ERJ staff report (DS)
Mclean, Virginia -- Private equity company Gladstone Investment Corp. said it has invested $16.4 million in Mitchell Rubber Products, Inc. ("Mitchell Rubber"), as part of a leveraged management buyout.
Gladstone Investment, together with Ted Ballou, CEO of Mitchell Rubber, and certain key members of Mitchell Rubber's management, provided the capital to support the recapitalisation of the business. Mitchell Rubber, headquartered in Mira Loma, California, develops, mixes, and moulds rubber compounds for specialised applications in the non-tyre rubber market.
"As a result of its expertise in rubber compounding solutions and customer service, Mitchell Rubber performed exceptionally well through the economic downturn and is currently positioned to continue growing by expansion within its existing customer base and through new business development efforts," said Dave Dullum, President of Gladstone Investment.
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Press release from Gladstone