American Capital Invests $98 Million in One Stop Buyout(TM) of Leading Debt Collection Agency
04 3월 2006 - 12:34AM
PR Newswire (US)
BETHESDA, Md., March 3 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that in 2005 it
invested $98 million in a One Stop Buyout(TM) of Financial Asset
Management Systems Inc. (FAMS), one of the leading U.S. debt
collection agencies. American Capital's investment took the form of
a revolving credit facility, senior term debt, senior and junior
subordinated debt and equity. Jim Paxton, FAMS President and CEO,
Jerry Hogan, FAMS Senior Vice President, and other key senior
management personnel hold a minority equity investment. American
Capital owns approximately 79% of FAMS, on a fully diluted basis.
"American Capital's ability to quickly and efficiently execute a
One Stop Buyout(TM) is assisting in the growth and development of a
leading niche player in debt collection," said American Capital COO
Ira Wagner. "We are pleased to invest in a leading company, with
strong cash flows, in a growing industry." American Capital
invested approximately $3.2 billion in the last twelve months and
$312 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.
"We're supporting a management team with significant industry
experience and a history of working together," said American
Capital Managing Director Jon Isaacson. "Attractive industry
fundamentals, a stable revenue base and a reputation for quality
and efficiency make FAMS an appealing investment." "FAMS has
significant opportunities to expand its customer base," said
American Capital Principal Sean Eagle. "The nature of FAMS'
business and its variable cost structure help to insulate it from
any adverse affects arising from economic trends." Founded in 1993
and headquartered in Atlanta, GA, FAMS employs over 500 in three
facilities. During 2004, the Company managed $2.6 billion of
delinquent or defaulted consumer receivables, or over 1 million
accounts. FAMS operates two divisions, one devoted to the
collection of defaulted student loans for the U.S. Department of
Education under a series of long-term contracts, the other devoted
to the collection of delinquent consumer receivables for a number
of banking, telecommunications and state and municipal government
customers. "FAMS' mission is to provide our clients with excellent
support, offer precise solutions to fulfill their unique needs and
exceed their recovery expectations," said FAMS President and CEO
Jim Paxton. "With American Capital's support, we are all very
excited for FAMS' future. We have a strong senior management team,
a motivated and competitive work force and a plan to add more than
200 positions in our Atlanta and St. Charles centers during 2006."
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 early stage and mature 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. American Capital can invest up to $300 million per
transaction. As of February 28, 2006, American Capital shareholders
have enjoyed a total return of 404% 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 or declared $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/. 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: Jon Isaacson, Managing Director, Sean Eagle, Principal, or
Brian Maney, Director, Corporate Communications, all of American
Capital Strategies Ltd., +1-301-951-6122 Web site:
http://www.americancapital.com/
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