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The following companies are Gladstone Capital’s current portfolio
companies. Please read about our diverse group of investments
and visit their websites to learn even more.
Finn Corporation:
Finn Corporation is a leading designer, manufacturer and marketer
of landscape and erosion control equipment. Finn's product
line includes HydroSeeders, Straw Blowers, Bark Blowers, Compact
Skid Steers and other related products and services. The company
has the number one market position in the hydroseeder and
bark blower market. There is growing demand for landscape
services which is being driven in part by the strong trend
toward commercial outsourcing, as landscape contractors are
increasingly purchasing equipment that improves productivity
and efficiency. Gladstone Capital made a senior subordinate
loan to Finn. To learn more about Finn Corporation, please
see www.finncorp.com.
Marcal:
Marcal is a consumer products company that provides value
price level paper products to wholesalers and retailers in
the Northeast and Mid-Atlantic markets. The company produces
a range of tissue-type products including napkins, bath tissue,
facial tissue and paper towels. It has a seventy-year history
in the region, with a high selling concentration in the greater
New York area market. Marcal produces both branded products
as well as private label. As a producer, it is fully integrated
starting with raw material processed to fiber then sheet and
through conversion and packaging. It also operates a second
line of business in coated wax paper in a converter plant
located in Chicago. In this segment, it is one of two leading
producers of wax paper in the United States and has national
distribution in this category. Gladstone Capital made a commercial
term loan & a real estate mortgage loan to the company.
To learn more about Marcal visit their website: www.marcalpaper.com.
Coyne Textile Services (CTS):
Coyne Textile Services is one of the largest independently
owned industrial laundry operations in the United States,
with 47 locations serving nearly 50,000 customers in 30 states
and the District of Columbia, in nearly every business category.
For more than seventy years, they've found success in developing
many industry-leading procedures and products to more efficiently
and accurately process customers' requirements. From protective
apparel, rental garments and towel services to quality mop
systems and reusable absorbent systems, CTS innovations capture
state of the art technologies and fabrics, to protect the
workers in dangerous industrial environments. Gladstone Capital
provided Coyne with a senior term loan. For more information
regarding this company, please visit their website: www.coynetextileservices.com.
Mistras Holdings Group:
In August 2003 Gladstone Capital joined with PNC Business
Credit and Thayer Capital Partners to finance MISTRAS Holdings’
acquisition of the Conam Inspection Division of Staveley Services
North America. Through the combination of MISTRAS’ technological
capability and Conam’s US footprint and reputation for
service, a truly unique company has been created.
MISTRAS and Conam operate in the field of Nondestructive Testing
(“NDT”). NDT essentially tests the structural
integrity of items without affecting their usefulness. There
is a wide variety of applications for this service, including:
pressure vessels, pipeline monitoring, railroad tank cars,
high pressure tubes, nuclear power generators, aircraft, storage
tank integrity, weld monitoring, bearing and valve monitoring,
composite material testing, and infrastructure testing.
MISTRAS was founded in 1978 as Physical Acoustics Corporation
in Princeton Junction, NJ where it continues to maintain its
headquarters, manufacturing facility and its research and
development unit. MISTRAS develops, manufactures and markets
NDT sensors, instruments and systems and provides field testing
and installation services; it is a recognized global leader
in the field of acoustical emissions equipment and testing
services. MISTRAS operates worldwide through five overseas
subsidiaries having several additional representative offices.
www.mistrasholdings.com
Conam was formed in 1946 and through its eleven US locations
is a recognized leader in serving refineries, power generators,
and petrochemical producers in the US. Conam also supplies
a leading plant condition management software program that
allows users to track the condition of their plant assets
through a highly sophisticated database.
www.conaminsp.com
ARI is a remanufacturing and distribution company that sells
and rebuilds under-car automobile parts that are subject to
high wear, including axles, brake calipers, pads and power
steering components. As a result of its recent merger with
Car Components Technology, ARI is now the largest remanufacturer
of driveline products in North America, and is the second
largest full-line remanufacturer of under-car automotive parts
in the U.S., with market leadership positions in each of its
product areas, including brake and power steering products.
It is also a manufacturer and distributor of new parts that
do not involve a rebuildable core, which complements its remanufactured
product line. The Company’s major customers include
the nation’s leading national retail automotive parts
chains, national automotive parts warehouse distributors,
and national auto parts installers. Gladstone Capital made
a senior subordinated loan to ARI. To learn more about ARI,
please visit their website:
www.americanremaninc.com.
