MVC Capital Completes $7 Million Follow-On Investment in Morey's Seafood International LLC
PURCHASE, N.Y., Jan. 6, 2014 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, announced today the completion of a $7 million follow-on debt investment in Morey's Seafood International LLC ("Morey's"), an existing portfolio company.
"Morey's performance continues to impress us as the company has experienced growth in all of the markets they serve," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital. "This transaction provides MVC with an opportunity to benefit from Morey's success, not only by increasing the total size of our investment to $15 million, but also increasing the yield on the entire debt investment."
MVC completed an $8 million initial debt investment in Morey's in August 2013. The initial investment was part of a refinancing undertaken by Morey's to help fuel its growth.
About Morey's Seafood International LLC
Morey's Seafood International is a leading distributor of wholesale seafood and specialty products to big box stores, grocery stores, and food service broad liners. Morey's Seafood is an established business, operating continuously for over 70 years out of its headquarters in Minnesota. The Company is organized in two divisionsspecialty products, which sells ready-to-cook meals, and distribution, which supplies fresh/frozen seafood to retailers.
About MVC Capital, Inc.
MVC Capital (MVC), Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including: the performance of Morey's, including its ability to achieve its expected financial and business objectives; MVC Capital's ability to execute its investment strategy; the performance of MVC Capital's investments (including the investment in Morey's); and changes in economic or financial market conditions and other factors that are enumerated in the company's periodic filings with the Securities and Exchange Commission. MVC Capital disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.
CONTACT: Investor Relations Jackie Rothchild MVC Capital, Inc. 914-510-9400 or Jeffrey Goldberger / Garth Russell KCSA Strategic Communications 212-896-1249 / 212-896-1250 Media Inquiries Nathaniel Garnick / Patrick Scanlan Sard Verbinnen & Co 212-687-8080Source: MVC Capital 2014 GlobeNewswire, Inc.