American Capital Provides Details of $77 Million of Total Net Portfolio Realized Gains in Second Quarter 2007
26 9월 2007 - 6:00AM
PR Newswire (US)
BETHESDA, Md., Sept. 25 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today the details of its
$77 million of total net realized gains from the disposition of
portfolio investments in the second quarter of 2007. During the
second quarter of 2007, American Capital received $984 million of
proceeds from the realization of portfolio investments. American
Capital has realized $288 million in net gains over the past five
years, $202 million over the past year and $87 million year-to-date
through the second quarter of 2007 from the disposition of
portfolio investments. The Hygenic Corporation In the second
quarter of 2007, American Capital realized a gain of $22 million
from the sale of its investment in its portfolio company The
Hygenic Corporation. American Capital realized inception to date
total gains of $24 million on its investment in Hygenic. Hygenic is
a leading manufacturer of branded and private label healthcare and
fitness products. American Capital recognized total proceeds of $47
million upon the exit, earning a 39% compounded annual rate of
return on its total investment, including interest, dividends and
fees earned over the life of American Capital's investment. The
proceeds received by American Capital approximated the first
quarter 2007 valuation of the investment. In January 2004, American
Capital invested $23 million in Hygenic to support Baird Capital
Partners buyout of Hygenic. American Capital's investment took the
form of senior secured subordinated notes and preferred and common
equity. In May 2006, American Capital made a subsequent $24 million
investment in Hygenic, to support Hygenic's acquisition of
Performance Health Inc., a developer and marketer of topical
analgesics to healthcare practitioners. American Capital's
additional investment took the form of a second lien term loan and
preferred and common equity and Hygenic subsequently syndicated $6
million of the second lien term loan. Also in May 2006, American
Capital was repaid its original $10 million senior secured
subordinated notes. "Our investments in Hygenic Corporation in
support of Baird Capital Partners' buyout of the firm and Hygenic'
s subsequent acquisition of Performance Health Inc., have produced
outstanding results. We are extremely fortunate to have worked with
our excellent private equity partner and this fine management
team," said American Capital Regional Managing Director Darin Winn.
"These investments not only gave us the opportunity to develop a
strong partnership with Baird Capital Partners, but also to
demonstrate our ongoing commitment to our portfolio companies, our
ability to respond flexibly and creatively when presented with
challenging financing requirements and to fund across the capital
structure." For more information about the Hygenic transactions, go
to http://www.acas.com/our_portfolio/companies/hygenic.html . Case
Logic Inc. In the second quarter of 2007, American Capital realized
a loss of $4 million from the sale of its portfolio company CL
Holding Inc., the parent of Case Logic Inc. Case Logic is a
designer and marketer of storage products and accessories for the
audio, computer, photo/video, DVD, automotive and recreational
markets. American Capital recognized total proceeds of $17 million
upon the exit, earning a 15% compounded annual rate of return on
its total investment, including interest, dividends and fees earned
over the life of American Capital's investment. The proceeds
received by American Capital were less than the first quarter 2007
valuation of the investment by $0.2 million, or less than 1%. In
August 2001, American Capital invested $20 million in senior
subordinated debt with common stock warrants to support KRG Capital
Partners acquisition of Case Logic Inc. "Case Logic's new
management team did an excellent job turning around the business,"
said Darin Winn, American Capital Regional Managing Director. "We
are pleased to have been able to support them." For more
information about the Case Logic transaction, go to
http://www.acas.com/our_portfolio/companies/case_logic.html . Rocky
Shoes & Boots Inc. In the second quarter of 2007, American
Capital received full repayment of its remaining $10 million senior
secured term debt investment in Rocky Shoes & Boots Inc.
(NASDAQ:RCKY). Rocky Shoes & Boots is a manufacturer of rugged
outdoor and occupational footwear. American Capital earned a 15%
compounded annual rate of return on its total investment, including
interest and fees earned over the life of American Capital's
investment. In January 2005, American Capital invested $30 million
in Rocky Shoes & Boots to support its acquisition of EJ
Footwear LLC, a manufacturer of boots for work applications and
general outdoor use. American Capital's investment took the form of
a senior secured term B loan. Subsequently in June 2006, Rocky
refinanced the company and repaid $15 million of the term B loan
and American Capital sold $5 million of its loan to the senior
lender. "We are pleased to have invested in Rocky Shoes & Boots
and to have supported the acquisition of EJ Footwear LLC," said
American Capital Principal Ken Jones. For more information about
the Rocky transaction, go to
http://www.acas.com/our_portfolio/companies/rocky_boots.html .
Sanlo Holdings Inc. In the second quarter of 2007, American Capital
received full repayment of its $11 million of junior and senior
subordinated debt investments in Sanlo Holdings Inc. Sanlo is a
manufacturer and distributor of coated cable, cable assembly
products and accessories. American Capital earned a 19% compounded
annual rate of return on its debt investment, including interest
and fees earned over the life of American Capital's investment.
