Gladstone Investment Corporation and Bassett Creek Capital form the Bassett Creek Restoration Platform and Acquire J.R. Johnson
MCLEAN, Va., May 01, 2018 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone Investment”) announced today that on April 4, 2018, Gladstone Investment partnered with Bassett Creek Capital, Inc. (“BCC”) to form Bassett Creek Restoration, Inc. (“Bassett Creek Restoration”), a platform for acquiring and integrating restoration and renovation companies across the United States.
Bassett Creek Restoration partnered with members of executive management in the acquisition of J.R. Johnson, LLC (“JR Johnson”). Gladstone Investment provided equity and secured debt to complete the transaction. Headquartered in Portland, OR, JR Johnson is a leading provider of commercial restoration and renovation services. JR Johnson’s focus on quality and response time has made it an invaluable partner to real estate owners and property managers in their geography.
“We’re very excited to partner with BCC in the formation of the Bassett Creek Restoration platform. What we consider JR Johnson’s best-in-class processes and procedures make it an ideal initial investment for this platform as we look to integrate future acquisitions under the Bassett Creek Restoration umbrella,” said Peter Roushdy, Director of Gladstone Investment’s investment adviser.
Gladstone Investment is a publicly traded business development company that seeks to make debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Bassett Creek Restoration, JR Johnson and its management team, and the ability of Bassett Creek Restoration and JR Johnson to grow and expand 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 plans that 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 those factors described from time to time in Gladstone Investment's filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to publicly release the result of any revisions to these forward looking statements that may be made to reflect any future events or otherwise, except as required by law.
SOURCE: Gladstone Investment Corporation
For further information: Gladstone Investment Corporation, 703-287-5893
Released May 1, 2018