafood to retailers.
About MVC Capital, Inc.
MVC Capital, Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including: Morey's ability to achieve its expected financial results and business objectives; MVC Capital's ability to execute its investment strategy; the performance of MVC Capital's investments; and changes in economic or financial market conditions and other factors that are enumerated in the company's periodic filings with the Securities and Exchange Commission. MVC Capital disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
CONTACT: Investor Relations Jackie Rothchild MVC Capital, Inc. 914-510-9400 or Jeffrey Goldberger / Garth Russell KCSA Strategic Communications 212-896-1249 / 212-896-1250 Media Inquiries Nathaniel Garnick / Patrick Scanlan SardVerbinnen& Co. 212-687-8080Source:MVC Capital