American Capital Realizes a Gain of $69 Million in the Second Quarter From its Investment in BPWest
06 5월 2008 - 6:49AM
PR Newswire (US)
Provides $68 Million to Support Castle Harlan's $250 Million
Acquisition of BPWest BETHESDA, Md., May 5 /PRNewswire-FirstCall/
-- American Capital Strategies Ltd. (NASDAQ:ACAS) announced today
that it has realized a gain of $69 million in the second quarter of
2008 from the sale of its portfolio company BPWest Inc., the
holding company for Anchor Drilling Fluids USA Inc., to Castle
Harlan Inc. American Capital's inception to date total realized
gain on its investment in BPWest is $80 million. Including the
investments in BPWest of American Capital's funds under management,
the gain totals $123 million over the life of the investment.
Including inception to date dividends, cumulative gains and
dividend income realized by American Capital and affiliates of
American Capital totaled over $139 million over the life of the
investment. Anchor is the nation's largest independent provider of
drilling fluids and fluid-handling services for onshore oil and gas
drilling. In support of Castle Harlan's acquisition of BPWest,
American Capital provided $68 million of financing in the form of
senior subordinated notes and senior term loans. American Capital
formed BPWest in 2005 to acquire Anchor Drilling Fluids USA Inc.
American Capital invested $21 million in BPWest in the form of a
senior term loan, senior subordinated debt and preferred and common
equity. In 2006, American Capital invested an additional $39
million in a partial recapitalization of BPWest and to support the
acquisition of two separate companies, Toby's Vacuum and Truck
Services Inc. and Ozark Mud and Chemical Inc. American Capital has
earned a 100% compounded annual rate of return on its investment,
including interest, dividends and fees earned over the life of its
investment. On its equity only investment, American Capital earned
a 198% compounded annual rate of return, including dividends and
fees earned over the life of its investment. Including the
investments in BPWest of American Capital's funds under management,
the combined American Capital group earned a 117% compounded annual
rate of return on its investment, including interest, dividends and
fees earned over the life of their investments. On the equity only
investments, the combined American Capital group earned a 214%
compounded annual rate of return, including dividends and fees
earned over the life of their investments. For more information
about American Capital's original investment in BPWest, go to
http://www.acas.com/news/newsreleases/2005/pr20050721.html. "We are
very pleased with the result of our sale of BPWest and equally
pleased to continue to invest in this strong company by supporting
its new investment partner, Castle Harlan," said Darin Winn,
Regional Managing Director, American Capital. "This is American
Capital's first transaction with Castle Harlan and we look forward
to building our relationship with this respected international
private equity firm." American Capital has invested directly and
through its funds under management approximately $9.6 billion in
the last twelve months, $1.5 billion year to date and $340 million
quarter to date. Not including funds under management, American
Capital has invested approximately $7.1 billion in the last twelve
months, $1.1 billion year to date and $240 million quarter to date.
American Capital assisted in the refinance or syndication of
approximately $2 billion of senior debt for its portfolio companies
in the last twelve months, $331 million year to date and $30
million quarter to date. For more information about American
Capital's portfolio, go to
http://www.acas.com/our_portfolio/our_portfolio.html. "We are
thrilled to be announcing this transaction, as well as our
continuing relationship with Anchor and their new owners," said
Kevin Kuykendall, American Capital Managing Director, Energy Group.
"Our relationship with Anchor has been extraordinarily profitable
on a professional level, and has been equally rewarding on a
personal level. Anchor's management team, led by Bob West, Phil
West and Greg Davis, is of truly the highest quality, and we will
continue to support management in any way possible as our
relationship continues." "The Company's experienced management team
is looking forward to significant growth opportunities," said Chris
Carey, American Capital Principal, Sponsor Finance Group. "This
year, management expects to increase its drilling fluids' presence
in the Barnett Shale, East Texas and North Louisiana." Anchor,
based in Tulsa, OK, has more than 20 operating facilities in
Arkansas, Colorado, Montana, Oklahoma, Texas, Utah and Wyoming. The
company's operations focus on regions that have complex onshore
drilling environments which require proprietary drilling fluid
blends and customized engineering services. Drilling fluids are
used to remove cuttings from oil and gas wellbores, lubricate drill
bits and control formation pressures. In addition to drilling
fluids, the company's fluid-handling operations include freshwater
and production water transport services in the Piceance Basin in
Colorado, one of the fastest growing drilling regions in the United
States. "We are excited to be partnering with American Capital for
the first time," said William Pruellage, Managing Director, Castle
Harlan. "American Capital brings a unique and intimate knowledge of
BPWest and Anchor since it has been the majority owner for the past
three years. We look forward to cultivating a strong relationship
with the dedicated team at American Capital." ABOUT AMERICAN
CAPITAL ENERGY GROUP The American Capital Energy Group invests
senior debt, subordinated debt and equity across all segments of
the energy industry, including production, transportation,
processing, distribution, services and equipment manufacturing in
oil and gas, power and alternatives, including biofuels, wind and
solar. Companies interested in learning more about American
Capital's energy initiative should contact Kevin Kuykendall at
(214) 273-6634, or visit the website at
http://www.americancapital.com/energy. ABOUT AMERICAN CAPITAL
American Capital is the only private equity fund and the largest
alternative asset management company that is a member of the
S&P 500. With $19 billion in capital resources under
management, American Capital is the largest U.S. publicly traded
alternative asset manager. 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 March 31, 2008, American Capital
shareholders have enjoyed a total return of 490% since the
Company's IPO -- an annualized return of 18%, assuming reinvestment
of dividends. American Capital has paid a total of $2.3 billion in
dividends and paid $27.17 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 CASTLE HARLAN Castle Harlan,
Inc., founded in 1987, invests in controlling interests in the
buyout and development of middle market companies in North America,
Europe and, together with CHAMP Private Equity, Australasia. Since
its inception, Castle Harlan has completed 49 acquisitions
(excluding add-ons) representing over $9 billion in enterprise
value. Castle Harlan's current portfolio companies, which employ
more than 42,000 people, include AmeriCast Technologies, a leading
designer and manufacturer of large, complex steel castings used in
mining trucks, locomotives and energy equipment; Ames True Temper,
a leading manufacturer of lawn and garden tools and accessories;
and Baker & Taylor, the leading global distributor of books and
entertainment products to libraries and retailers. 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:
Kevin Kuykendall, Managing Director, Energy Group, +1-214-273-6634;
Chris Carey, Principal, Sponsor Finance Group, +1-212-213-2009;
Brian Maney, Director, Corporate Communications, +1-301-951-6122,
all of American Capital Web site: http://www.americancapital.com/
http://www.americancapital.com/energy
Copyright
American Capital Strategies (NASDAQ:ACAS)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
American Capital Strategies (NASDAQ:ACAS)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024