American Capital Invests $284 Million in Buyout of Ranpak Corporation
15 12월 2005 - 5:01AM
PR Newswire (US)
BETHESDA, Md., Dec. 14 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested $284
million in the buyout of Ranpak Corporation from First Atlantic
Capital Ltd. Ranpak is a leading manufacturer and marketer of
paper-based "in-the-box" protective packaging systems and materials
in North America, Europe and the Pacific Rim. American Capital's
investment takes the form of senior and junior subordinated debt
and redeemable preferred and common equity. A syndicate led by GE
Antares Capital, a unit of GE Commercial Finance, is investing in a
senior term B loan and also providing a revolving credit facility.
Rankpak's management team is also investing in the equity. Post
close, American Capital owns approximately 85% of Ranpak, on a
fully diluted basis. "Ranpak is a very successful company, with a
steady stream of recurring revenues and attractive cash flows,
making it a great addition to our growing portfolio of
approximately 150 middle market companies," said American Capital
Chief Operating Officer Ira Wagner. "We are backing a strong
management team, which has done an excellent job driving results."
American Capital has invested approximately $3.7 billion in the
last twelve months, approximately $3.2 billion year to date and $1
billion 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.
"Ranpak's management team has done an outstanding job of creating a
leading supplier of paper-based packaging materials," said American
Capital Principal Todd Wilson. "Ranpak's installed base of over
31,000 machines worldwide and end-user relationships create a
well-entrenched, diversified customer base and generate stable
demand. In addition, the Company's high- performance product
attributes and competitive overall costs to end-users will allow
Ranpak to benefit from significant market opportunities in the
growing 'in-the-box' packaging industry, driven by overall growth
in e-commerce and key end markets, such as electronics, technology,
furniture and the automotive aftermarket. Furthermore, as oil
prices continue to increase, Ranpak's paper- based packing
materials offer attractive cost advantages over petroleum based
packing materials, such as polystyrene peanuts, polyethylene air
bags and bubble wrap." "Ranpak is a proven innovator in the
packaging industry with a history of successful product
innovations," said American Capital Managing Director Robert Klein.
"Ranpak offers its customers a compelling value proposition with
its top packaging materials, which are high quality, cost-effective
and cost-competitive." Founded in 1972, Ranpak manufactures a
patented line of machines that convert paper into specialized sizes
and shapes of desired specifications to cushion and protect
products during shipment. Ranpak currently assembles two different
types of machines: PadPak, cushioning machines used to create paper
padding that protects a package's contents from shock and
vibration, and FillPak, void-fill machines designed to fold paper
specifically to fill the empty space in a package, in addition to
bracing the packaged item in place. Ranpak's customers are
typically OEMs and distributors operating in a wide array of
industries, including industrial, automotive, medical, consumer
products and technology. In addition to its headquarters in Concord
Township, Ohio, Ranpak operates two manufacturing facilities
located in Nevada and The Netherlands. In 2004, Ranpak recorded
approximately $100 million in net sales. "American Capital is the
right partner for Ranpak and we're looking forward to our
collaboration," said Ranpak's President and Chief Executive Officer
David Gabrielsen. "We believe our new partnership with American
Capital strengthens our ability to increase our market share
through product innovations and expansion of our worldwide customer
base." 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,
+1-212-213-2009, 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/
http://www.americancapital.com/our_portfolio/our_portfolio.cfm
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