American Capital Invests $55 Million in Add-On Acquisition for Portfolio Company Specialty Brands of America
30 6월 2005 - 1:35AM
PR Newswire (US)
American Capital Invests $55 Million in Add-On Acquisition for
Portfolio Company Specialty Brands of America BETHESDA, Md., June
29 /PRNewswire-FirstCall/ -- American Capital Strategies Ltd.
(NASDAQ:ACAS) announced today it has invested $55 million in the
add-on acquisition of Bear Creek Country Kitchens LLC by its
portfolio company Specialty Brands of America Inc., a leading
branded specialty foods company. Bear Creek is a leading
manufacturer and marketer of dry soups and soup bases. American
Capital's investment takes the form of senior term loans, senior
and junior subordinated debt and convertible preferred equity.
American Capital is also providing a revolving credit facility.
"American Capital is committed to supporting the growth of our
portfolio companies by strategic acquisitions," said American
Capital COO Ira Wagner. "We are delighted to invest in the
acquisition of Bear Creek, fully integrating it with our
outstanding portfolio company Specialty Brands while maintaining
its brand and high quality appeal. Bear Creek is a great addition
for Specialty Brands, further diversifying Specialty Brands'
product line and solidifying its leading position in the retail
food industry." American Capital has invested over $2.5 billion in
the last twelve months, over $1.2 billion year to date and over
$870 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
pleased to support Specialty Brands' strategic acquisition of Bear
Creek, a unique national brand in the large and stable U.S. soup
market. Bear Creek holds the number one position in the hearty dry
soup segment and holds a strong leadership position in the overall
dry soup category," said American Capital Managing Director Brain
Graff. "Bear Creek's strong performance in the market stems from
significant gains in distribution and velocity. Bear Creek soups
are known for their superior taste, quality ingredients,
distinguished dry packaging and premium price positioning, which
generates attractive sales for its retail customers." "Specialty
Brands has an excellent track record of successful acquisitions and
integrations and we believe that it will rapidly and effectively
complete this integration," said American Capital Vice President
Adam Spence. "The combination of Bear Creek and Specialty Brands is
expected to result in significant synergies, including leveraging
strong selling relationships and enhancing distribution
efficiencies." Founded in 1991, Heber City, UT-based Bear Creek is
the second largest manufacturer and marketer of dry soups and soup
bases in the U.S. Bear Creek offers a range of packaged food
products including hearty dry soups, ready-to- serve soups and
culinary bases under the Bear Creek(R) brand. The Company also
sells soups, dips and smoothies under the Sheila's Select(R) brand,
and gourmet salsas, pickled vegetables and gourmet jellies under
the Cherith Valley(R) brand. Bear Creek's products are sold in over
30,000 stores nationwide, including retail stores, club stores,
dollar stores, specialty food outlets, gift shops and military and
mass market channels. Customers include Costco, Kehe Food
Distributors, Kroger, Wal-Mart and Safeway. In December 2003,
American Capital invested $68 million in the buyout of Specialty
Brands of America. American Capital's investment took the form of a
revolving credit facility, senior term debt, senior and junior
subordinated debt and redeemable preferred and common equity.
Founded in 1991 and based in Westbury, NY, Specialty Brands has
built a leading branded specialty foods company through
acquisitions and internal growth. Specialty Brands is the leading
marketer of maple syrup and sugar free syrups worldwide, with the
Spring Tree(R), Cary's(R), and MacDonalds(TM) brands. Specialty
Brands' syrups can be found in the U.S. in just about every grocery
store, in leading breakfast restaurant chains and in 18 countries.
Specialty Brands also markets Original Trenton Crackers(R), Dixie
Fry(R) Coating Mix, New York Flatbreads(R), and Canoleo(R)
Margarine. The Company's customers include all of the leading
retailers and wholesalers in the U.S. "We are excited about the
Bear Creek acquisition, which expands our product offering and
provides our consumers with more appetizing, yet easily prepared
specialty foods," said Specialty Brands of America founder and CEO
Dom Bastien. "Since partnering with American Capital in December of
2003, we've worked extremely well together, growing Specialty
Brands. We were confident that we could count on American Capital
in this acquisition and truly appreciate the non-stop support they
give." For more information about Specialty Brands' line of
delicious specialty foods, go to
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=122.
ABOUT AMERICAN CAPITAL American Capital is a publicly traded buyout
and mezzanine fund with capital resources of approximately $5.4
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 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%, 72%, 85% and 91% of all U.S. public companies
with a current market capitalization greater than $1 billion in the
one-year, three-years, five-years and the approximately seven and a
half years since the 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, Managing Director, +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/
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