Gammill Quilting Systems designs, assembles, markets and distributes
hand-guided quilting machines (known in the trade as “long
arm” sewing machines) and related accessories. The Gammill
brand name is highly regarded in the quilting industry. These
machines take the place of hand-stitched quilting as well
as the machine sewing performed on standard domestic sewing
machines. Home quilting enthusiasts purchase these machines
along with the stand and accessories if they are serious hobbyists
or quilting as a small, home-based business activity. These
machines are considered to be the “top of the line” for home
quilters and are a cut below commercial grade sewing machines.
Gammill's product line currently includes eight machine models
all ranging in price.
Gladstone Capital partnered with RoyNat Capital on the financing
of this deal. RoyNat Capital is a limited partner in the Champlain
Capital Partners. RoyNat will participate with GCC in both
the Senior Term and LOT notes. To learn more about Gammill
Inc. please visit: www.Gammill.net.
Gladstone Capital has completed a senior term lot loan to
Woven Electronics. Woven Electronics Corporation ("Woven"),
established in 1962 and headquartered in Simpsonville, South
Carolina, is a provider of custom engineered electrical cable
assemblies, harnessing and electronic interconnections. Woven's
products are used in mission critical applications, are often
subjected to extreme and hostile environments, and require
a high degree of engineering. Past applications have included
wiring systems for airport radar ground control, multiple
launch rocket systems, and power distribution systems for
commercial aircraft. The Company sells these solutions in
a long-term, contracted manner to a variety of customers in
the aerospace, defense, computer, test and instrumentation,
and fiber optics industries; Woven has approximately 30 patents
on its designs. Woven counts as its customers leading military
and commercial manufacturers such as Boeing, Lockheed Martin,
Northrop Grumman, Honeywell, and Avaya.
To learn more about Woven please visit their website: www.wovenelectronics.com.
Gladstone Capital provided MedAssets with a $6.5 MM loan.
Headquartered, in Alpharetta, Georgia, MedAssets is the nation's
third largest Group Purchasing Organization ("GPO") serving
the healthcare market. The Company functions as an intermediary
between buyers and sellers in the market for pharmaceuticals
and healthcare supplies and services such as medical / surgical
supplies, generic pharmaceuticals, laboratory services, and
dietary supplies (food and beverages). MedAssets aggregates
the purchasing demand of numerous hospitals and non-acute
care(alternate site) facilities in order to negotiate volume
discount pricing from manufacturers on a broad range of products.
To learn more about MedAssets please visit their website:
www.medassets.com.
Benetech, established in 1983 by the Pircon family, is a supplier
of dust management systems to the coal and electric utility
industries. Benetech designs, manufactures, installs and provides
equipment, consumables and maintenance services to reduce
health and safety risks associated with the movement of coal
and other dust-producing materials. Gladstone Capital provided
Benetech with a senior term loan facility. For more information
regarding Benetech, please visit their website: www.benetechusa.com.
Maidenform designs, manufactures and sells an extensive range
of intimate apparel, including bras, pants and shapewear,
through multiple distribution channels including department
stores, chains, mass merchants, specialty stores and Company-owned
retail outlets and website (www.maidenform.com).
Gladstone Capital made a $10 million commitment to the second
lien syndication.
Bear Creek is the premier producer and marketer of branded
premium fresh fruit and gourmet foods, marketed under the
Harry and David® brand, and premium rose plant and horticultural
products, marketed under the Jackson & Perkins® brand. The
Company owns all of its own pear orchards and rose gardens
in California and Oregon. Gladstone Capital invested $6 MM
in the second lien syndication for the Company.
Gladstone Capital has partnered with PNC Business Credit to
fund Allied Extruders Inc. Allied Extruders Inc. is a regional
manufacturer of polyethylene film, serving the Northeast packaging
and plastic film converting industries. Allied’s film is used
by its customers to make laminated film packaging, packaging
for food, retail shopping bags and other products. Allied
blends multiple resins to create cost-competitive products
with physical properties that are compatible with customers’
production processes. As a result of the Company’s high quality
production capabilities and customer service focus, Allied
enjoys strong relationships with numerous independent plastic
film converters in the region. To learn more about Allied
please visit their website: www.alliedextruders.com
Santana Plastic Products is a domestic market leader in the
fabrication of solid plastic bathroom partitions, dividers,
shower stalls and lockers. These plastic partitions are the
restroom standard in schools, stadiums, arenas, parks and
other high traffic, high abuse environments. Santana was the
first to introduce solid plastic partitions in 1978 and it
continues to be both an innovator and one of the largest manufacturers
in the partition and locker industry.
