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MVC Capital (NYSE: MVC) (the "Fund"), a publicly traded business development company that makes private debt and equity investments, today announced that it has made a follow-on investment of $30 million in Ohio Medical Corporation (“OMC”), an existing portfolio company of the Fund, in order to sponsor OMC's acquisition of Amvex Corporation (“Amvex”). Amvex Corporation, located outside of Toronto, Ontario, is a medical device company with an extensive line of medical suction and oxygen therapy products, including flowmeters, hose assemblies, vacuum and gas regulators, adapters and fittings, integrated outlet flowmeters and integrated gas regulators. With the acquisition of Amvex by OMC, these two significant participants in this specialized medical device market will be able to deliver a more complete product offering, realize new operational efficiencies and service an expanded customer base. After the close of the acquisition, expected before year end, MVC will continue to be the majority shareholder of OMC. OMC will leverage both the OMC and Amvex brands. David Finney, the current CEO of OMC, will remain as the CEO of the combined entity. “We are pleased to support the acquisition of Amvex by OMC as we view this as an opportunity to grow our medical device beachhead,” said Michael Tokarz, Chairman and Portfolio Manager of MVC Capital. “We have the utmost confidence in the combined management teams and believe that the right team is in place for OMC to execute against growth opportunities, including new product innovations.” “The Amvex team has developed what we believe are innovative and attractive products and cultivated a customer base and brand name recognition,” said David Finney, CEO of OMC. “Over the years to come, we intend to invest in our growth and innovation in order to expand upon our strategic direction in the areas of suction and oxygen therapy, as well as our portable vacuum products, which are of paramount importance to our healthcare customers.” Guggenheim Partners LLC and AEA Investors LLC provided senior debt financing in support of the acquisition. About MVC Capital, Inc. MVC Capital 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
Article Source: http://www.share.citynewslive.com
For more information visit www.mvccapital.com.
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