Gladstone has acquired GI Plastek from Wincove Capital which purchased the business in August 2009. Gladstone provided equity, first lien senior debt and a revolving credit facility to complete the transaction.
GI Plastek specializes in the manufacture of large to medium, high aesthetic, and complex molded products. Core capabilities include standard injection molding, structural foam molding, gas assist and gas counter pressure molding, finishing, painting, electromagnetic interference shielding, assembly, and graphics. Customers of GI Plastek are typically active in the medical & diagnostic equipment; military; industrial; construction; material handling; and leisure and recreation sectors. The company operates a 91,000 sq. ft. facility and headquarters north of Boston in Wolfeboro, NH (www.giplastek.com).
“We are excited to partner with GI Plastek’s talented and experienced management team on the next phase of the company’s growth,” said Blair Gertmenian, Director of Gladstone Investment’s management company. “GI Plastek has an excellent reputation in the market as a leading manufacturer of customized injection molded products with superior customer service and support.”
Gladstone 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.Gladstone.com).
Wincove Capital invests in lower middle-market companies that have EBITDA between $2 million and $8 million. The firm was founded in 2008 and is led by partners Michael McGovern and John Lenahan. Wincove Capital has offices in New York and Boston (www.wincovecapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-6-15
