American Capital Invests $90 Million in Leading Business-to-Business Solutions Provider
14 12월 2005 - 2:02AM
PR Newswire (US)
BETHESDA, Md., Dec. 13 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested $90
million in the recapitalization of Inovis International Inc., a
leading provider of business-to-business (B2B) software and
services. A portion of the proceeds of the investment will be used
for a shareholder distribution. American Capital's investment takes
the form of a senior term B loan. A syndicate led by Wells Fargo
Foothill is providing a revolving credit facility and investing in
a senior term A loan. Golden Gate Capital and Cerberus Capital
Management LP are the majority owners of Inovis. "We are delighted
to work for the first time with Golden Gate Capital and Cerberus
Capital Management, two premier private equity sponsors, and
support their recapitalization of Inovis," said American Capital
Regional Managing Director Darin Winn. "This investment establishes
our 19th and 20th new private equity sponsor relationships
worldwide this year. Our growing reputation among private equity
firms allows us to take advantage of exciting opportunities to
invest in excellent portfolio companies with competitive market
positions and highly stable and recurring core revenue streams,
such as Inovis." American Capital has invested over $3.4 billion in
the last twelve months, over $2.9 billion year to date and over
$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.
"Inovis is a leading provider of mission-critical
business-to-business software and services, serving a large
customer base of over 20,000 businesses with remarkably high
retention rates," said American Capital Vice President Natasha
Volyanskaya. "Inovis' unified, modern and highly reliable
solutions, combined with its significant capital resources, are key
competitive advantages that have allowed Inovis to continue to
increase its market share of the electronic data interchange market
and positioned it for continued strong growth." Headquartered in
Alpharetta, GA, Inovis is a leading provider of B2B solutions for
global trading relationships. With more than 20 years of
experience, Inovis enables collaborative business processes and
solves the B2B integration challenge for more than 20,000 customers
and their trading partners. The Company's customers include small
to mid-sized businesses as well as multinational corporations.
Inovis' comprehensive line of B2B software and services help
companies speed transaction flows, synchronize product information
and improve supply chain processes. "This is our first time working
with American Capital and we were impressed with their demonstrated
ability to work quickly and efficiently to bring this transaction
to a rapid close. They surpassed our expectations in both speed to
closing and flexibility throughout the transaction process," said
Golden Gate Capital Principal Rajeev Amara. "American Capital's
strong financial backing of Inovis' recapitalization provides the
necessary capital to strengthen the Company's balance sheet as it
moves forward with its growth plans." 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/. ABOUT GOLDEN GATE
CAPITAL Golden Gate Capital is a San Francisco-based private equity
investment firm with approximately $2.5 billion of capital under
management. In addition to Inovis, the firm's portfolio investments
include Infor Global Solutions, a provider of business solutions to
the manufacturing industries; Plant Equipment Inc., a provider of
fully integrated software and hardware solutions for emergency and
dispatch communications; Symon Communications Incorporated, a
provider of real-time communications; and TriSyn Group, a provider
of mission-critical, back-office software to the financial
industry. ABOUT CERBERUS CAPITAL MANAGEMENT Cerberus Capital
Management LP is a New York-based private investment firm that
manages in excess of $16 billion of capital. Together with its
affiliates, Cerberus owns controlling interests in businesses
around the world, including offices in North America, Europe and
Asia. 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: Natasha Volyanskaya, Vice
President, +1-415-591-0120, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, both of American Capital
Strategies Ltd. Web site: http://www.americancapital.com/
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