Gladstone Capital Corporation (NASDAQ: GLAD) ("Gladstone Capital") has invested $14 million through a combination of debt and equity in Ag Trucking, Inc. The investment in Ag Trucking was sponsored by 3.5.7.11 Investments.
Ag Trucking, led by CEO Tim Boehlke, is a regional food-grade liquid and dry bulk carrier based inGoshen, Indiana. The company was founded in 1978. Ag Trucking serves large international agricultural and food manufacturing firms out of its five terminals in the Midwest and Southeastern United States. Ag Trucking’s services are critical to their customers’ ability to maintain tight production schedules.
"Gladstone Capital is excited about investing in Ag Trucking. The company has a stable business model with many opportunities for growth," said Chip Stelljes, President of Gladstone Capital.
"This is our first investment with 3.5.7.11 Investments. Its principal, Dale LeFebvre, is an experienced investor with a track record of growing businesses. We look forward to working with him on this and many other transactions," said John Freal, Managing Director of Gladstone Capital.
"Ag Trucking is a leader in the bulk transportation industry, serving a niche market with a reputation for superior quality for over 30 years. We look forward to working with Gladstone Capital, a world-class business development firm, again in the future, as we pursue our strategy of acquiring small to medium-size companies with excellent management teams and significant market share in important niche areas," said Dale LeFebvre, Chairman of 3.5.7.11 Investments. Ag Trucking is the second acquisition by Mr. LeFebvre and 3.5.7.11 Investments in less than a year.
Source: Press Release