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2015 Investment Highlights
In February and September 2015, Gladstone Capital provided subordinated debt and equity to support Lignetics' acquisitions of Bear Mountain Forest Products, Inc. and GF Funding, LLC (DBA Geneva Wood Fuels).
Lignetics manufactures and distributes branded wood pellets primarily for home heating. Lignetics is one of the largest residential wood pellet manufacturers in the U.S., with an annual production capacity of more than 500,000 tons across six plants.
Senior Term Loan
In September 2015, Gladstone Capital provided a senior term loan and an equity co-investment in connection with a buyout of Flight Fit N Fun from the founders by a new management team.
Flight owns and operates trampoline parks located in the eastern United States. Trampoline parks are large family entertainment facilities where jumpers of all ages can participate in active social outings, lively corporate gatherings, intense individual workouts or memorable birthday parties.
Secured Senior Loan
In August 2015, Gladstone Capital provided a secured senior loan and an equity co-investment to support a sponsor-backed recapitalization of a company in the food processing and co-packing industry.
The company provides co-packing services to a wide variety of branded and private label liquid and related food products.
Second Lien Term Loan
In July 2015, Gladstone Capital provided a loan and equity to support a sponsor-backed buyout of Mikawaya.
Mikawaya is a 105-year old producer of Japanese pastries and specialty frozen desserts. The Company is the market leader in mochi ice cream and also offers five additional product lines, including traditional ice cream and gelato. The Company has long-standing relationships in the supermarket and foodservice segments, and its products are currently available in approximately 1,800 locations nationwide.
Secured First Lien Loan
In July 2015, Gladstone Capital provided a secured first lien loan investment to recapitalize a sponsor-backed buyout of StrataTech Education Group.
StrataTech Education Group operates welding, pipefitting, HVAC/refrigeration, and electrical repair programs across the Phoenix, Tulsa, Houston, and Jacksonville markets. The Sponsor is an East Coast-based private equity firm focused on the lower middle market.