Gladstone Capital Corporation Strikes Success in Oil and Gas
03 October 2016 - 11:30PM
Gladstone Capital Corporation (NASDAQ:GLAD) (“Gladstone Capital”)
announced today that it has exited its investment in Southern
Petroleum Laboratories (“SPL”) in connection with the exit by the
investment’s sponsor, Hastings Equity Partners. SPL,
headquartered in Houston, TX, provides a full complement of
laboratory test and measurement services for the oil & gas
production industry. This transaction resulted in prepayment
in full of Gladstone Capital’s junior debt and a gain on its equity
co-investment.
"Congratulations to our friends at Hastings
Equity Partners on their successful sale of SPL. We are proud to
have supported you and your partners at Jordan/Zalaznick Advisers,
Inc. and The Edgewater Funds in this investment,” said John Freal,
a Managing Director of Gladstone Capital. "Despite the significant
challenges across the energy sector, the SPL team delivered
superior results and we wish them continued success in the
future."
Hastings Equity Partners is a private equity
firm focused on investing in lower middle-market energy services
and equipment businesses. Hastings partnered with certain funds
advised by Jordan/Zalaznick Advisers, Inc. and The Edgewater Funds
in this transaction.
Gladstone Capital Corporation is a publicly
traded business development company that invests in debt and equity
securities, consisting primarily of secured first and second lien
term loans to small and medium sized businesses in the United
States. Information on the business activities of Gladstone Capital
and all the Gladstone funds can be found at
www.gladstonecompanies.com.
For Investor Relations inquiries related to any
of the monthly dividend paying Gladstone funds, please visit
www.gladstone.com.
For further information: Gladstone Capital Corporation, 703-287-5893
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