BETHESDA, Md., Feb. 8, 2013 /PRNewswire/ -- American Capital,
Ltd. (Nasdaq: ACAS) ("American Capital") announced today that in
December 2012, it committed
$89 million in the One Stop Buyout®
of ASAP Industries, LLC ("ASAP" or the "Company") in a transaction
led by Kevin W. Kuykendall, former
Managing Director of the American Capital Energy Group, and
Miles Arnone, an American Capital
Managing Director, under the leadership of Darin Winn, Senior Vice President and Senior
Managing Director, American Capital. ASAP, a leading
independent manufacturer and refurbisher of high-pressure flow
control products for the global oil and gas industry, expands the
American Capital Energy and Infrastructure Group's portfolio of
domestic mid-market energy-related companies. American
Capital's investment took the form of senior debt, subordinated
debt and equity.
Based in Houma, Louisiana, ASAP
manufactures a wide variety of flow control products for companies
ranging from small local operations to major oilfield services
companies and original equipment manufacturers. The Company's
products are used in numerous applications including onshore and
offshore projects, crude oil and natural gas wells and drilling,
completion and production applications.
"With its broad product lineup, leading position in the Gulf
Coast region, strong reputation, well-established customer
relationships and significant organic growth opportunities, ASAP is
an excellent fit for the American Capital Energy and Infrastructure
Group," said Mr. Winn. "ASAP is one of the largest
manufacturers of high-pressure flow control components in the Gulf
Coast region and a respected partner for original equipment
manufacturers, oilfield service companies, and equipment rental
companies throughout the United States. The Company is also
one of the largest API‑certified independent manufacturers of oil
and gas equipment."
"Since its start in 2001, ASAP has demonstrated strong financial
performance, achieving consistent year-over-year revenue and EBITDA
growth and has shown a unique resiliency to industry downturns,"
said Mr. Arnone. "Demand for the Company's flow control
products is driven by increased drilling and completion activity as
well as increasing well complexity. We expect these industry
drivers to remain favorable, providing ASAP with a clear and
exciting growth path."
The American Capital Energy and Infrastructure Group is headed
by Paul Hanrahan, who joined
American Capital in 2012 after serving as the President and CEO of
The AES Corporation ("AES"), a Fortune 150 global power company,
from 2002 through 2011. Since its formation in 2005, the
American Capital Energy and Infrastructure Group has invested over
$620 million in domestic mid-market
energy-related companies. For more information about the
American Capital Energy and Infrastructure Group's domestic
energy-related investing, visit
www.americancapital.com/energy. In connection with Mr.
Hanrahan joining American Capital, it announced an initiative to
make investments in global energy infrastructure assets, including
power generation facilities, power distribution and transmission
networks, energy transportation assets and fuel production
opportunities and has committed $200 million to such
investments.
American Capital and its affiliated funds have invested
approximately $31 billion in over 540
portfolio companies both directly and in support of leading
financial partners in change of control transactions.
ABOUT AMERICAN CAPITAL
American Capital 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. American Capital manages $18.6 billion of assets, including assets on its
balance sheet and fee earning assets under management by affiliated
managers, with $118 billion of total
assets under management (including levered assets). Through
an affiliate, American Capital manages publicly traded American
Capital Agency Corp. (Nasdaq: AGNC) with approximately $10 billion market capitalization and American
Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately
$850 million market
capitalization. From its eight offices in the U.S. and
Europe, American Capital and its
affiliate, European Capital, will consider investment opportunities
from $10 million to $500
million. For further information, please refer to
www.AmericanCapital.com.
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.
Contact:
Darin Winn, Senior Vice President
and Senior Managing Director, American Capital
Two Bethesda Metro Center
14th Floor
Bethesda MD 20814
(301)
951-6122
(301) 654-6714
Fax
Info@AmericanCapital.com
www.AmericanCapital.com
SOURCE American Capital, Ltd.