Gladstone Capital made a junior term loan to Santana. To learn
more about Santana, please see www.hinyhider.com
Tech Lighting, LLC:
Tech Lighting, LLC is the premier choice of architects, designers,
and homeowners who seek the best in the low voltage (12-volt)
lighting sector. The company offers its customers up to 6,000
SKU’s under three distinct labels – Tech Lighting,
2Thousand Degrees, and Tiella Full-Line. Gladstone Capital
made an investment in the second lien syndication. To learn
more about Tech Lighting, please visit their website: www.techlighting.com
Valor Telecommunications, LLC:
Valor Telecommunications, LLC is one of the largest providers
of telecommunications services in rural communities in the
southwestern United States and the seventh largest independent
local telephone company in the country. Valor operates approximately
550,000 telephone access lines in primarily rural areas of
Texas, Oklahoma, New Mexico and Arkansas. The Company is the
only service provider in many of its markets that offers customers
an integrated package of local and long distance voice, high-speed
data and Internet access, and enhanced services such as voicemail
and caller identification. Gladstone Capital made an investment
in the second lien syndication. To learn more about Valor
Telecom, please visit their website: www.valortelecom.com
Global Material Technologies, Inc. (GMT):
Global Material Technologies (GMT), headquartered in the Chicago
area, has manufacturing facilities in the US, China, South
Africa and the Ukraine as well as a joint venture manufacturing
and marketing operation in Brazil. GMT is the world’s
leading manufacturer and supplier of steel wool and metal
fiber products for use in automotive, consumer and industrial
applications. It is the largest producer of metallic fibers
for use in automotive friction applications as well as in
exhaust and filtration products. Since 1896, GMT has been
making steel wool products for consumer use for sale throughout
North America, and it also produces steel wool soap pads on
both a branded and private label basis. In addition to these
market leading product lines, other products manufactured
by GMT include polishing and finishing products, reinforcement
materials and non-ferrous metal fibers and wools. Gladstone
Capital recently provided a LOT loan to GMT. To learn more
about Global Material Technologies, please visit their website
at www.gmt-inc.com.
Defiance Stamping Company:
Defiance is the leading manufacturer of axle nut and washer
systems for the heavy truck (“Class 8”) industry
in North America. Defiance holds at least 85% of the market
share in this product line and has distinguished itself as
one of the few firms with the manufacturing experience to
make these products cost effectively using the stamping process.
Through diversification efforts over the past several years,
the Company has reduced its sales concentration of axle nut
and washer systems from 90% down to 65% of total revenue.
This revenue growth came from other industrial customers for
whom the Company stamps parts to supplied specifications.
Examples of other industrial customers include Automotive
Tier 2 suppliers and the largest supplier of wheels and tires
to the agricultural equipment market. Defiance is ISO 9002
and QS 9000 certified. www.defiancestamping.com
Alstyle Apparel/ A& G Inc:
Alstyle is one of North America’s leading manufacturers
and distributors of basic active wear products. The Company
specializes in manufacturing undecorated T-shirt blanks and
outsourcing the production of fleece (e.g. sweatshirts) products
in a variety of basic colors, weights, styles, and sizes.
www.alstyle.com
Advanced Homecare Management:
AHM, based in Dallas, Texas, and Health Care Innovations (“HCI”),
based in Oklahoma, are being acquired by Saunders Karp &
Megrue and being merged together under the umbrella “AHM”.
AHM and HCI are leading, regionally focused home health businesses
in the attractive Texas and Oklahoma markets. The combination
of these two businesses will result in one of the largest
providers of home health nursing services to Medicare beneficiaries
in the Southwest region with leading market positions in most
of its markets.
