Capitala Finance Corp.("Capitala") (Nasdaq:CPTA) announced today that it recently invested $28.3 million in senior subordinated debt to assist in the merger of Escort Inc. ("Escort") and Cobra Electronics Corp. ("Cobra"), to form Cedar Electronics Holdings Corp. ("Cedar"). Cedar is an industry leader in branded consumer electronics for casual and professional drivers, boat owners and outdoor enthusiasts.
Escort is the market leader in the design, manufacturing and distribution of premium ticket protection devices for both professional and amateur drivers. Escort sells radar detectors under the Escort, Passport and Beltronics brands through the Escort and Beltronics websites, Amazon, Best Buy and specialty retailers. Cobra designs, sources and distributes marine radios, two-way radios, citizen band radios, dash cams, radar detectors and other consumer electronics. Cobra's products are sold under the Cobra brand name through big box retailers, truck stops and travel centers, e-retailers and specialty retailers.
The combined business is now based at Escort's current headquarters in West Chester, Ohio and employs over 350 team members worldwide.
About Capitala Finance Corp.
Capitala Finance Corp. is a business development company that invests primarily in traditional mezzanine, senior subordinated and unitranche debt, as well as senior and second-lien loans and, to lesser extent, equity securities issued by lower and traditional middle-market companies. Capitala Finance Corp. is managed by Capitala Investment Advisors, LLC. For more information, please visit www.CapitalaGroup.com
