Gladstone Investment Corporation has sold its equity interest and pre-payed its debt investment in Behrens Manufacturing (Behrens) to private equity firm, Mill City Capital.
As a result of this transaction, Gladstone Investment realised 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 realised significant capital gains on the equity portion of these investments. The realisation of these capital gains continue to validate Gladstone Investment's strategy and capability as a buyout fund through our investment approach of realising gains on equity, while generating strong current income for monthly distributions to shareholders over the investment period," says 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," says Blair Gertmenian (Director, Private Equity, of Gladstone Investment's investment adviser).
