London
8 °C
Manchester
9 °C
Glasgow
Dublin
Belfast
7 °C
Washington
Denver
3 °C
Atlanta
9 °C
Dallas
Houston Texas
New Orleans
El Paso
7 °C
Phoenix
Los Angeles
13 °C
13 °C
-29 °C
7 °C
Gladstone Investment Corporation Enters Into Definitive Agreement to Acquire the Ricardo Defense Business
NYSE - LSE
Gladstone Investment Corporation Enters Into Definitive Agreement to Acquire the Ricardo Defense Business
Gladstone Investment Corporation (Nasdaq:GAIN) ("Gladstone Investment") announced today that on December 13, 2024, it, along with Proteus Enterprises LLC, signed a definitive agreement to acquire Ricardo Defense, Inc. ("RDI").Final closing is anticipated for December 31, 2024, once all customary closing conditions have been satisfied. Gladstone Investment will provide equity and senior secured debt to complete the transaction.
RDI, based in Troy, Michigan, is an engineering services and systems integration firm focused on helping Department of Defense customers solve technical hurdles to modernizing, managing, and maintaining the fleet. "We are looking forward to working with Proteus, President Chet Gryczan and the team at RDI to build on the company's established presence and to continue bringing innovative solutions to its customers," said Christopher Lee, Senior Managing Director of Gladstone Investment.
"We are thrilled to be adding another quality portfolio company to Gladstone Investment's assets through this acquisition, as we expect it to produce both income for dividends to shareholders and longer-term capital appreciation for capital gains," said David Dullum, President of Gladstone Investment.
Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses 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.
Forward-looking Statements:
The statements in this press release regarding the longer-term prospects of Gladstone Investment and RDI and its management team, and the ability of Gladstone Investment and RDI 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 update or revise these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For further information: Gladstone Investment Corporation, (703) 287-5893
SOURCE: Gladstone Investment Corporation
K.Busch--BlnAP
