Gladstone Investment Corp has acquired GI Plastek from Wincove Capital. No financial terms were disclosed. Based in Wolfeboro, New Hampshire, GI Plastek is a maker of plastic injection molded products.
MCLEAN, Va., Aug. 3, 2015 (GLOBE NEWSWIRE) — Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone Investment”) announced today that on July 31, 2015, Gladstone Investment, together with certain members of the executive management team, acquired Wincove-GIP Acquisition, Inc. (d.b.a. GI Plastek) from Wincove Capital, a private investment firm. Gladstone Investment provided equity, first lien senior debt and a revolving credit facility to complete the transaction. GI Plastek, based in Wolfeboro, NH is a leading manufacturer of medium to large, customized and highly aesthetic plastic injection molded products utilizing structural foam, gas assist, and straight injection processes. In addition, the Company offers value-added assembly and secondary finishing operations, including painting, inserting and decorating.
“We are excited to partner with GI Plastek’s extremely talented and experienced management team on the next phase of the company’s growth,” said Blair Gertmenian, Director of Gladstone Investment’s management company. “GI Plastek has an excellent reputation in the market as a leading manufacturer of customized injection molded products with superior customer service and support.”
Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstonecompanies.com.
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