NEWSAugust 3rd 2016

Wincove Sells GI Plastek to Gladstone Investment



Janney Montgomery Scott LLC (“Janney”) is pleased to announce that Wincove-GIP Acquisition, Inc. (d.b.a. GI Plastek) (“GI Plastek” or the “Company”) has been sold to Gladstone Investment Corporation (NASDAQ: GAIN) (“Gladstone Investment”), a business development company based in McLean, VA. GI Plastek, a leading manufacturer of medium to large, customized and highly aesthetic plastic injection molded products, was a portfolio company of Wincove Capital (“Wincove”), a private investment firm. Gladstone Investment provided equity, first lien senior debt and a revolving credit facility to complete the transaction. The terms of the transaction were not disclosed.

“We are excited to partner with GI Plastek’s extremely talented and experienced management team on the next phase of the Company’s growth,” said Blair Gertmenian, Director of Gladstone Investment’s management company. “GI Plastek has an excellent reputation in the market as a leading manufacturer of customized injection molded products with superior customer service and support.”

Daniel Mills, President of GI Plastek, stated, “We have enjoyed an excellent relationship with our partners at Wincove, and thank them for their support over the six years of ownership. We are well positioned to continue our strong growth path with Gladstone Investment.”

Michael McGovern, a partner at Wincove, said “We are proud of what we have accomplished in partnership with the management team at GI Plastek. During our ownership tenure we invested heavily in the business, including hiring many key new team members, and completing a large scale plant expansion in Wolfeboro, which have helped the Company provide a leading service offering to its customers.”

Janney acted as exclusive financial advisor to Wincove and GI Plastek, working closely with the management team and shareholders throughout the sales process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction. Choate, Hall & Stewart LLP served as legal counsel to Wincove and GI Plastek while Dickstein Shapiro LLP served as legal counsel to Gladstone Investment.

About GI Plastek

GI Plastek, based in Wolfeboro, NH is a leading manufacturer of medium to large, customized and highly aesthetic plastic injection molded products utilizing structural foam, gas assist, and straight injection processes. In addition, the Company offers value-added assembly and secondary finishing operations, including painting, inserting and decorating.

About Gladstone Investment Corporation

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.

About Wincove Capital

Wincove Capital, together with its affiliate Wincove Private Holdings, LP, is a private investment firm that makes equity investments using a permanent equity capital base. Wincove has offices in Boston and New York.

Reprinted from Janney Montgomery Scott