CION Investment Corporation

CION Investment Corporation is a business development company that invests in middle-market companies. It focuses on senior secured loans such as unitranche, first lien, second lien, long-term subordinated, and mezzanine loans, as well as equity interests like warrants or options, corporate bonds, and other debt securities. The firm targets growth capital, acquisitions, leveraged buyouts, market/product expansion, refinancing, and recapitalization, and may allocate up to 30% of assets opportunistically to other investments including securities of larger public companies and foreign securities. It also invests in the secondary loan market and avoids start-ups, turnarounds, and speculative business plans. Preferred industries include high tech, healthcare, pharmaceuticals, business services, media, chemicals, plastic, rubber, telecommunication, consumer services, advertising, printing and publishing, consumer goods, durables, diversified financials, and others such as homebuilding, restaurants, beverage and tobacco bars, broadcasting, distributors, non-durable good distribution, food beverage and tobacco, energy, oil gas and consumables fuels, insurance, aerospace and defense, industrial machinery, paper and forest product machinery, information technology, metals and mining, and real estate. It primarily seeks investments in the United States, targeting $5 million to $50 million in companies with EBITDA between $25 million and $75 million, with an average targeted hold of $30 million. It may purchase minority interests via common or preferred equity, often alongside debt investments or through co-investments with a financial sponsor, and seeks exits through IPOs, mergers, sales, or other recapitalizations.