Daily News: April 23, 2013

Gladstone, Pegasus Support Jackrabbit Acquisition

Gladstone Investment and Pegasus Capital provided $17.7 million in support of the acquisition of Jackrabbit and its sister company, Dakota Ag Welding. The financing includes a senior revolver, term loan, preferred equity and common equity.

Jackrabbit, in Ripon, CA, is a manufacturer of nut harvesting equipment which also provides metal cutting and forming services and pruning tower manufacturing through its Dakota division.

“Gladstone Investment is pleased to partner with both Pegasus and the talented management team at Jackrabbit and Dakota. We look forward to building on the company’s iconic brand and long-standing success by continuing to provide top-notch service to our customers and grow the business,” said Chris Daniel, managing director at Gladstone Investment.