American Capital Invests $70.5 Million in Leading Global Supplier of Assembly Materials
21 2월 2004 - 2:08AM
PR Newswire (US)
American Capital Invests $70.5 Million in Leading Global Supplier
of Assembly Materials BETHESDA, Md., Feb. 20 /PRNewswire-FirstCall/
-- American Capital Strategies Ltd. announced today it has invested
$70.5 million in the buyout of Kester, a division of Northrop
Grumman Corporation's Component Technologies sector and a leading
global supplier of assembly materials to the electronic assembly,
component, electrical and industrial marketplace. American
Capital's investment takes the form of a revolving credit facility,
senior term loans, senior and junior subordinated debt and
preferred and common equity issued by the acquiring company, of
which American Capital is an 84% shareholder. The acquiring company
paid $60.0 million for the purchase of Kester. The remaining
ownership in the acquiring company represents amounts under the
employee options program as well as equity co-investors. "American
Capital's investment in Kester demonstrates several of our
strengths: our buyout expertise, one-stop buyout capability, and
ability to execute a corporate spin-off," said American Capital COO
Ira Wagner. "We are excited about working with Kester's management
in pursuing their strategic initiatives which we believe will
create value in the years ahead." American Capital has invested
more than $1.1 billion in the past twelve months. For more
information about American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.cfm.
"Kester is known as a high-quality supplier with leading-edge
technology focused on developing advanced products to meet its
customers' long-term strategic initiatives. This reputation has
positioned the company well in the marketplace, with significant
presence worldwide," said AmericanCapital Principal Ian Larkin.
"With a strong brand name, leading world-wide market position, the
competitive advantage of an extensive global footprint, a diverse,
blue chip customer base and substantial investment in new product
development, Kester is in a strong position to capitalize on
improving industry conditions." Founded in 1899 with world
headquarters in Des Plaines, IL, Kester is a leading global
supplier of high quality solder and solder derivative products for
electronic assembly. Kester's wide range of products include an
array of basic and high-tech attachment materials, including
traditional soldering chemicals, bar and wire solder and paste
products and advanced products such as epoxies, polymers,
encapsulants, preforms, thermal management materials, precision
solder columns and micro-spheres. The company's products serve over
1,200 customers in the automotive, computer, communication,
consumer, medical, industrial, electronic, semiconductor packaging,
outsourced packaging andcomponents industries. Customers include
some of the world's best known blue chip companies. Through its
rigorous and well-designed research and development efforts, Kester
has been awarded Intel's prestigious Supplier Continuous Quality
Improvement Award for four consecutive years. Kester's global
footprint encompasses nine facilities located in Illinois, Canada,
Brazil, Germany, Singapore, Malaysia, Japan and Taiwan. "American
Capital's in-depth understanding of our business, flexible capital
and ability to make a long-term commitment made it the ideal
investment partner," said Kester President and CEO Roger Savage.
"American Capital's backing will benefit our company and our
customers as we strive to continue to bring them the highest
quality attachment materials they have known and trusted for over a
century." For more information about Kester's history of high
quality products and new product innovation, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20040220a.html
As of January 31, 2004, American Capital shareholders have enjoyed
a total return of 273% since the Company's IPO -- an annualized
return of 23%, assuming reinvestment of dividends. American Capital
has paid or declared a total of $13.82 per share in dividends since
its August 1997 IPO. American Capital is a publicly traded buyout
and mezzanine fund with capital resources in excess of $2.5
billion. American Capital is an investor in and sponsor of
management and employee buyouts; invests in private equity
sponsored buyouts, and provides capital directly to private and
small public companies. American Capital provides senior debt,
mezzanine debt and equity to fund growth, acquisitions and
recapitalizations. Companies interested in learning more about
American Capital's flexible financing should contact Mark Opel,
Principal, at (800) 248-9340, or visit our website at
http://www.americancapital.com/. This press release contains
forward-looking statements. The statements regarding expected
resultsof 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 or national
economic conditions, or changes in the conditions of the industries
in which American Capital has made investments. DATASOURCE:
American Capital Strategies Ltd. CONTACT: Ian Larkin, Principal,
+1-312-681-7400, or Brian Maney, Director, Corporate
Communications, +1-301-951-6122, both of American Capital
Strategies Ltd. Web site: http://www.americancapital.com/
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