RALEIGH, N.C., Sept. 22, 2011 (GLOBE NEWSWIRE) — Triangle Capital Corporation (NYSE:TCAP – News) (“Triangle” or the “Company”), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced that it closed a $14.8 million investment in Magpul Industries Corporation (“Magpul”) consisting of subordinated debt and equity. Magpul designs, assembles, and markets aftermarket components and accessories including trigger guards, grips, stocks and magazine enhancements for various firearms.
Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 million – $15.0 million per transaction in companies with annual revenues between $20.0 million and $100.0 million and EBITDA between $3.0 million and $20.0 million.
This investment represents close to the maximum TCAP will invest in a company (in one transaction). So what will Magpul be doing with all this cash? I would love to know!