American Capital Invests $8.5 Million in Leading Branded Food Products Company
03 5월 2005 - 8:06AM
PR Newswire (US)
American Capital Invests $8.5 Million in Leading Branded Food
Products Company BETHESDA, Md., May 2 /PRNewswire-FirstCall/ --
American Capital Strategies Ltd. (NASDAQ:ACAS) announced today it
has invested $8.5 million in Milton's Baking Company LLC
("Milton's"), a leading branded food products company in the fresh
baked bread, gourmet cracker and frozen dinner entree categories.
American Capital's investment takes the form of senior subordinated
debt and supports the recapitalization of Milton's led by Red
Diamond Capital Partners LP. NewStar Financial Inc. is providing a
revolving credit and term loan facility to the transaction.
Milton's founders and management are rolling over a significant
portion of their equity and will continue to manage the business.
"Our investment supporting the recapitalization of Milton's by Red
Diamond demonstrates our continuing strong record of financing
buyouts for leading private equity firms. Red Diamond is our fourth
new private equity relationship in 2005 and we have now provided
financing to 64 private equity firms since our IPO in 1997 and 29
in the past 12 months," said American Capital COO Ira Wagner.
"Milton's strong brand name, scalable, variable low- cost operating
platform and experienced management team make it an attractive
investment opportunity for American Capital." American Capital has
invested over $2.3 billion in the last twelve months, nearly $650
million year to date and $240 million quarter to date. For more
information about American Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.cfm. "We are proud
to invest in Milton's, a well-regarded brand noted for its unique
formulations and consistent, high quality products," said American
Capital Principal Ian Larkin. "Many of Milton's products compete in
highly attractive market segments. In particular, the premium grain
breads market has gained prominence with the recent release of an
updated national food pyramid, which cites the health benefits of
regular consumption of high fiber grain breads." "We have
confidence in the executive leadership of Milton's going forward,
including founders Barry Robbins and David Levy and the two
presidents overseeing the company's principal operating divisions,
Bob Obenberger and Craig Schechtman. They will be complemented by
the contributions of Ron Danenberg, a seasoned veteran in the
branded food industry, who has worked closely with Red Diamond
Capital and will serve as Milton's executive chairman. We believe
this talented team will continue to expand the distribution of
these sensational products as well as develop line extensions and
new product categories under the Milton's brand umbrella," said
American Capital Vice President John Cannon. "The successful launch
of the gourmet cracker product in 2004 is a fine example of the
innovative new products the team has brought to market." Founded in
1996, Del Mar, CA-headquartered Milton's operates through two
divisions, Milton's Baking Company and MBR Foods, both formulators
and marketers of branded, high quality, healthy food products.
Milton's Baking Company products include 99% fat free bread
products, including multi-grain, whole-grain, buttermilk, gourmet
white, dark and hearty, and potato breads, as well as muffins,
bagels, hamburger buns, hot dog rolls and snack and hors d'oeuvre
premium crackers, all branded under the Milton's Baking Company
label. Through its MBR Foods division, the Company develops and
markets frozen dinner entrees, including Chicken & Rice, Meat
and Vegetable Lasagnas and Turkey Divan alongside an assortment of
seasonal selections, all branded as Milton's Restaurant Classics.
Milton's customers include national club, specialty and grocery
stores. "American Capital proved to be a reliable financial partner
in aiding our efforts to provide capital in support of the
company's continued growth ambitions," said Red Diamond Capital
Managing Director Peter Pfister. "We and the management of Milton's
welcome them as a partner in our collective quest to build a
premier nationally branded food company." ABOUT AMERICAN CAPITAL
American Capital is a publicly traded buyout and mezzanine fund
with capital resources of approximately $5.2 billion. American
Capital is an investor in and sponsor of management and employee
buyouts, invests in private equity buyouts, and provides capital
directly to private and small public companies. American Capital
provides senior debt, mezzanine debt and equity to fund growth,
acquisitions and recapitalizations. As of April 29, 2005, American
Capital shareholders have enjoyed a total return of 323% since the
Company's IPO -- an annualized return of 21%, assuming reinvestment
of dividends. American Capital has paid a total of $717 million in
dividends and paid $16.76 dividends per share since its August 1997
IPO at $15 per share. Companies interested in learning more about
American Capital's flexible financing should contact Mark Opel,
Senior Vice President, Business Development, at (800) 248-9340, or
visit our website at http://www.americancapital.com/. Performance
data quoted above represents past performance of American Capital.
Past performance does not guarantee future results and the
investment return and principal value of an investment in American
Capital will likely fluctuate. Consequently, an investor's shares,
when sold, may be worth more or less than their original cost.
Additionally, American Capital's current performance may be lower
or higher than the performance data quoted above. ABOUT RED DIAMOND
CAPITAL PARTNERS Formed in 2002, Red Diamond Capital is an
independent $150 million private equity fund that invests in
middle-market manufacturing, distribution and service businesses in
North America. With its committed capital provided primarily by
Mitsubishi Corporation, Japan's leading trading company, Red
Diamond offers a unique mix of strategic resources,
industry-focused capital and management expertise to support the
growth of its portfolio companies. Portfolio companies include:
Hammerhead Distribution, a holding company for distributors of
roofing, siding and other specialized building materials used
residential and commercial construction; Hi-Tech Rubber, a leading
molder of precision elastomeric components principally for the
medical industry; Allied Extruders, a leading regional manufacturer
of polyethylene plastic films serving the flexible packaging
industry; and Nutritional Laboratories International, one of North
America's leading manufacturers of quality nutritional supplements.
This press release contains forward-looking statements. The
statements regarding expected results of American Capital
Strategies are subject to various factors and uncertainties,
including the uncertainties associated with the timing of
transaction closings, changes in interest rates, availability of
transactions, changes in regional, national or international
economic conditions, or changes in the conditions of the industries
in which American Capital has made investments. DATASOURCE:
American Capital Strategies Ltd. CONTACT: Ian Larkin, Principal,
+1-312-681-7400, John Cannon, Vice President, +1-312-681-7400, or
Brian Maney, Director, Corporate Communications, +1-301-951-6122,
all of American Capital Strategies Ltd. Web site:
http://www.americancapital.com/
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