Gladstone Investment announced that it will acquire Extrude Hone, an Irwin, Pennsylvania-based provider of precision surface-finishing solutions.
Extrude Hone is used in mission-critical applications such as aerospace, automotive, heavy industrial, energy, and other demanding end markets. The company’s proprietary technologies and service capabilities help customers improve product performance, reliability and manufacturing efficiency.
Madison Industries acquired Extrude Hone’s business from Kennametal on December 1, 2015.
Extrude Hone is another example of Gladstone Investment’s focus on partnering with established lower-middle-market businesses that hold leading positions in specialized industrial niches. Extrude Hone has built a strong reputation for technical expertise, long-standing customer relationships, and mission-critical manufacturing solutions across diverse end markets.
“We are excited to partner with the Extrude Hone management team and support the company’s next phase of growth,” said Christopher Lee, Executive Vice President of Gladstone Investment. “Extrude Hone has developed a strong market position, differentiated capabilities and a long history of serving customers with highly engineered finishing solutions. We look forward to investing alongside management to build upon that foundation.”
David Dullum, Chief Executive Officer and President of Gladstone Investment, says this definitive agreement to acquire Extrude Hone positions them to close on the acquisition subject to final approval by regulatory authorities.
“We are pleased that the acquisition will add another quality company to Gladstone Investment’s portfolio of operating businesses,” Dullum says. “We expect it to produce both income for dividends to shareholders and longer-term appreciation for capital gains.”
Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower-middle-market businesses in the United States in connection with acquisitions, changes in control, and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.
Visit https://www.extrudehone.com.
