Gladstone Investment Corporation and Slate Capital Group have acquired Horizon Facilities Services. Gladstone Investment provided the majority equity and senior secured debt to support the transaction.
Horizon is a provider of outsourced services to the rental car industry and provides commercial janitorial services. The company’s rental car services, sold under the Managed Labor Solutions brand, include shuttling, maintenance-related vehicle transportation, registration and agency support, demand-based staffing, fleet and turnback services, and other grounds related services. Horizon’s commercial janitorial services are sold under the Professional Maintenance Co. brand. Horizon is headquartered in Allentown, PA (www.managedlabor.net).
“Horizon’s ability to solve complex staffing and logistical problems for its clients sets Horizon apart from its peers. We are very excited to partner with Slate Capital and the talented team at Horizon and look forward to helping the company as it enters its next phase of growth,” said Peter Roushdy, a managing director of Gladstone Investment.
Gladstone Investment (NASDAQ: GAIN) is a publicly traded business development company that makes debt and equity investments in US-based small to middle-market businesses. The firm generally invests from $5 million to $30 million of debt and equity in companies that have from $3 million to $20 million in EBITDA. Gladstone Investment is based in McLean, VA (www.gladstoneinvestment.com).
Slate Capital Group invests in Eastern US-based companies that have annual cash flow of $3 million to $15 million. Sectors of interest include business services, specialty retail, healthcare services, distribution and light manufacturing. The firm was founded in 2004 by Rick Corcoran and Erik Ginsberg and is headquartered in Baltimore, MD (www.slatecap.com).
© 2019 Private Equity Professional | July 16, 2019
