American Capital Invests $114 Million in One Stop Buyout(TM) of DelStar Technologies
07 12월 2005 - 2:48AM
PR Newswire (US)
BETHESDA, Md., Dec. 6 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested $114
million in the One Stop Buyout(TM) of DelStar Technologies Inc., a
leading manufacturer of highly-engineered, thermoplastic nonwoven
products used by OEMs in filtration, healthcare and industrial
applications. American Capital's investment takes the form of
senior term loans, senior subordinated debt and equity. American
Capital is also providing a revolving credit facility. DelStar's
management team and employees will retain an equity stake in the
Company. Post close, American Capital owns approximately 83% of
DelStar, on a fully diluted basis. "We are pleased to announce our
investment in DelStar, our 17th buyout in 2005," said American
Capital Chief Operating Officer Ira Wagner. "American Capital's
ability to provide the entire capital structure of a transaction
and our staff of over 100 experienced investment professionals
enable us to respond quickly to attractive investment opportunities
in leading middle market companies, such as DelStar. We are
supporting a stellar management team that has significantly grown
the business, made two strategic add-on acquisitions and recently
established a manufacturing presence in China." American Capital
has invested over $3.4 billion in the last twelve months, over $2.9
billion year to date and approximately $740 million quarter to
date. These amounts do not include American Capital's unfunded
equity commitment to its affiliate European Capital. For more
information about American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.cfm.
"DelStar is known for its excellent product quality, on-time
delivery, strong research and development, high-level customization
capabilities and broad product offering," said American Capital
Principal Todd Wilson. "DelStar's proprietary manufacturing
processes enable it to meet and address the customized and exacting
quality specifications of its end-customers, thereby giving DelStar
a defensible competitive advantage." "DelStar's leading position
will enable it to enjoy the benefits of favorable end-market
dynamics driving market growth, including increasing safe drinking
water and other environmental regulations; aging and inadequate
water infrastructures; and demand for water filtration systems in
developing nations such as China," said American Capital Managing
Director Robert Klein. Headquartered in Middletown, DE, DelStar
Technologies is a leading manufacturer of highly-engineered and
customized thermoplastic nonwoven products. The Company's product
offering consists of approximately 4,000 SKUs across five product
lines: Naltex, bi-planar extruded netting; Delnet, apertured films;
Coretec, extruded cores and precision parts; DelPore meltblown
media; and Stratex engineered composites. The Company's customers
utilize its products as components for a diverse range of
applications including the core, support and media layers of air,
water and liquid filters; highly breathable and/or protective
fabrics used in healthcare applications such as finger bandages,
wound dressings and surgical masks; and in industrial end-market
applications including HVAC, automotive, clothing and food
packaging. DelStar's well-diversified customer base of over 1,000
includes a wide range of OEMs involved in the filtration,
healthcare and a number of industrial end-markets. In addition to
its headquarters, DelStar has four manufacturing facilities in
Texas, Pennsylvania, California and China and employs over 350
people. "We chose American Capital to be our partner for growth
because of their long-term investment perspective, experience in
growing manufacturing companies in a variety of industries and
ability to work closely with our management team to structure an
appropriate one source financing package," said DelStar CEO Mark
Abrahams. "Their strong support places DelStar in a great position
to strengthen our competitive market position by advancing our
product line, expanding our customer base, increasing domestic and
international sales and advancing our foreign presence, especially
with the recent opening of our Suzhou, China manufacturing
facility." For more information about DelStar Technologies offering
of highly- engineered, thermoplastic nonwoven products, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20051206a.html.
ABOUT AMERICAN CAPITAL American Capital is a publicly traded buyout
and mezzanine fund with capital resources of approximately $7
billion. American Capital invests in and sponsors management and
employee buyouts, invests in private equity buyouts, provides
capital directly to private and small public companies and through
its asset management business is a manager of debt and equity
investments in private companies. American Capital provides senior
debt, mezzanine debt and equity to fund growth, acquisitions and
recapitalizations. As of November 30, 2005, American Capital
shareholders have enjoyed a total return of 431% since the
Company's IPO -- an annualized return of 22%, assuming reinvestment
of dividends. American Capital has paid a total of $868 million in
dividends and paid or declared $19.08 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: Todd Wilson, Principal,
or Robert Klein, Managing Director, +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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