American Capital continues to hold a common stock warrant
investment in Sanlo. In July 2004, American Capital invested $11
million in Sanlo to support the Cortec Group's acquisition of
Sanlo. American Capital's investment took the form of a senior and
junior subordinated debt with warrants. "In supporting Cortec's
acquisition of Sanlo, a manufacturer and distributor of coated
cable, cable assembly products and accessories, we demonstrated the
responsiveness of our investment teams and our commitment to
smaller middle market businesses," said American Capital Regional
Managing Director Brian Graff. For more information about the Sanlo
transaction, go to
http://www.acas.com/our_portfolio/companies/sanlo.html . Soff-Cut
Holdings Inc. In the second quarter of 2007, American Capital
received full repayment of its $20 million debt investments in
Soff-Cut Holdings Inc. Soff-Cut is a leading designer and
manufacturer of specialized concrete saws for the commercial and
residential construction markets. American Capital earned a 15%
compounded annual rate of return on its total investment, including
interest and fees earned over the life of American Capital's
investment. In August 2004, American Capital invested $27 million
in Soff-Cut to support Westar Capital LLC's debt recapitalization
of Soff-Cut. American Capital's investment took the form of a
revolving credit facility, senior term loan and senior and junior
subordinated debt. "We are delighted to have invested in the debt
refinancing of Westar Capital's portfolio company, Soff-Cut
Holdings, a leader in the design and manufacture of specialized
concrete saws for the commercial and residential construction
markets," said American Capital Managing Director Frank Do. "Westar
found our quick appreciation of its investment thesis and of
Soff-Cut's business model invaluable and we had the opportunity to
show the breadth of financing needs to which we can expertly
respond." For more information about the Soff-Cut transaction, go
to http://www.acas.com/our_portfolio/companies/soff_cut.html . BBB
Industries LLC In the second quarter of 2007, American Capital
received full repayment of its $94 million senior term debt
investments in BBB Industries LLC as a result of the sale BBB
Industries to Windjammer Capital Investors. BBB Industries is a
leading remanufacturer of starters and alternators for sale in the
automotive aftermarket. American Capital earned a 16% compounded
annual rate of return on its total investment, including interest
and fees earned over the life of American Capital's investment.
American Capital invested $21 million in second lien term debt
financing to support Windjammer's acquisition of BBB Industries. In
November 2004, American Capital invested $66 million in debt
financing in BBB Industries in support of ShoreView Industries'
buyout of the company. In June 2006, American Capital provided $115
million of uni-rate debt financing to BBB Industries to refinance
its capital structure including the repayment of American Capital's
original debt investment. "We are pleased to have had this
rewarding opportunity to work with ShoreView in supporting the
growth of BBB Industries, a leading manufacturer of starters and
alternators for sale in the automotive aftermarket," said American
Capital Principal Kimberly Reed. "We provided debt financing to
support ShoreView's buyout of the company and demonstrated our
ongoing commitment to the companies in which we invest with a
second round of financing 18 months later." For more information
about the BBB Industries transactions, go to
http://www.acas.com/our_portfolio/companies/BBB_Industries.html
Logex Corporation In the second quarter of 2007, American Capital
realized a loss of $21 million from the sale of the assets of its
portfolio company Logex Corporation. Logex is a contract carrier of
industrial gases. American Capital received $3 million of the sale
proceeds as a partial payment on its subordinated debt investments.
American Capital could receive up to $3 million of additional sale
proceeds as partial payment on its subordinated debt investments
from sale proceeds held in escrow to secure indemnification
obligations. American Capital has realized inception to date total
losses of $30 million on its investment in Logex and continues to
hold a subordinated debt investment that has unrealized
depreciation of $8 million, including the estimated fair value of
its remaining subordinated debt investment. American Capital has
earned a negative 36% compounded annual rate of return on its total
investment, including interest and fees earned over the life of
American Capital's investment. In July 2001, American Capital
invested $25 million in the buyout of Logex. American Capital's
investment took the form senior and junior subordinated debt with
warrants and preferred equity. In May 2002, American Capital
invested an additional $2 million of preferred equity in Logex. For
more information about the Logex transaction, go to
http://www.acas.com/our_portfolio/companies/logex.html . Other
Company Exits and Repayments American Capital previously announced
that it recognized a gain of $51 million in the second quarter of
2007 on the exit of its portfolio company EAG Acquisition LLC and
its operating subsidiary Evans Analytical Group LLC receiving
proceeds of $158 million. In the second quarter of 2007, American
Capital realized a gain of $19 million as a result of the partial
redemption of its preferred stock investment in its portfolio
company Ranpak Inc. receiving $71 million of redemption proceeds.
American Capital also recognized a net realized gain of $10 million
from the realization of various other portfolio investments during
the second quarter of 2007. Since its August 1997 IPO through the
second quarter of 2007, American Capital has earned a 16%
compounded annual return, including interest, dividends, fees and
net gains, on 201 realizations of senior debt, subordinated debt
and equity investments, totaling $6.6 billion of invested capital.
These realizations represent 36% of all amounts invested by
American Capital since its August 1997 IPO. Proceeds from these
realizations exceeded the total associated prior quarter valuation
of the investments by 2%. American Capital earned a 30% compound
annual return on the exit of its equity investments, including
dividends, fees and net gains. For a chart showing American
Capital's realized gains as of the end of Q2 2007, go to
http://www.acas.com/investor_relations/realizations/realizations.html
. For a chart showing American Capital's exited portfolio
companies, go to http://www.acas.com/our_portfolio/exited.html .
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 ?5 million
to ?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/
. 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. (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. DATASOURCE: American Capital Strategies Ltd. CONTACT: Tom
McHale, Senior Vice President, Finance, +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/ http://www.europeancapital.com/
http://www.acas.com/our_portfolio/companies/hygenic.html
http://www.acas.com/our_portfolio/companies/case_logic.html
http://www.acas.com/our_portfolio/companies/rocky_boots.html
http://www.acas.com/our_portfolio/companies/sanlo.html
http://www.acas.com/our_portfolio/companies/soff_cut.html
http://www.acas.com/our_portfolio/companies/logex.html
http://www.acas.com/our_portfolio/companies/BBB_Industries.html
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