American Capital Invests $188 Million in Buyout of Potpourri Group
22 6월 2005 - 6:51AM
PR Newswire (US)
American Capital Invests $188 Million in Buyout of Potpourri Group
BETHESDA, Md., June 21 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested $188
million in the buyout of Potpourri Group Inc. ("PGI"), a
multi-title catalog company offering a broad product line of
distinctive home decor, casual apparel, gifts and unique
accessories. American Capital's investment takes the form of senior
term loans, senior and junior subordinated debt and redeemable
preferred and common equity. American Capital is also providing a
revolving credit facility. PGI management is investing in equity
and will continue to manage the Company. Post close, American
Capital owns approximately 83% of PGI on a fully diluted basis.
"Our one-stop buyout of Potpourri Group is our 8th buyout of 2005,"
said American Capital COO Ira Wagner. "Our ability to rapidly
conduct thorough in- house due diligence and fund the entire
capital structure of a transaction definitely sets us apart from
our competition. We're pleased to partner with a seasoned
management team as they continue to build their existing platform
company and acquire complementary direct-to-consumer catalogs."
American Capital has invested $2.5 billion in the last twelve
months, $1.2 billion year to date and $800 million quarter to date.
For more information about American Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.cfm. "Through its
portfolio of 12 diverse catalog titles, PGI caters to one of the
largest, fastest growing and attractive demographics in the
country: middle-to-upper-middle income female baby boomers, who
increasingly rely on the convenience, speed and ease of catalog
shopping due to the greater demands placed upon them in the
workplace and at home," said American Capital Regional Managing
Director Brian Graff. "In addition to providing its target audience
with an enormous selection of specialty, niche products, PGI's
portfolio creates a well-diversified revenue stream." "PGI's
multi-title format results in strong selling synergies. The Company
is able to leverage its loyal customer base and effectively
cross-market products and titles to likely buyers," said American
Capital Principal Dale Stohr. "In addition, PGI's multiple titles
create numerous operational efficiencies, resulting in a low cost,
scalable platform." "American Capital is backing a strong
management with deep experience in the catalog industry and a
proven track record of significantly growing the Company both
organically and through strategic acquisitions," said American
Capital Vice President Adam Spence. "Under management's leadership,
the Company has consistently grown revenues and improved margins by
leveraging its scale across its product portfolio. We are confident
in the management team and believe that they will capitalize on
opportunities to enhance long-term growth, increase response rates
and average order sizes, and improve productivity and margins."
Formed in 1998, Chelmsford, MA-headquartered Potpourri Group is a
catalog company with 12 diverse titles catering primarily to women.
Through its portfolio of catalogs, PGI offers a broad product line
of distinctive home decor, casual apparel, gifts and accessories
that are unique or difficult to find in other outlets. The
Company's catalogs include: The Stitchery, offering needle craft
and cross stitch products; Expressions, offering home and garden
decor and unique collectibles and accessories; Potpourri, offering
a unique range of sentimental and whimsical gifts, home decor items
and personalized items; Back in the Saddle, offering equine-themed
home decor, casual apparel and gifts; Nature's Jewelry, offering
nature-themed jewelry, casual apparel and gifts; NorthStyle,
offering cabin-themed home decor, casual apparel and jewelry; The
Pyramid Collection, offering personal growth, spiritual and
meditation gifts, home decor items, apparel and jewelry, Serengeti;
offering nature and wildlife themed gifts, casual apparel and
gifts; In the Company of Dogs, offering dog-themed merchandise for
pet owners; Young Explorers, offering educational toys and games;
Whatever Works, offering home improvement and utilitarian household
products; and Catalog Favorites, offering a combination of the best
selling items from all the catalogs in PGI's portfolio. PGI has
recorded sales growth of approximately 18% annualized over the last
five years and recorded annual net sales of $160 million for the
fiscal year ending March 31, 2005. The Company has approximately
300 year-round employees. "American Capital's support will enable
us to continue to acquire and grow new catalog titles that will
generate strong synergies within the Company's catalog platform,"
said Potpourri Group President and CEO Jonathan Fleischmann. "We
look forward to building our partnership with American Capital.
Their financing capabilities, extensive experience in growing
companies in various industries and ability to work closely with
management teams made them precisely the investment partner we need
for our future growth," said Potpourri Group Chairman Jack
Rosenfeld. ABOUT AMERICAN CAPITAL American Capital is a publicly
traded buyout and mezzanine fund with capital resources of
approximately $5.4 billion. American Capital invests in and
sponsors 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 May 31, 2005, American Capital shareholders have enjoyed a total
return of 364% since the Company's IPO -- an annualized return of
22%, assuming reinvestment of dividends. American Capital
outperformed 86%, 78%, 93% and 98% of all public companies in the
1-year, 3-years, 5-years and the approximately 7-1/2 years since
our IPO, in each case ending May 31, 2005. 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: Brian Graff, Regional Managing Director, +1-212-213-2009,
Dale Stohr, Principal, +1-212-213-2009, Adam Spence, Vice
President, +1-212-213-2009, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, all of American Capital Strategies
Ltd. Web site: http://www.americancapital.com/
Copyright
American Capital Strategies (NASDAQ:ACAS)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
American Capital Strategies (NASDAQ:ACAS)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024