MVC Capital has completed a $7 million follow-on debt investment in Morey’s Seafood International, an existing portfolio company. MVC completed an $8 million initial debt investment in Morey’s in August 2013.
MVC Capital, Inc.
(NYSE:MVC), a publicly traded business development company that makes
private debt and equity investments, announced today the completion of
a $7 million follow-on debt investment in Morey’s Seafood International
LLC (“Morey’s”), an existing portfolio company.
“Morey’s performance continues to impress us as the company has
experienced growth in all of the markets they serve,” said Michael
Tokarz, Chairman & Portfolio Manager of MVC Capital. “This transaction
provides MVC with an opportunity to benefit from Morey’s success, not
only by increasing the total size of our investment to $15 million, but
also increasing the yield on the entire debt investment.”
MVC completed an $8 million initial debt investment in Morey’s in
August 2013. The initial investment was part of a refinancing
undertaken by Morey’s to help fuel its growth.
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: the performance of Morey’s, including its
ability to achieve its expected financial and business objectives; MVC
Capital’s ability to execute its investment strategy; the performance
of MVC Capital’s investments (including the investment in Morey’s); 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.