- Gladstone Investment Corp. (Nasdaq: GAIN), said on December 30, 2010, it sold its equity investment in Chase Doors. Gladstone, which also holds equity in Northern Contours, says it sold its equity investment and received full repayment of its debt investment in Chase II Holding Corporation ("Chase Doors"). In March 2006, the Company made its original equity investment and provided debt financing in support of a management-led buyout of Chase Doors.
"Gladstone Investment has enjoyed an excellent relationship with the talented management team at Chase Doors," said Gladstone president Dave Dullum. "The team achieved outstanding results in growing the business and building value in a challenging economic environment."
Chase Doors says it is the world's oldest and largest manufacturer of double-acting impact traffic doors, used on large refrigerated rooms and other applications. Founded by Chase Blum in 1932 as Chase Industries, Inc., it began its operation as an insulated walk-in cooler and specialty refrigeration equipment manufacturer.
Shortly after, Chase pioneered the original flexible AirGardâ¢ Door with its unique top-mounted-only gravity hinging system. That door model is still in use today in food processing, industrial manufacturing, and retail stores. Chase has expanded its line of doors to include impact traffic doors, service doors, flexible doors, strip doors, postal and security doors, corrosion-resistant doors, sliding fire and sliding service doors.
The 200-employee Chase Doors has evolved its manufacturing processes with CNC routers and punch presses for cutting and drilling wood, metal and plastics, conveyor systems for faster throughput, a metal component powder coating line, several multi rotationally molded machines, and a flexible PVC extruding line was added. In its vertically integrated 60,000 square foot Cincinnati manufacturing facility the company uses plastic, steel and wood to fabricate the Chase brand solid core and sheet style traffic doors, Proline solid core and insulated traffic doors, AirGuard and EconoClear flexible doors and Saino sliding fire, service and pharmaceutical doors.
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