Gladstone Investment Corporation Invests in Counsel Press Inc.
MCLEAN, Va., April 1, 2015 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (Nasdaq:GAIN) ("Gladstone Investment") announced today that on March 31, 2015, it invested an aggregate of $32.5 million in a combination of equity and debt to acquire Counsel Press Inc. ("Counsel Press") from The Dolan Company in conjunction with Counsel Press' existing management team.
Since 1938, Counsel Press has assisted attorneys in all 50 states with expert assistance in preparing, filing, and serving appeals in state and federal appellate courts nationwide and several international tribunals through its experienced staff of attorneys, appellate consultants and appellate paralegals. Counsel Press' operations include fully staffed offices in 12 locations nationwide and production centers in 6 locations.
"We are impressed with Counsel Press' excellent reputation as the premier appellate services provider. We are looking forward to building on its history of organic growth, new product introductions and acquisitions in regional markets," said Erika Highland, a Director at Gladstone Management Corporation, Gladstone Investment's affiliated investment adviser.
"Counsel Press has long been a strong contributor for The Dolan Company, but this divestiture allows us to focus on the growth of our strategic businesses," said Mark McEachen, The Dolan Company's CEO. "We believe that Gladstone and management can continue to grow the business and continue to provide the excellent service that Counsel Press is known for."
Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
The statements in this press release regarding the longer-term prospects of Counsel Press and its management team, and the ability of Counsel Press 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.
CONTACT: Gladstone Investment Corporation, 703-287-5893
Released April 1, 2015