American Capital Invests $112 Million in One Stop Buyout(TM) of Imperial Supplies
23 10월 2007 - 4:22AM
PR Newswire (US)
BETHESDA, Md., Oct. 22 /PRNewswire-FirstCall/ -- American Capital
Strategies Ltd. (NASDAQ:ACAS) announced today that it has invested
$112 million in the One Stop Buyout(TM) of Imperial Supplies LLC, a
value-added distributor of after-market components to fleet and
facility-based markets. American Capital's investment takes the
form of a senior term loan, senior and junior subordinated debt and
preferred and common equity. American Capital is also providing a
revolving credit facility. Imperial management is investing in
preferred and common equity. Post close, American Capital owns a
majority of the Company with Imperial management owning a minority
stake. Imperial Supplies was a portfolio company of Norwest Equity
Partners prior to American Capital's investment. "We are pleased to
be investing in Imperial Supplies whose singular service model sets
it apart as an outstanding distributor of after-market components
to fleet and facility-based markets," said Darin Winn, American
Capital Regional Managing Director. "American Capital provided a
highly competitive One Stop Buyout(TM) package with financing
across the capital structure. We look forward to supporting
Imperial's proven and committed management team as the Company
broadens and deepens its solid market position." American Capital
has invested directly and through its funds under management over
$10.8 billion in the last twelve months, over $8.8 billion year to
date and approximately $550 million quarter to date. Not including
funds under management, American Capital has invested over $7.9
billion in the last twelve months, approximately $6.5 billion year
to date and over $470 million quarter to date. For more information
about American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.html.
"Imperial holds a unique position in an industry whose growth is
supported by the increase in truck transportation volumes and the
aging of fleets. At the same time, the Company is less vulnerable
to economic cycles given the diversity of the fleets served and the
cargo they transport," said Gregg Newmark, American Capital
Managing Director. "Employing its long established call center
service model, Imperial enables customers to maintain corporate-
level control of inventory and reordering and as a result
significantly lower costs." "Imperial's rapid turnaround times and
value-added services such as its forensic spend analysis that
reduces duplications and overstock have earned the Company
thousands of loyal customers," said John Neis, American Capital
Principal. "Imperial plans to further expand its diversified
customer base, which already includes the top common carriers and
national leasing companies, by offering new products and services."
Founded in 1958, Imperial distributes over 20,000 high margin
products across 15 maintenance, repair and operations categories
including electrical products, chemicals and paint, air brake
products, vehicle parts and accessories and fasteners. Employing a
call-center based model, Imperial serves more than 7,250 customers
in 14 major end markets including truck rental/lease, private
fleets and parcel carriers. Headquartered in Green Bay, WI,
Imperial also has distribution facilities in Green Bay, Charlotte,
NC, Reno, NV, and Dallas, TX and call centers at its headquarters
and in De Pere, WI. "We welcome American Capital as our new
partner," said Rob Gilson, Imperial Supplies CEO. "We are impressed
with American Capital's thorough assessment of our company and are
confident that its strong support will significantly contribute to
our ambitious growth initiatives." 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/. 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 September 30, 2007 and does not include any
fair value adjustments subsequent to June 30, 2007. DATASOURCE:
American Capital Strategies Ltd. CONTACT: Gregg Newmark, Managing
Director, Buyout Group, +1-312-681-7400, John Neis, Principal,
Buyout Group, +1-312-681-7400, 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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