OREM, Utah — MITY Enterprises today announced that Prospect Capital Corporation (Prospect) has acquired the company from Sorenson Capital Partners, L.P. and Peterson Partners L.P.
The move was triggered by the enormous success and growth that MITY Enterprises has experienced over the past three years. Now merged into Prospect’s portfolio of companies, the influx of new capital that Prospect can provide will ensure that MITY’s success and growth continues for the long-term.
MITY Enterprises will continue to be led by President and CEO John Dudash, who has become a minority shareholder alongside Prospect, and who has been appointed to MITY’s Board of Directors.
"This is a very good fit for MITY and aligns well with our strategic growth objectives,” said Dudash. "Other than the change of ownership control, the company will operate completely and entirely as before.”
MITY Enterprises comprises Orem-based MityLite, Inc., and Toronto Canada's Broda Seating. MityLite is of a global manufacturer of professionally designed, highly durable furniture products and Broda Seating manufactures mobile, supportive healthcare seating.
Terms of the sale are not disclosed.
About Prospect Capital Corporation
Prospect Capital Corporation (www.prospectstreet.com) is a publicly-traded investment company that focuses on lending to and investing in private businesses. The company’s investment objective is to generate income and capital gains through long-term debt and equity investments.
About Mity Enterprises
Founded in 1987, MITY Enterprises, Inc. comprises Orem-based MityLite and Toronto Canada's Broda Seating. MityLite is of a global manufacturer of professionally designed, highly durable furniture products and Broda Seating manufactures mobile, supportive healthcare seating.
Source: Mity Enterprises
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