ST. PETER PORT, Guernsey,
Sept. 9 /PRNewswire-FirstCall/ --
European Capital Limited ("European Capital") announced today that
it has received proceeds of approximately 40 million pounds
(48 million euros) from exiting its
investment in Inspicio.
Inspicio is a market leading organization in the testing,
inspection and performance conformity markets, both in the UK and
internationally. Inspicio has more than 8,000 employees and
operates in over 130 countries. Its operating businesses include
Inspectorate, a global leader in commodity testing and inspection
services; the Environmental Scientifics Group, a leading provider
of environmental testing services; and the Eclipse Scientific
Group, a leading food testing business.
In February 2008, European Capital
invested 35 million pounds in the 3i Group's take private of
Inspicio plc. European Capital's investment took the form of
subordinated debt.
On September 8, 2010, Inspicio
completed the sale of Inspectorate, its largest division, to Bureau
Veritas for 450 million pounds, resulting in the repayment of the
Inspicio debt facilities and generating proceeds of approximately
40 million pounds for European Capital. European Capital realized a
13.2% annual blended mezzanine rate of return from the
transaction.
"Inspicio has been an excellent debt investment for European
Capital and its exit brings European Capital's London office's aggregate proceeds of
realisations over the last 12 months to over 141 million euros," said Nathalie Faure Beaulieu, Regional Managing
Director of European Capital Financial Services. "European Capital
has been pleased to partner with 3i Group, who brought an
invaluable contribution to the success of Inspicio."
"We are pleased to have supported Inspicio and its outstanding
management team in the organic and acquisition led growth of the
business," said Jerry Tebbutt,
Director of European Capital Financial Services. "We wish 3i and
management every success with the continuing development of the
environmental and food testing activities."
For more information about European Capital's investment in
Inspicio, please click here.
ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European
equity, mezzanine and senior debt investments with 1.1 billion euros in assets under management.
It is managed by European Capital Financial Services
(Guernsey) Limited ("ECFSG" or the "Investment Manager"), a
wholly-owned affiliate of American Capital Ltd.
ABOUT AMERICAN CAPITAL
American Capital Ltd. (Nasdaq: ACAS) is a publicly traded
private equity firm and global asset manager. American Capital,
both directly and through its asset management business,
originates, underwrites and manages investments in middle market
private equity, leveraged finance, real estate and structured
products. Founded in 1986, American Capital has $15 billion in capital resources under management
and eight offices in the U.S., Europe and Asia. American Capital and its affiliates will
consider investment opportunities from $5
million to $100 million. For further information, please
refer to http://www.americancapital.com .
ABOUT 3I GROUP PLC
3i is an international investor focused on buyouts, growth
capital and infrastructure, investing across Europe, Asia
and North America.
ABOUT BUREAU VERITAS
Bureau Veritas is the world's second largest group in conformity
assessment and certification services. The Group, founded in 1828,
has over 39,000 employees in 900 offices and 180 laboratories in
140 countries.
This press release contains forward-looking statements. The
statements regarding expected results of European Capital and/or
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 European Capital and/or American Capital has made
investments.
www.EuropeanCapital.com
Contact:
European Capital Financial
Services Limited
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Tel: + 44 207 539
7000
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Ira Wagner, President
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Nathalie Faure Beaulieu,
Regional Managing Director
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Jerry Tebbutt, Director, UK
Mezzanine
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SOURCE European Capital Limited
Copyright t. 9 PR Newswire