McLean, Virginia-based Gladstone Investment Corporation (NASDAQ:GAIN) has sold its portfolio company Nocturne Luxury Villas Inc. to an affiliate of Calera Capital.
According to Gladstone Investment, the company “received full repayment of its debt investment and realized a significant capital gain on its equity investment.” The specific financial aspects of the deal were not disclosed.
Gladstone Investment formed Nocturne in partnership with Aureus Capital LLC in 2021 as a platform to acquire and integrate luxury vacation rental management companies. The company has operations in St. Barth’s; Grand Cayman; Telluride, Colorado; Cabo San Lucas, Mexico; Santa Barbara, California; and Florida’s Emerald Coast.
“With the sale of Nocturne and from inception in 2005, Gladstone Investment has exited over 30 of its management supported buyouts, generating significant net realized gains on these investments,” said David Dullum, president of Gladstone Investment. “Our successful exit from Nocturne further validates our strategy as a buyout fund, which relies on generating strong current income during the investment period from our debt investments alongside equity investment that allow for meaningful capital gains at exit, both of which support our ultimate goal of delivering value to shareholders through stock appreciation and dividend growth.”
