American Capital Invests $58 Million in BondDesk Group
04 10월 2006 - 6:14AM
PR Newswire (US)
BETHESDA, Md., Oct. 3 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that it had invested
$58 million to support the acquisition of BondDesk Group LLC by
Advent International. BondDesk Group is the largest electronic
trading system focused on odd-lot fixed income transactions, those
of less than $1 million in par value. American Capital's investment
takes the form of senior and junior subordinated debt and equity.
American Capital also acted as co-lead arranger for a senior debt
syndicate being led by Merrill Lynch Capital. BondDesk management
is also investing in the equity, alongside Advent International and
American Capital. "This is our first time working with Advent
International, adding a new sponsor relationship to our growing
list of sponsors. Advent's team of professionals brings valuable
experience to the investment, having already made several
successful financial technology and services investments," said
American Capital Regional Managing Director Brian Graff. "We're
delighted to support Advent in their acquisition and look forward
to working with them to continue to build out the BondDesk platform
and obtain its growth potential." American Capital has invested
approximately $4.7 billion in the last twelve months, approximately
$3.5 billion year to date and approximately $1 billion in the third
quarter. 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.
"BondDesk has garnered a leading, defensible market position by
integrating its customized software onto the platforms of many
financial industry leaders. More than 75,000 brokers and investment
advisors have access to the BondDesk Alternative Trading System,"
said Sean Eagle, American Capital Principal. "The Company offers a
compelling value proposition to a wide range of broker-dealers by
streamlining the trading process. Retail financial advisors and
their clients also benefit by gaining access to an efficient and
transparent marketplace for over 30,000 fixed income securities.
BondDesk's unparalleled service offerings and attractive recurring
revenue- based business model make it ideally positioned to benefit
from continued growth within the broader fixed income markets."
Founded in 1999, BondDesk facilitates the electronic trading of
odd-lot, primarily retail related fixed income instruments through
its Alternative Trading System (ATS). The BondDesk ATS, run by
BondDesk's broker-dealer subsidiary, BondDesk Trading LLC, connects
broker-dealers through a centralized marketplace by offering a
diverse pool of liquidity. By creating a unique and flexible
trading system, BondDesk gives its clients access to over 30,000
live taxable and tax-exempt offerings from over 90 leading dealers.
These clients currently execute over 20,000 transactions per day on
the ATS. BondDesk also offers additional services and software
tools designed to facilitate the trading process. The Company is
based in Mill Valley, CA and has key offices in California,
Michigan, and New York. "As the baby boomer generation ages, we
believe that the BondDesk ATS will be an important part of meeting
the growing demand for fixed income securities. American Capital
shares our vision for BondDesk and was able to support our
acquisition with the necessary financing," said Chris Pike, Advent
International Partner. "We look forward to working with American
Capital to expand BondDesk so that it continues to provide
market-leading systems and solutions to retail financial advisors
and fixed income traders alike." 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 from $5 million to $400 million per
company. As of September 30, 2006, American Capital shareholders
have enjoyed a total return of 500% since the Company's IPO -- an
annualized return of 22%, assuming reinvestment of dividends.
American Capital has paid a total of over $1.2 billion in dividends
and paid $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/. ABOUT ADVENT INTERNATIONAL Advent
International is one of the world's leading global buyout firms,
with over $10 billion in cumulative capital raised and offices in
14 countries across North America, Latin America, Western and
Central Europe and Asia Pacific. Since its founding in 1984, Advent
has invested in more than 500 companies and has helped businesses
raise over $10 billion through public equity and debt offerings.
These include over 130 IPOs on major stock exchanges worldwide. In
2005, Advent realized over 30 full and partial exits and raised
three new buyout funds totaling over $4 billion. Advent's portfolio
of securities/trading related investments includes: Datek Online, a
leading online broker; GFI Group, a leading inter-dealer broker of
OTC derivative products; and Island ECN, one of the largest
electronic communications networks. 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: Sean Eagle,
Principal, +1-301-951-6122 or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, both of American Capital
Strategies Ltd. Web site: http://www.americancapital.com/
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