American Capital Invests $11.5 Million in Portfolio Company HomeAway to Support Growth and Additional Add-On Acquisition
03 10월 2007 - 6:37AM
PR Newswire (US)
BETHESDA, Md., Oct. 2 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that on August 27 it
invested an additional $11.5 million in its portfolio company
HomeAway Inc. to support HomeAway's continued growth, which
includes the recent acquisition of Owners Direct Holiday Rentals,
an online vacation rental listing marketplace based in the U.K.
With the acquisition of Owners Direct, HomeAway strengthens its
market position as the world leader in online "for-rent-by-owner"
vacation home rentals. American Capital's investment took the form
of a senior term unirate loan. "We are pleased to be once again
supporting HomeAway's growth through another complementary add-on
acquisition," said Gordon O'Brien, American Capital Managing
Director. "Since our first investment in HomeAway in 2006, American
Capital has now invested $119.5 million in debt and equity
financing to support HomeAway's continued expansion. Our additional
investment in HomeAway demonstrates American Capital Technology
Group's commitment to growing and adding value to its portfolio
companies." American Capital has invested directly and through its
funds under management approximately $10.5 billion in the last
twelve months, over $8.3 billion year to date and approximately $2
billion in the third quarter. Not including funds under management,
American Capital has invested approximately $7.7 billion in the
last twelve months, approximately $6 billion year to date and over
$1.4 billion in the third quarter. For more information about
American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.html.
"As the Technology Group continues to expand its portfolio, the
advantages of American Capital's one stop financing capabilities
and certainty of close are repeatedly reinforced," said Virginia M.
Turezyn, American Capital Managing Director, Technology Group.
"These capabilities provided HomeAway with the capital necessary to
acquire Owners Direct at an excellent time, considering the large
and rapidly growing market for online vacation rentals." "HomeAway
is already the leading operator of online vacation rental
marketplaces with more than 240,000 paid listings located in 100
countries throughout the world," said Nathan Horvath, American
Capital Vice President, Technology Group. "More than 100 million
travelers will visit HomeAway's websites this year, and according
to Nielsen Net Ratings, more than 65 percent of travelers looking
for a vacation rental now turn to HomeAway. The acquisition of
Owners Direct, with its history of strong financial and operational
performance and large database of property listings, will increase
HomeAway's global market position as the largest paid vacation
listing network in the world." American Capital first invested in
HomeAway in 2006 and again in February 2007. HomeAway's portfolio
of vacation rental websites includes HomeAway.com, VRBO.com,
VacationRentals.com, CyberRentals.com, Holiday-Rentals.co.uk,
GreatRentals.com, A1Vacations.com, FeWo-direkt.de, TripHomes.com,
VacationVillas.net, Abritel.fr, HolidayRentals.fr, as well as
OwnersDirect.co.uk. HomeAway enables property owners and managers
to list properties available for rental on any or all of its
websites by submitting online descriptions, photos, pricing,
availability, contact and other information. Formed in 2005,
HomeAway is headquartered in Austin, TX and maintains a call center
in Hardy, VA, European headquarters in Acton, U.K., and offices in
Kassel, Germany and Marseilles, France. Founded in 1997, the
Ashtead, U.K.-based Owners Direct Holiday Rentals operates an
online vacation rental listing marketplace for primarily European
properties. Owners Direct's website features over 17,000 paid
online listings with detailed property information and photographs.
ABOUT THE AMERICAN CAPITAL TECHNOLOGY GROUP The American Capital
Technology Group invests in early, middle and late stage technology
companies. With the flexibility to invest in equity and debt from
$5 million to $800 million, the American Capital Technology Group
can provide its capital base and domain expertise to build
category-leading, technology companies. American Capital and its
affiliate American Capital Equity Fund I LLC have approximately
$2.8 billion in technology investments in its existing portfolio.
These companies generally are mature, high performing, cash flowing
companies with excellent growth rates. They operate across many
industry sectors and are driven by a broad range of technologies.
The Technology Group extends American Capital's existing technology
investment business by investing in earlier stage technology
companies. For more information about American Capital's
investments in HomeAway, go to
http://www.americancapital.com/our_portfolio/companies/homeaway.html.
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), including its
investments in externally managed funds, 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 September
30, 2007, American Capital shareholders have enjoyed a total return
of 596% since the Company's IPO -- an annualized return of 21%,
assuming reinvestment of dividends. American Capital has paid a
total of $1.9 billion in dividends and paid $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 August 31, 2007 and does not
include any fair value adjustments subsequent to June 30, 2007.
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: Virginia M. Turezyn,
Managing Director, Technology Group, +1-650-289-4561, or Nathan
Horvath, Vice President, Technology Group, +1-650-289-4569, 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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