American Capital Provides One Stop Financing to Support Audax Group's Acquisition of Cinelease
14 9월 2007 - 4:38AM
PR Newswire (US)
BETHESDA, Md., Sept. 13 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that it and an
affiliate provided financing for Audax Group's investment in
Cinelease Inc., a supplier of lighting and grip equipment to the
television, feature film, commercial, music video, and event
industries. American Capital's one stop leverage financing package
takes the form of a revolving credit facility and a unirate term
loan. In addition, American Capital invested a minority position in
the common equity of Cinelease. American Capital Equity Fund I LLC
("ACE"), a fund managed by American Capital, provided 30% of the
American Capital equity investment. "This is our third platform
transaction with Audax, a firm that has proven to be a strong
financial partner with a track record of sound investments," said
Brian Graff, American Capital Regional Managing Director.
"Cinelease has been renting lighting and grip equipment to hundreds
of entertainment and commercial production companies for nearly 30
years and is a welcomed addition to our well-rounded portfolio."
American Capital has invested directly and through its funds under
management $11.3 billion in the last twelve months, $8.1 billion
year to date and $1.8 billion quarter to date. Not including funds
under management, American Capital has invested $8.7 billion in the
last twelve months, $6.0 billion year to date and $1.4 billion
quarter to date. For more information about American Capital's
portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.html. "Cinelease
has earned a reputation in the field for carrying the broadest
inventories and the best-maintained equipment and for having the
highest level of customer service and dependability. The Company
has developed deep relationships with more than 150 clients across
the entertainment and event industries," said Kenneth Jones,
American Capital Principal, Sponsor Finance Group. "Cinelease is a
leader in a non-cyclical industry where regular production
schedules provide stable and predictable cash flows. The demand for
television entertainment has been growing over the last five
years." Founded in 1977, Cinelease rents high-quality lighting and
grip equipment to the television, feature film, commercial, music
video and event industries. Grip equipment is any item used in
altering, influencing, holding or affecting lighting. Based in
Burbank, CA, with a facility in Las Vegas, NV; Shereveport, LA; and
Charlotte, NC, Cinelease is a leading lighting and grip equipment
rental company in Southern California and one of the largest in the
world. Since 2005, the Company has been rapidly expanding its
Theatrical Event Lighting division. ABOUT AMERICAN CAPITAL American
Capital is the only alternative asset management company that is a
member of the S&P 500. With $17 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 August 31, 2007, American Capital
shareholders have enjoyed a total return of 558% since the
Company's IPO -- an annualized return of 21%, 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/. (1) Assets Under Management is an
estimate of internally and externally managed assets as of July 31,
2007 and does not include any fair value adjustments subsequent to
June 30, 2007. ABOUT AUDAX GROUP Audax Group, founded in 1999, is a
leading investor in middle market companies. With offices in Boston
and New York, Audax manages in excess of $3.7 billion of equity,
mezzanine debt, and senior loan capital. In addition to Cinelease,
American Capital supported Audax Group's May 2006 acquisition of
CIBT Holdings, a leading expeditor of short-term visas, passports
and other documents for business and leisure travel. American
Capital also supported Audax Group's July 2004 acquisition of
Dynisco LLC, a leading global designer and manufacturer of
precision instruments and software for the plastic and rubber
processing industry. 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: Kenneth Jones, Principal, Sponsor Finance
Group, +1-610-238-0210; 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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