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Gladstone fits in two more deals ahead of year end

28 Dec 2012

Private equity investor The Gladstone Companies has sealed two US deals ahead of the end of the year through its Gladstone Capital Corporation (GCC) vehicle.

The firm said it had picked up a stake in Allen Edmonds Shoe Corp by purchasing a loan from an existing investor, and made a debt and equity investment in Ag Trucking.

Allen Edmonds, a Goldner Hawn Johnson & Morrison portfolio company, makes premium men’s shoes and accessories, while Ag is an Indiana-based truck transportation company specialising in food-grade liquids and dry bulk goods.

GCC is one of three Gladstone Companies financing vehicles alongside Gladstone Investment Corporation and Gladstone Commercial Corporation.

The trio are used to make debt and equity investments in US-based small to mid-market businesses, including second lien and mezzanine debt, subordinated loans and real estate sale leasebacks.

Gladstone says it generally targets investments of between $5m and $30m in companies with EBITDA greater than $3m.

In January this year the firm invested in piezoelectric ceramic supplier Channel Technologies alongside New York-based private equity firm Blue Wolf Capital Partners.

Channel’s executive management team also took part in the investment.

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