American Capital Invests in Combination of Cottman Transmission and AAMCO Transmissions
09 3월 2006 - 2:35AM
PR Newswire (US)
BETHESDA, Md., March 8 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested in
the combination of AAMCO Transmissions Inc. with its portfolio
company Cottman Transmission Systems LLC. AAMCO and Cottman are two
leading U.S. transmission repair chains. The combined entity will
eventually operate under the AAMCO Transmissions name. American
Capital's investment takes the form of senior term loans, senior
and junior subordinated debt and preferred and common equity.
American Capital is also providing a revolving credit facility.
Management will have significant investments in the equity. Post
close, American Capital owns 83% of the combined entity, on a fully
diluted basis. "This is a good example of American Capital's
ability to work closely with a portfolio company to grow the
business into an industry leader," said American Capital Regional
Managing Director Brian S. Graff. "Cottman's combination with AAMCO
will result in the number one transmission repair chain in the
United States with over 1,100 units and system wide sales of more
than $600 million." American Capital has invested approximately
$3.4 billion in the last twelve months and nearly $500 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.
"AAMCO's dominant brand position provides it with a sustainable
competitive advantage, as most transmission competitors lack the
resources to raise their brand profile to a comparable level," said
American Capital Principal Dale Stohr. "Cottman and AAMCO
complement each other well and offer franchisees a strong value
proposition." In April 2004 American Capital invested $46 million
in the acquisition of Cottman Transmission, the second largest
franchisor of automotive transmission repair centers in North
America. Founded in 1962 and headquartered in Horsham, PA, the
Company has a network of approximately 400 independent franchise
centers that offer automotive diagnosis and minor and major
transmission repairs, ranging from fluid flushing and replacement
to transmission rebuilding services. AAMCO is a leading franchisor
and one of the most recognized brand names in the automotive repair
and service industry. It is the nation's largest transmission
repair specialist, comprised of over 730 franchised repair centers
across 47 states, Puerto Rico and Canada. In addition to
transmission repair, AAMCO has recently expanded into more
comprehensive diagnostic and repair services. The combined entity
will have over 1,100 repair centers. "This combination represents
an industry changing event which will be a significant step forward
for Cottman and AAMCO," said Cottman President Todd Leff. "We are
extremely excited about executing on our strategic vision for the
combined company, which will create significant value for
franchisees and consumers. As the world's largest transmission
repair specialist and the nation's second largest automotive repair
chain, AAMCO will meet consumer demand for branded aftermarket
specialists who can provide an alternative to the high priced
repairs and maintenance services found at car dealers." For more
information about American Capital's original investment in
Cottman, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20040419.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 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 $19.91 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: Brian S. Graff, Regional Managing Director,
+1-212-213-2009, Dale Stohr, Principal, +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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