American Capital Invests $160 Million in the Acquisition of Spring Air Company by Consolidated Bedding
09 8월 2007 - 5:30AM
PR Newswire (US)
BETHESDA, Md., Aug. 8 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that on June 25 it
invested $160 million in Consolidated Bedding Inc. to support its
acquisition and consolidation of The Spring Air Company ("TSAC")
and six of TSAC's licensees, including eight manufacturing
facilities. Systemwide Spring Air sales are over $400 million,
making it one of the largest innerspring mattress brands in the
U.S. Spring Air sells through most major department stores,
furniture stores and mattress retailers under brand names including
Spring Air Back Supporter(R), Nature's Rest(R), Chattam &
Wells(R), and Four Seasons(R). Prior to the transaction,
Consolidated Bedding was the largest licensee of The Spring Air
Company. American Capital's investment takes the form of a senior
unirate term loan and junior PIK notes. American Capital is also
providing a revolving credit facility. H.I.G. Capital LLC, the
equity sponsor and majority owner of Consolidated Bedding, is
investing in subordinated debt and preferred equity. "We are
pleased to have the opportunity to partner again with H.I.G.
Capital, which brings to this transaction its extensive knowledge
of the bedding industry," said Darin Winn, American Capital
Regional Managing Director. "Our complete one stop financing
package supports the consolidation of one of the premier mattress
brands. This transaction is one of 31 financings completed by our
Sponsor Finance Group in 2007 and represents a further step in our
effort to grow our business of supporting the acquisition efforts
and growth of portfolio companies of strong financial sponsors like
H.I.G. Capital." American Capital has invested directly and through
its funds under management over $11 billion in the last twelve
months, over $7.6 billion year to date and approximately $1.4
billion quarter to date. Not including funds under management,
American Capital has invested over $8 billion in the last twelve
months, over $5.7 billion year to date and approximately $1.2
billion quarter to date. For more information about American
Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.html . "Spring Air
is a leading brand in an industry driven by population growth and
largely insulated from economic cycles by consumers' continuing
mattress replacement needs and their persistent desire to upgrade,"
said Bowen Diehl, American Capital Managing Director, Sponsor
Finance. "Spring Air's management team, with decades of experience
in the bedding industry, is ideally qualified to maximize the
potential of this strategic merger and consolidation." "This merger
enables Spring Air to realize compelling synergies in operations,
manufacturing, purchasing and logistics. Consolidating the
franchisor/franchisee structure will bring more consistent quality
and service to customers and consumers across the nation," said
John Drennan, American Capital Vice President, Sponsor Finance. "In
addition, the Company will benefit from a new unified and
coordinated marketing and sales effort and a streamlining of the
Company's product offerings in each of the industry categories."
Established in 2005 with the merger of Spring Air Partners-North
America and American Bedding Industries, two TSAC licensees,
Consolidated Bedding is a leading manufacturer and distributor of
mattresses and the largest TSAC licensee worldwide. Consolidated
Bedding manufactures innerspring mattresses in plants in Florida,
Texas, California, Ohio and New Jersey. The merger adds factories
in Washington, Utah, Arizona, Colorado, Missouri, Massachusetts,
Alabama and Georgia. Its broad range of mattresses at all price
points are sold through four primary channels-furniture,
department, specialty sleep and club stores. Spring Air will be
headquartered in Chicago, IL and will employ nearly 1,150
employees. "We are delighted that American Capital is investing in
our portfolio company, Consolidated Bedding," said Peter Cornetta,
H.I.G. Capital Principal. "American Capital, again, demonstrated
the ability to understand the key merits of a complex strategic
transaction, move rapidly to close and deliver on its proposed
financing package. Its one stop financing solution provides
efficient support that will enable our management team to
concentrate on its highest priority-optimally integrating the
Spring Air Company and its licensees and delivering excellent
products and service to our customers and consumers." ABOUT
AMERICAN CAPITAL American Capital is the only alternative asset
management company that is a member of the S&P 500. With $16
billion in assets under management(1), American Capital is the
largest U.S. publicly traded private equity fund and one of the
largest publicly traded alternative asset managers. American
Capital, both directly and through its global asset management
business, is an investor in management and employee buyouts,
private equity buyouts, and early stage and mature private and
public companies. American Capital provides senior debt, mezzanine
debt and equity to fund growth, acquisitions, recapitalizations and
securitizations. American Capital and its affiliates invest from $5
million to $800 million per company in North America and euro 5
million to euro 500 million per company in Europe. As of July 31,
2007, American Capital shareholders have enjoyed a total return of
505% since the Company's IPO -- an annualized return of 20%,
assuming reinvestment of dividends. American Capital has paid a
total of $1.7 billion in dividends and paid or declared $25.16
dividends per share since going public in August 1997 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/ or http://www.europeancapital.com/
. ABOUT H.I.G. CAPITAL LLC H.I.G. Capital LLC ("H.I.G.") is a
leading private investment firm with over $4 billion of capital
under management. H.I.G.'s family of funds includes private equity,
venture capital, distressed debt, and public equities. H.I.G. has
invested in and managed more than 100 companies worldwide since its
founding in 1993, with combined sales in excess of $7 billion.
H.I.G. has offices in Miami, Atlanta, Boston, San Francisco,
London, Hamburg and Paris. (1) Includes American Capital's
investment in externally managed funds. 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 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:
Bowen Diehl, Managing Director, Sponsor Finance, +1-214-273-6630,
John Drennan, Vice President, Sponsor Finance, +1-214-273-6630, or
Brian Maney, Director, Corporate Communications, +1-301-951-6122,
all of American Capital Strategies Ltd. Web site:
http://www.americancapital.com/
http://www.acas.com/our_portfolio/our_portfolio.html
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