American Capital Invests $31 Million in Buyout of Astrodyne Corporation
10 5월 2005 - 7:12AM
PR Newswire (US)
American Capital Invests $31 Million in Buyout of Astrodyne
Corporation BETHESDA, Md., May 9 /PRNewswire-FirstCall/ -- American
Capital Strategies Ltd. (NASDAQ:ACAS) announced today it has
invested $31 million in the buyout of Astrodyne Corporation, a
manufacturer and distributor of AC/DC power supplies and DC/DC
converters. American Capital's investment takes the form of a
senior term loan, senior subordinated debt and convertible
preferred equity. American Capital is also providing a revolving
credit facility. Astrodyne's senior management rolled over a
portion of their equity. Post close, American Capital owns 81% of
Astrodyne on a fully diluted basis. "Astrodyne is our fifth buyout
of 2005. Our buyout expertise and one-stop financing capability
make us a preferred investment partner for management teams," said
American Capital COO Ira Wagner. "We were particularly attracted to
Astrodyne because of its differentiated business model, which
allows it to provide a high level of service to smaller orders."
American Capital has invested over $2.4 billion in the last twelve
months, over $700 million year to date and over $300 million
quarter to date. For more information about American Capital's
portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.cfm. "Astrodyne is
a niche player within the power electronics industry. The Company's
brand recognition, focus on small, customized orders, extensive
product offering, rapid delivery fulfillment and catalog ubiquity
distinguishes it from competition and positions it for continued
growth," said American Capital Principal Jon Isaacson. "We're
looking forward to working with management to add-value through
various strategic initiatives." Founded in 1992, Taunton,
MA-headquartered Astrodyne is a manufacturer and distributor of
AC/DC power supplies and DC/DC converters for telecommunication,
computer and industrial applications. AC/DC power supplies convert
alternating current ("AC") from a power source into a direct
current ("DC"), whereas DC/DC converters modify DC voltage levels
to meet the power needs of electrical equipment. Astrodyne offers
more than 2,000 application- specific SKUs under the Astrodyne
brand name and markets its products primarily through its direct
mail catalogs and its website http://www.astrodyne.com/.
Astrodyne's products are sold to over 5,000 customers, including
Fortune 500 companies such as General Electric Company, Sanmina-SCI
Corporation, Tyco International Ltd., Teledyne Technologies Inc.
and Abbott Laboratories. In addition to its headquarters, the
Company also operates a manufacturing joint venture in Taiwan,
Astrodyne Pacific. "American Capital was exactly the financial
partner we sought. They took the time to fully understand our
business model and future goals and are providing us with a solid
foundation for implementing our strategic initiatives," said
Astrodyne Vice President, Sales & Marketing, Bob Butler. "We're
looking forward to collaborating with American Capital and pursuing
growth opportunities," said Astrodyne Vice President, Finance, Alex
Pappas. "Their strong financial backing and track record of growing
manufacturing companies places us in an excellent position to
excel." For more information about Astrodyne's broad product line,
go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20050509a.html.
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 30, 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 or declared
$17.51 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. 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: Jon Isaacson, Principal, +1-301-951-6122, or Brian Maney,
Director, Corporate Communications, +1-301-951-6122, both of
American Capital Strategies Ltd. Web site:
http://www.americancapital.com/
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