Gladstone Investment Corporation sells its investment in Bassett Creek Services
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MCLEAN, VA/ACCESSWIRE/June 27, 2022/ Gladstone Investment Corporation (Nasdaq: GAIN) (“Gladstone Investment”) today announced the sale of its holding company Bassett Creek Services, Inc. (“Bassett Creek”) to Watterson, a holding company of Highview Capital. As a result of this transaction, Gladstone Investment received repayment of its debt investment at par and realized a significant capital gain on its equity investment. Gladstone Investment formed Bassett Creek in partnership with Bassett Creek Capital, Inc. (“BCC”) in 2018.
Bassett Creek, headquartered in Chicago, IL, is a nationwide restoration and renovation service provider.
“Gladstone Investment has enjoyed a strong partnership with BCC and the Bassett Creek management team over the past few years. We are proud to have supported the business through a period of rapid growth, both organically and through acquisition,” said Peter Roushdy, Managing Director of Gladstone Investments. “The entire Bassett Creek management team has achieved outstanding results in growing the business and we wish them continued success.”
“With the sale of Bassett Creek and since its inception in 2005, Gladstone Investment has exited over 20 of its management-backed buyouts, generating significant net gains on these investments,” said David Dullum, President of Gladstone Investment. “Our strategy as a buyout fund, realizing equity gains, while also generating strong current income over the investment period through debt investments alongside our equity investments, delivers significant shareholder value. through stock appreciation and dividend growth.”
Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity-backed investments in private lower-middle market companies in the United States through acquisitions, changes of control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.
For any investor relations questions regarding any of the Gladstone family funds paying monthly distributions, please visit www.gladstonecompanies.com.
The statements in this press release regarding the longer-term prospects of Gladstone Investment and Bassett Creek and its management team, and Gladstone Investment and Bassett Creek’s ability to succeed in the future 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 Gladstone Investment’s current beliefs which 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 including factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Investment Corporation, 703-287-5810
THE SOURCE: Gladstone Investment Company
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