European Capital Invests Euro 123 Million in One Stop Buyout(TM) of Avery Weigh-Tronix
01 8월 2006 - 6:30PM
PR Newswire (US)
LONDON, Aug. 1 /PRNewswire-FirstCall/ -- European Capital S.A.
SICAR announced today it has invested euro 123 million ($157
million) in the One Stop Buyout(TM) of Avery Weigh-Tronix Holdings
Limited, a leading designer and manufacturer of weighing equipment
and solutions to industrial and food retail customers worldwide.
European Capital's investment takes the form of senior term debt,
senior subordinated debt and loan, preference and common equity.
European Capital is also providing a revolving credit facility.
Avery Weigh- Tronix management is investing in equity. Post close,
European Capital owns approximately 80% of Avery Weigh-Tronix, on a
fully diluted basis, with Avery Weigh-Tronix management owning the
remaining balance. "We are pleased to announce the One Stop
Buyout(TM) of Avery Weigh-Tronix, one of the first two buyouts
recently completed by European Capital's London office," said Ira
Wagner, President of European Capital Financial Services Limited
("European Capital Services"), the sub-investment manager of
European Capital. "We are delighted with the progress made by both
the Paris and London offices of European Capital. The Avery
transaction again demonstrates our ability to invest throughout the
entire capital structure of a buyout transaction." European Capital
has invested euro 831 million ($1 billion) in 27 companies since
its formation in August of 2005 and euro 655 million ($836 million)
in 19 companies in 2006. For more information about European
Capital's portfolio, go to
http://www.europeancapital.com/our_portfolio/our_portfolio.cfm.
"Avery Weigh-Tronix is one of only a few global competitors in the
marketplace, holding a leading share in the core U.K. and U.S.
weighing markets and in most of the niches in which it
participates. This makes Avery an especially appealing investment
opportunity for European Capital," said Simon Henderson, European
Capital Managing Director. "Avery Weigh-Tronix has developed a
strong reputation for high quality products and premier customer
service together with longstanding customer relationships across a
variety of industries and geographies," said Giles Cheek, European
Capital Director. "We are looking forward to working with
management to build on those relationships and supporting the
Company through the next stage of its development." Headquartered
in Birmingham, U.K., Avery Weigh-Tronix and its predecessors have
operated since 1731 under several of the weight products and
systems industry's most respected brand names, including Avery
Weigh-Tronix, Salter Brecknell, Dillon, Avery Berkel and Berkel.
Today, Avery Weigh-Tronix designs and manufactures weighing
products and systems and provides aftermarket services to
industrial and food retail customers worldwide. Avery Weigh-
Tronix's industrial products include weighbridges, platform or deck
scales, load cells, weigh bars, indicators and supporting software
that serve customers in a variety of end markets, including
logistics and transportation, food processing, waste management,
agriculture and general manufacturing. Avery Weigh-Tronix's food
retail products consist of assorted types of PC- based, analog,
checkout and printing scales, slicers and supporting software that
are used by major supermarket chains and grocery, convenience and
specialty food stores. In addition, the Company provides
aftermarket support services for its weighing products through one
of the industry's largest accredited service networks of over 1,000
global service technicians and over 400 distributor locations to an
installed base of nearly 750,000 units. Avery Weigh-Tronix's
services include system installation, calibrations, repairs,
component replacements and preventative maintenance. The Company
employs nearly 2,700 personnel and operates five manufacturing and
assembly facilities in the U.K., Canada, India, and the U.S.
"European Capital is precisely the investment partner we need to
move forward with our growth plans. This new partnership will add
great value to Avery Weigh-Tronix in the near future and will
better position us to excel in our target markets," said Avery
Weigh-Tronix Chief Executive Officer Gerald Bowe. "We are looking
forward to continuing to serve our customers with world-class
products that can be tailored and combined with a systems package
to suit their specific requirements." ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with capital
resources of euro 1.1 billion ($1.3 billion). European Capital
invests in and sponsors management and employee buyouts, invests in
private equity buyouts and provides capital directly to private and
mid-sized public companies. European Capital generally invests from
euro 5 million to euro 125 million per transaction in equity,
mezzanine debt and senior debt to fund growth, acquisitions and
recapitalizations. Companies interested in learning more about
European Capital's flexible financing should contact Simon
Henderson or Nathalie Faure Beaulieu at + 44 (0)20 7539 7000 in
London, or Jean Eichenlaub at + 33 (0)1 40 68 06 66 in Paris, or
visit the website at http://www.europeancapital.com/. ABOUT
AMERICAN CAPITAL American Capital Strategies Ltd. (NASDAQ:ACAS), an
affiliate of European Capital, is a publicly traded buyout and
mezzanine fund with capital resources of $8.9 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. American Capital provides
senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations. American
Capital invests up to $350 million per company. 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: European Capital CONTACT: Simon Henderson,
Managing Director, +44 (0)20 7539 7000, Giles Cheek, Director, +44
(0)20 7539 7000, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, all of European Capital Web site:
http://www.europeancapital.com/ http://www.americancapital.com/
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