Polar Corporation:
Polar Corporation is a leading provider of heavy and light-duty
trailer parts, tank trailers, and tank trailer repair and
maintenance services. www.polartank.com
Marietta Corporation:
Founded in 1976 and headquartered in Cortland, New York, Marietta
Corporation is the world’s largest personal care guest
amenities manufacturer and supplier, specializing in bar soap,
shampoo, conditioner, lotion, body wash, bath gel, mouthwash,
and other personal care products for the hospitality industry
(66% of FY 2004 revenue). The Company also contract manufactures
and packages promotional, unit-of-use and retail size consumer
products for companies in the personal care, cosmetic, over-the-counter
(“OTC”) pharmaceutical, household care and food
industries (34% of FY 2004 revenue). Marietta sells approximately
5,000 products to an estimated 1,300 customers worldwide.
www.mariettacorp.com
Regency Gas Services:
Regency is a midstream gas gathering and processing company
with core operations located in prolific drilling areas in
Texas, Louisiana, Kansas and Oklahoma. The Company owns and
operates five major gas-gathering systems, one intrastate
gas transmission system, and five cryogenic gas liquids processing
plants. These gathering and transmission systems measure approximately
3,000 miles and incorporate approximately 115,000 horsepower
of associated compression. The Company possesses a robust
pipeline system connecting to 2,800 active wells. Regency
also provides gas processing services that consist primarily
of leasing skid-mounted processing and treating plants (Regency
Gas Treating) and markets NGLs produced at the Company’s
processing plants (Regency NGL Marketing). www.regencygas.com
 
Consolidated Bedding, Inc:
On January 25, 2005, H.I.G Capital closed the financing needed
to merge American Bedding Industries, Inc. ("ABI") and Spring
Air Partners-North America ("SAPNA"), to form a new company
called Consolidated Bedding Consolidated Bedding manufactures,
sells and distributes a broad range of licensed 'Spring Air'
mattresses, branded Chattam & Wells and Nature's Rest mattresses,
and private branded mattresses to a broad range of retail
customers. The Company operates in seven "Spring Air" licensed
territories and distributes its products to over 41 states
and provinces throughout North America. The headquarters will
be in Tampa, Florida.
Xpedius Communications:
Xspedius Communications, LLC is a leading CLEC (competitive
local exchange carrier) to small and medium-sized businesses
in the southern United States. The Company delivers a comprehensive
suite of high quality services including, local and long distance
voice, data and dedicated Internet access services in 46 facilities-based
markets covering 20 states and the District of Columbia. Xspedius
offers these services primarily over its own network facilities
and also uses leased network facilities to extend its market
coverage (approximately 6% of revenues). In addition, the
Company owns, operates and manages extensive metropolitan
fiber optic networks with significant transmission capacity.
www.wxpediuscommunications.com
Badanco:
Badanco Enterprises is one of the leading outsourced manufacturers
of moderately priced fashion oriented luggage in the U.S.
The Company prides itself on being the leading player in bringing
fashion oriented designs and styles to the mass market. Management
believes that no other luggage company in the market provides
as diverse an array of styles, colors, shapes, and sizes while
maintaining the low price points that make such products accessible
to everyday consumers. The Company sells under its own brands
but has grown significantly through an licensing strategy
of well-known fashion brands in the industry including Polo,
Diane Von Furstenberg, Pierre Cardin and new this year Liz
Claiborne and Chaps. www.badanco.com
SeaCon Phoenix:
Sea Con Phoenix, Inc. is a leading manufacturer of a broad
range of underwater and harsh environment components including
electrical and optical connectors, cable assemblies (including
torpedoes) and hull penetrators (through-hull fittings that
are used primarily in submarines to connect internal cable
assemblies to hull-mounted sonar receptors, sonar arrays that
are towed behind the sub when submerged, and connections to
other external equipment such as miniature subs carried by
the larger subs). www.seaconphoenix.com
Northern Contours
Northern Contours, Inc., and its affiliates manufacture decorative
laminate and veneer components for the kitchen cabinet, millwork,
home-office, closet, office-furniture, and store-fixtures
markets. Using “membrane press” technology, the Company manufactures
rigid thermofoil (“RTF”) cabinet doors, drawer fronts, and
veneer insert panels. The Company’s headquarters and main
sales office are in Saint Paul with the plants in Minnesota
and Kentucky. www.northerncontours.com
Penn Engineering:
Penn Engineering is a leading manufacturer and distributor
of high performance, specialty fasteners and fractional horsepower
motors used by more than 20,000 end-users in a diversified
range of industries including: electronics, telecommunications,
industrial, medical equipment, data storage and avionics,
among others. The Company’s global reach and engineering
capabilities provide customers with a unique level of customer
service from design through production to ensure a comprehensive,
cost effective solution. www.pennengineering.com
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