NEW YORK, Jan. 24, 2017 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”) announced today that Prospect has purchased an additional $16.0 million of first lien senior secured floating rate notes issued by Mity, Inc. (“Mity”) to Prospect for Mity’s acquisition of Holsag Canada (“Holsag”).
Headquartered in Orem, Utah, Mity is a provider of chairs, tables, carts, and other furnishings for the hospitality, healthcare, restaurant, education, government, and other commercial end markets.
Based in Lindsay, Ontario, Holsag is a manufacturer of chairs and casegoods focused on the senior living, healthcare, and other end markets. The acquisition significantly broadens Mity’s product offering and deepens Mity’s presence in multiple industries. Prospect is the controlling shareholder of Mity alongside management co-investors.
“We appreciate Prospect’s strategic vision and strong support as we continue our growth as a leading provider of furniture and related products to multiple commercial end markets,” said John Dudash, CEO of Mity.
“Prospect’s investment in Mity has generated attractive yields for our shareholders due to the strong performance of the company,” said Bart deBie, Managing Director of Prospect Capital Management, L.P. “We are pleased with Mity closing this strategic acquisition and look forward to analyzing other attractive add-on opportunities in the marketplace.”