American Capital Invests in One Stop Buyout(TM) of Axygen
19 9월 2006 - 6:02AM
PR Newswire (US)
BETHESDA, Md., Sept. 18 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today it has invested in
the One Stop Buyout(TM) of Axygen Inc., a leading manufacturer and
distributor of high quality life sciences plastic consumables,
liquid handling products and bench- top laboratory equipment.
American Capital's investment takes the form of a senior term loan,
senior and junior subordinated debt and equity. American Capital is
also providing a revolving credit facility. Post close, American
Capital owns approximately 79% of the Company on a fully diluted
basis, with Axygen management owning the remaining balance. "We are
delighted to be investing in the One Stop Buyout(TM) of Axygen and
supporting a superb management team that has decades of experience
in the life sciences laboratory plastic consumables and equipment
industry and a solid track record of successfully completing and
integrating strategic acquisitions and recording robust financial
performance," said American Capital Regional Managing Director
Darin Winn. "As a market leader in the manufacture and distribution
of life sciences laboratory equipment and consumables, Axygen is an
ideal addition to our growing portfolio of middle-market companies,
including those in the medical products and life sciences
industries. Our expertise in these industries, exemplified by our
investments in Value Plastics and ECA Medical Instruments, coupled
with our financing capabilities positioned us to invest in this
excellent company." American Capital has invested $5 billion in the
last twelve months, approximately $3.5 billion year to date and $1
billion quarter 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,
http://www.americancapital.com/our_portfolio/our_portfolio.cfm.
"Axygen is an exceptionally fast growing company in a rapidly
growing industry, driven by global growth in pharmaceutical
expenditures and biotechnology research and development and U.S.
growth in laboratory spending," said American Capital Managing
Director Frank Do. "The Company produces a vast array of products,
is constantly innovating and has a superior reputation for quality,
service and new product development among its worldwide and
diversified loyal customer base. Axygen has repeatedly demonstrated
its ability to successfully integrate new strategic acquisitions,
broadening its product offerings, providing it with lower cost
manufacturing and positioning it to sell into new, fast growing
markets, such as China." "Axygen is well positioned in many of the
industry's highest growth segments including high throughput
screening, DNA and RNA testing and the protein crystallogaphy and
manual liquid handling markets," said American Capital Principal
Kimberly Reed. "The Company expects to sustain its industry leading
growth with its shift towards higher margin products, further
manufacturing automation, increased volumes and a continuing shift
of some manufacturing to low-cost production facilities in China,
Europe and Mexico." Founded in 1993, Axygen is a manufacturer and
distributor of high quality life sciences plastic consumables,
liquid handling products and bench-top laboratory equipment. The
Company offers over 2,400 individual products in two principal
categories: plastic consumables, including high throughput
screening and polymerase chain reaction products, filter and
pipette tips, microtubes and screw cap tubes; and lab equipment
products, including centrifuges, shakers, rockers, ovens and
incubators. Axygen's products are sold through distributors
primarily to end users in the fields of science and medicine in the
research and development divisions of biotechnology and
pharmaceutical companies and government, academic, clinical,
industrial research and other laboratories. Axygen is headquartered
in Union City, California and has manufacturing facilities in
California, New Jersey, Poland and China. "American Capital's
experience with medical products and life sciences companies, its
understanding of the sector and its ability to support its
companies with additional capital investments, make it an
outstanding investment partner for Axygen as we extend our industry
leadership into new geographic and product markets," said Axygen
Founder and CEO Hemant Gupta. "We welcome American Capital's
investment and look forward to a rewarding partnership." ABOUT
AMERICAN CAPITAL American 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 $400 million per company. As of August 31,
2006, American Capital shareholders have enjoyed a total return of
476% since the Company's IPO -- an annualized return of 21%,
assuming reinvestment of dividends. American Capital has paid a
total of $1.2 billion in dividends and paid or declared $21.56
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: Frank Do,
Managing Director, +1-310-806-6280, Kimberly Reed, Principal,
+1-310-806-6280, 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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