BDC hopeful, Sierra Income Corporation (Sierra) has funded an originated senior secured first lien term loan and equity investment. The purpose of the investment is to facilitate the merger of Integrity Nutraceuticals (Integrity) with Cornerstone Research and Development (Cornerstone).
The combined company that will result from the merger will be a developer and value-added manufacturer of specially formulated, science-based nutraceutical products for dietary supplement companies both in the United States and internationally. Nutraceuticals are foods that contain health-giving additives and have a medicinal benefit.
“We are pleased to be able to provide this investment to help Integrity and Cornerstone grow and diversify their businesses, creating both significant scale and enhanced capabilities,” said Seth Taube, CEO of Sierra Income Corporation. “Our origination teams continue to leverage our broad proprietary network to generate attractive investment opportunities in dynamic middle market companies.”
Sierra is a non-traded, externally managed, non-diversified closed end management investment company that has filed to be treated as a business development company (BDC). It targets senior secured investments in US middle market companies. The company is managed by SIC Advisors LLC, an affiliate of Medley LLC.