Gladstone Investment Corporation Acquires Fairhaven Group, Inc. and Gum Drop Cases, LLC
MCLEAN, Va., Aug. 28, 2017 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (NASDAQ:GAIN) (“Gladstone Investment”) announced today that on August 25, 2017, Gladstone Investment, together with the executive management team of Fairhaven Group, Inc. (“Fairhaven”), formed Pioneer Square Brands, Inc. (“Pioneer Square”) to acquire Fairhaven and Gum Drop Cases, LLC (“Gumdrop”). Gladstone Investment provided equity and secured debt to complete the transaction. Pioneer Square designs and markets premium mobile technology bags and cases sold primarily to the K-12 education market. Pioneer Square will continue to operate the respective brands of Fairhaven and Gumdrop separately.
"We are excited to partner with Fairhaven’s talented and experienced management team on the creation of Pioneer Square," said Kyle Largent, Managing Director of Gladstone Investment’s investment adviser. “The combination of these two companies creates a clear market leader in mobile device protection in the rapidly growing K-12 sector, and we look forward to building on that leadership position.”
Gladstone Investment is a publicly traded business development company that seeks to make debt and equity investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.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 Pioneer Square and its management team, and the ability of Pioneer Square 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 U.S. 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.
For further information: Gladstone Investment Corporation, 703-287-5893
Released August 28, 2017