American Capital Invests $30 Million in Buyout of NPC
25 6월 2005 - 4:36AM
PR Newswire (US)
American Capital Invests $30 Million in Buyout of NPC BETHESDA,
Md., June 24 /PRNewswire-FirstCall/ -- American Capital Strategies
Ltd. (NASDAQ:ACAS) announced today it has invested $30 million in
the buyout of NPC Inc., the leading designer and manufacturer of
flexible, rubber pipe-to-manhole connectors for sanitary sewer,
stormwater and drainage systems. American Capital's investment
takes the form of a senior term C loan, senior subordinated debt
and equity. American Capital is also providing a revolving credit
facility. NPC management is investing in equity alongside American
Capital. Post close, American Capital owns approximately 89% of
NPC, on a fully diluted basis. "NPC is representative of the type
of company that American Capital looks to invest in: it is the
leading player in a small market with strong cash flows, excellent
industry fundamentals, and multiple end product and market growth
opportunities," said American Capital COO Ira Wagner. "It is our
ninth buyout of 2005." American Capital has invested over $2.5
billion in the last twelve months, over $1.2 billion year to date
and $840 million quarter to date. For more information about
American Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.cfm. "NPC is well
known for its superior product quality, consistency and
performance, as well as timely delivery response and excellent
customer service," said American Capital Principal Dale Stohr. "Its
products are critical to the sanitary sewer infrastructure and will
benefit from increasing adoption in stormwater systems. NPC will
also benefit as municipalities strive to meet the rapidly growing
need to rehabilitate their aging sewer infrastructure." "American
Capital is backing a management team with substantial market
experience, strong customer relationships and a history of success.
We look forward to working with them," said American Capital
Managing Director Robert Klein. NPC's flexible connectors, or
"Boots," create a watertight seal between inlet and outlet pipes
and concrete manholes, preventing leakage and ground water
infiltration while allowing for movement due to ground settling,
shifting, and vibration. NPC's products are sold to a diversified
customer base of more than 300 concrete precasters, who produce
manholes, box culverts, storm-drain structures, and septic tanks.
The Company has built its market leading position and brand
awareness through a 30 year history of serving precasters. In
addition to its core connectors business, the Company manufactures
a broad product line of specialized equipment and products used in
producing, testing and repairing manholes and pipes. These products
include chimney seals and internal joint seals for manhole and pipe
repair, targeting the growing market for rehabilitation products
for North America's decaying sewer infrastructure. NPC operates
from three facilities, two in Milford, New Hampshire and one in
Park Hills, Missouri. The Company has a history of stable and
consistent financials. "We are excited about partnering with
American Capital for the next phase of our Company's growth," said
NPC CEO Randy Snyder. "The strategic and financial resources they
bring to the table will help us implement our vision for the
Company." 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. 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: Robert Klein, Managing
Director, +1-212-213-2009, Dale Stohr, Principal, +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/
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