Prospect Capital owned Mity acquires Holsag Canada

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By Ted Liu

Mity, Inc. has acquired Holsag Canada, a manufacturer of chairs and casegoods focused on the senior living, healthcare, education, and hospitality markets The transfer of ownership was effective January 18, 2017.

Holsag Europe was founded in 1960. Holsag Canada is a privately owned business that has been selling to the North American market since 1990. Holsag Canada operates in a 270,000 square foot manufacturing facility in Lindsay, Ontario.

Orem, Utah based Mity is a provider of chairs, tables, carts, and other furnishings for the hospitality, healthcare, restaurant, education, government, and other commercial end markets. Mity Inc. is the parent company for MityLite, BRODA Seating, and now Holsag Canada.

The acquisition was funded by a US $16 million first lien senior secured note issued to Prospect Capital Corporation (NASDAQ: PSEC).

Mity is 95% owned by Prospect Capital Corporation, one of largest business development companies (BDCs) with approximately US $6.3 billion of total assets (as of September 30, 2016). Prospect Capital Corporation is managed by Prospect Capital Management, L.P.

photo credit: Mity, Inc.