This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MVC Capital Makes $8 Million Debt Investment In Morey's Seafood International LLC

PURCHASE, N.Y., Sept. 3, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, announced today an $8 million debt investment in Morey's Seafood International LLC ("Morey's"), a Minnesota-based manufacturer, marketer, and distributor of wholesale seafood and specialty products to major grocers, and food service broad liners nationwide.

MVC's $8 million investment was part of a refinancing undertaken by Morey's to help fuel its growth.

Over the past decade, Morey's Seafood has transitioned from a regional niche manufacturer and distribution business into a nationally branded seafood company. Over the past several years, Morey's Seafood has experienced significant growth as a result of process improvement measures and continued high-quality sourcing, coupled with favorable market dynamics.

"Through a well-executed business plan, Morey's Seafood has reported strong financial results over the past few years and is anticipating further business expansion," said James O'Connor, Managing Director of The Tokarz Group Advisers, LLC, investment adviser to MVC Capital.

"This investment reflects a further step in executing against our yielding strategy by partnering with strong management teams in middle-market businesses that have niche market opportunities with favorable growth potential," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc.

MVC-G

About Morey's Seafood International LLC

Morey's Seafood International is a leading distributor of wholesale seafood and specialty products to big box stores, grocery stores, and food service broad liners. Morey's Seafood is an established business, operating continuously for over 70 years out of its headquarters in Minnesota. The Company is organized in two divisions—specialty products, which sells ready-to-cook meals, and distribution, which supplies fresh/frozen seafood to retailers.

About MVC Capital, Inc.

MVC Capital, Inc. 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs