American Capital Invests $93 Million in Two Portfolio Companies
02 2월 2006 - 7:51AM
PR Newswire (US)
BETHESDA, Md., Feb. 1 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today investments totaling
$93 million made in the fourth quarter of 2005 in two portfolio
companies. One of the investments involved an American
Capital-sponsored buyout of SAV Holdings Inc. ("SAV"), the nation's
second largest outsourced provider of audio visual equipment and
related technical support services to hotels and resorts. The other
investment was in H-Cube Inc., a portfolio company of GTCR Golder
Rauner LLC. H-Cube is the parent company to Zenta Global Ltd., an
existing American Capital portfolio company and a U.S.-based leader
in high quality business process outsourcing ("BPO") services. The
investment supports H-Cube's acquisition of Global Realty
Outsourcing Inc. ("GRO"), a leading outsourcing partner to the
commercial and residential real estate and financial services
markets. American Capital's investments in SAV Holdings and H-Cube
include senior debt, senior subordinated debt and redeemable
preferred and common equity. In addition to American Capital's
investment in SAV, LaSalle Bank is providing a revolving credit
facility and, along with Wachovia Bank, is investing in a senior
term loan. SAV's management is also investing in the equity. "Our
investment in SAV illustrates our buyout expertise and ability to
work with management teams to create value," said American Capital
Chief Operating Officer Ira Wagner. "Our add-on investment
supporting the combination of Zenta and GRO demonstrates our
continued support of our portfolio companies and ability to work
efficiently with outstanding private equity firms like GTCR, with
whom we've built a strong and long-lasting relationship through
seven investments." American Capital has invested approximately
$3.2 billion in 2005, approximately $1 billion in the fourth
quarter 2005 and $38 million year to date. These amounts do not
include American Capital's unfunded equity commitment and debt
funded to its portfolio company European Capital. For more
information about American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.cfm.
"SAV began the concept of providing in-house audio visual equipment
and services to hotel clients. With its cutting edge technology and
skilled technicians that undergo a robust training program, SAV has
developed a national reputation for consistent quality service,"
said American Capital Principal Jonathan Leiman. "SAV's success is
evident by its high customer retention rates and attractive
long-term contracts with many of the finest hotels in the U.S.
SAV's leading market position, growing market share, attractive
growth opportunities and scalable platform bode well for its
continued success. In addition, we are confident in SAV's
experienced and passionate management team that has performed well
over the years and positioned SAV for future growth in the
hospitality market." "GRO pioneered the concept of offshoring
sophisticated real estate services. The Company remains the leading
real estate outsourcing partner for U.S. financial institutions,
with a strong brand name and robust revenue growth opportunities,"
said American Capital Principal Demian Kircher. "GRO's
capabilities, breadth of service offerings and niche market
position make it an attractive add-on investment to H-Cube. GRO's
real estate platform extends H-Cube's expertise and product
offering within the financial services industry, giving the
combined entity significant BPO scale with a compelling value
proposition and an impressive customer base. In addition, with
complementary capabilities, including voice and data, that together
offer an end-to-end product suite, the combination is expected to
result in significant cost and revenue synergies. As the BPO
industry is expected to experience substantial growth, the new,
larger entity will be in an excellent position to build a strong
global brand and meet worldwide customer demands. We're confident
in the industry leading management teams from GRO and Zenta, in
addition to the leadership of GTCR and H-Cube, and believe together
they will focus efforts on expanding BPO operations in various
geographies around the globe." SAV HOLDINGS INC. Founded in 1937,
SAV is the nation's second largest outsourced provider of audio
visual equipment and related technical support services to
prominent hotels and resorts in nearly 50 major cities across the
U.S. Through long-term contracts with premium hotels and resorts,
SAV provides on-site services to its customers including
projection, audio, lighting and auxiliary equipment rental as well
as technical support to end users, which typically consist of large
corporations, associations and other interest groups holding
meetings and events at these properties. The Company operates two
main lines of business: Hotel Services and Event Services. The
customer base predominantly consists of upscale convention-focused
hotels. In addition to its St. Louis, Missouri headquarters, the
Company has regional offices in Washington, D.C., Los Angeles, San
Francisco, Orlando, Miami, Phoenix, San Diego and Chicago. "We're
looking forward to a long, productive and mutually beneficial
partnership with American Capital," said SAV President and COO Greg
Diekemper. "With a national platform, SAV plans to further
penetrate existing markets as well as drive expansion with national
hotel operators in regions where it currently does not operate. We
believe that with the support of American Capital and our
investment partners, we can achieve this growth." For more
information about SAV's highly dependable and top quality audio
visual equipment and support services, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060201a.html.
GLOBAL REALTY OUTSOURCING Founded in 2000, GRO, headquartered in
Stamford, Connecticut with principal operations in Chennai, India,
is a leading real estate outsourcing partner to the commercial and
residential real estate and financial services markets. The Company
provides its customers the ability to outsource specialized,
high-level, complex work processes. GRO's services are segmented
into five operating groups -- capital markets, asset management,
commercial servicing, residential services and residential master
servicing. The Company targets the analytical processes related to
the investment, financing and servicing of commercial real estate
assets and the servicing and processing of residential mortgages.
GRO serves brand name financial institutions and real estate firms,
some of which are Fortune 500 companies. GRO employs approximately
700 employees in operating facilities in Connecticut, North
Carolina and Chennai, India. ZENTA GLOBAL LTD. American Capital
first invested in Zenta in May 2005, supporting the acquisition of
Zenta by H-Cube. H-Cube was formed in 2005 by GTCR and Henry
Hortenstine, a former Executive Vice President of Affiliated
Computer Services Inc., a Fortune 500 global business process
outsourcing company. American Capital's investment took the form of
a senior term loan and a modest equity co-investment alongside GTCR
and Zenta senior management. American Capital also committed
additional debt financing to support the Company's anticipated
growth and for other corporate purposes. Zenta, founded in 2001 and
headquartered in Wayne, Pennsylvania, with principal operating
offices in India, provides business process outsourcing services.
The Company is the sixth largest Indian BPO and one of the largest
non-captive Indian BPO service providers in its market. Zenta
currently has over 2,600 full time employees in its operational
facilities in Mumbai, India. Zenta's business offering includes
credit card servicing, mortgage servicing, accounts receivable
management and insurance claims management. Zenta is ISO- 9001
certified and was recently rated among the top 10 of India's BPO
companies by NASSCOM, the leading organization for public policy
for the Indian software industry. "We've worked with American
Capital in previous investments and they've always been a reliable
and trusted source of mezzanine financing," said GTCR Principal
Collin Roche. "We knew we could count on them again to support
H-Cube in their strategic acquisition of GRO. The combination of
these two BPOs is expected to result in multiple benefits for both
companies, creating an upper-tier BPO platform with approximately
4,000 employees and a significantly broader service offering
consisting of credit card servicing, residential real estate
services, commercial real estate services, accounts receivable
management and healthcare claims processing. We're excited about
the potential business opportunities that this combination brings."
For more information about Zenta's unrelenting commitment to
quality, go to
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=191.
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 and commercial loan obligations.
American Capital provides senior debt, mezzanine debt and equity to
fund growth, acquisitions, recapitalizations and securitizations.
As of January 31, 2006, American Capital shareholders have enjoyed
a total return of 403% since the Company's IPO -- an annualized
return of 21%, assuming reinvestment of dividends. American Capital
has paid a total of $961 million in dividends and paid $19.11
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
http://www.americancapital.com/. ABOUT GTCR GOLDER RAUNER LLC
Founded in 1980, GTCR Golder Rauner is a leading private equity
investment firm and long-term strategic partner for outstanding
management teams. GTCR currently manages more than $6 billion of
equity capital invested in a wide range of companies and
industries. ABOUT H-CUBE INC. Based in Dallas, Texas, H-Cube is a
business process outsourcing company focused on acquiring and
operating business process and technology-based outsourcing
companies. Henry Hortenstine is Chief Executive Officer; John
London is Chief Financial Officer. 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.
First Call Analyst: FCMN Contact:
Agnieszka.Opalka@AmericanCapital.com DATASOURCE: American Capital
Strategies Ltd. CONTACT: L. Thomas Gregory, Managing Director,
+1-312-681-7400, Demian Kircher, Principal, +1-312-681-7400,
Jonathan Leiman, Principal, +1-312-681-7400, 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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