Gladstone Investment Corporation has invested $12.9 million in a combination of debt and equity to purchase Behrens Manufacturing. Gladstone Capital Corporation also participated as a co-investor by providing $5.5 million of debt and equity financing on the same terms as Gladstone Investment in support of the acquisition. Behrens’ management team invested in this transaction alongside Gladstone.
Behrens is a manufacturer and marketer of utility products and containers. Behrens is the top supplier of steel cans, pails, tubs and watering cans in North America and offers the largest breadth of products in its industry. The company was founded in 1911 and is based in Winona, MN (www.behrensmfg.com).
“Gladstone is proud to be partnering with the talented and experienced management team at Behrens to help it continue to build on the growth that it has achieved over the past several years. We look forward to working with yet another great American company, and to helping Behrens’ management team build on its impressive history of producing high quality products in the United States,” said Kipp Kranbuhl, Director, Private Finance, of Gladstone Management Corporation.
Gladstone Investment Corporation is a publicly-traded business development company that makes debt and equity investments in US-based small to middle-market businesses. Target investments generally range from $5 million to $30 million in companies with over $3 million in EBITDA. Sectors of interest include light and specialty manufacturing, industrial products, business and government services, media and communications, consumer products and services, healthcare services, transportation, specialty chemicals and energy services. Gladstone is based in McLean, VA with additional offices in New York, Chicago, and Los Angeles (www.GladstoneInvestment.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-18-13