American Capital Invests $17 Million In World's Largest Association Management and Professional Services Company
08 7월 2005 - 5:47AM
PR Newswire (US)
American Capital Invests $17 Million In World's Largest Association
Management and Professional Services Company BETHESDA, Md., July 7
/PRNewswire-FirstCall/ -- American Capital Strategies Ltd.
(NASDAQ:ACAS) announced today it has invested $17 million in
SmithBucklin Corporation, the world's largest association
management and professional services company. American Capital's
investment takes the form of a senior term B loan and senior
subordinated debt and supports the SmithBucklin Employee Stock
Ownership Plan's ("ESOP") purchase of the business from the
financial investors who had the majority interest in the Company.
In addition, SmithBucklin secured a revolving credit facility and a
senior term A loan from LaSalle Bank and other financing to
complete the transaction. As a result of this transaction,
SmithBucklin employees own 100% of SmithBucklin's common stock
through the ESOP. "American Capital is pleased to invest in
SmithBucklin's employee buyout and to use our ESOP expertise in the
transaction," said American Capital COO Ira Wagner. "We're excited
about the opportunity to partner with SmithBucklin's dedicated
employees and experienced management team, who will now share in
the success of the Company they have helped develop into an
undisputed market leader." American Capital has invested over $2.5
billion in the last twelve months and over $1.3 billion year to
date. For more information about American Capital's portfolio, go
to http://www.acas.com/our_portfolio/our_portfolio.cfm.
"SmithBucklin is an excellent investment opportunity for American
Capital because of its strong management team, talented workforce
and unwavering commitment to creating value for its client
organizations," said American Capital Managing Director Ian Larkin.
"With 56 years of operating history, strong brand recognition and a
distinguished track record of success, SmithBucklin offers the most
complete range of professional services, human and technical
resources and industry knowledge in the association management
business. The Company offers its diversified client base a
compelling value proposition of superior customer service, client
responsiveness and cost-effective management. SmithBucklin's large
staff of professionals are deeply integrated with their clients and
their commitment to service is underscored by the Company's strong
retention rate for both its full-service and project-specific
clients." "Relative to its competitors, SmithBucklin's large size
gives it several advantages of scale including: developing and
delivering new services and products; acquiring and transitioning
new client organizations; deploying new technology; attracting,
rewarding and retaining its workforce; leveraging employee
knowledge and expertise; and purchasing power," said American
Capital Vice President Greg Long. "SmithBucklin's size, reputation
and position will enable it to further penetrate the large,
addressable market of associations seeking to best leverage their
assets to drive growth and build sustained competitiveness."
Founded in 1949, SmithBucklin Corporation is the world's largest
association management and professional services company. The
Company provides full-service management and function and
project-specific services to more than 185 trade associations,
professional societies, technology user groups and government
institutes and agencies. For its full-service clients, SmithBucklin
provides staff resources specializing in all phases of association
activity, reports directly to the association's Board of Directors
and is responsible for all association operations. Client
organizations include the Pet Food Institute, Society of
Gynecologic Oncologists, America's SAP Users Group, National
Association of Orthopaedic Nurses, Society for Information
Management, Regional Airline Association and International Car Wash
Association. The Company has three operating facilities in Chicago,
Washington, DC and St. Louis and employs over 580 professionals.
"American Capital's familiarity with our business and management
team, as well as their ability to offer us flexible, attractive
debt financing options made them an excellent financial partner for
our ESOP transaction," said SmithBucklin President and CEO Henry S.
Givray. "It's the talent, commitment and passion of our people for
our clients and for our company that drive SmithBucklin's success
and growth. Our management team strongly feels that our people
should control the destiny of SmithBucklin and as importantly, have
the opportunity to experience the fulfillment of ownership." For
more information about SmithBucklin's history of market leading,
specialized association management and professional services, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20050707a.html.
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 June 30, 2005,
American Capital shareholders have enjoyed a total return of 388%
since the Company's IPO - an annualized return of 22%, assuming
reinvestment of dividends. American Capital has paid a total of
$782 million in dividends and paid $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: Ian Larkin,
Managing Director, +1-312-681-7400, or Greg Long, Vice President,
+1-312-681-7400, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, all of American Capital Strategies
Web site: http://www.americancapital.com/
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