American Capital Invests $16 Million in Leading Provider of Corrosion Protection Products & Services
01 4월 2004 - 4:38AM
PR Newswire (US)
American Capital Invests $16 Million in Leading Provider of
Corrosion Protection Products & Services BETHESDA, Md., March
31 /PRNewswire-FirstCall/ -- American Capital Strategies Ltd.
announced today it has invested $16 million in Corrpro Companies
Inc. , the leading single-source solution provider of corrosion
protection related services, systems, equipment and materials.
American Capital's investment takes the form of senior subordinated
debt with warrants and, through a limited liability company
established in conjunction with Wingate Partners, redeemable
preferred equity with warrants. American Capital's investment
supports Wingate Partners' acquisition of voting control of
Corrpro. CapitalSource Finance LLC provided arevolving credit
facility and a senior term loan and through its affiliates invested
equity. Post closing, American Capital will own approximately 19.2%
of Corrpro on a fully diluted basis. "Corrpro is an internationally
recognized market leading company in corrosion protection services,
and we are pleased to be investing with Wingate Partners for the
first time, further expanding our list of investment partners,"
said American Capital COO Ira Wagner. "Our investment flexibility,
including investing in public companies like Corrpro, combined with
our dedicated staff of over 80 investment professionals, continues
to attract investment opportunities and helps us to continue to
build relationships with an increasing number of private equity
funds." American Capital has invested over $1.1 billion in the last
twelve months and over $100 million year to date. For more
information about American Capital's portfolio, go to
http://www.americancapital.com/our_portfolio/our_portfolio.cfm.
"Corrpro's leading market position would be difficult to duplicate.
This gives the company a tremendous competitive advantage and is a
result of the most comprehensive line of quality corrosion
protection services and products, extensive geographic coverage, a
large employee base of accredited and experienced field
technicians, extremely well-regarded senior technical personnel and
a large recurring revenue base," said American Capital Principal
Jeff MacDowell. "Corrosion is an increasing yet preventable cost to
the U.S. economy as U.S. and international infrastructures continue
to age. Corrpro can expect a busy future driven by corrosion
protection as a proven cost effective, long-term economic
alternative to expensive and timely infrastructure replacement and
increasingly stringent governmental regulations and industry
standards." Founded in 1984, Medina, Ohio headquartered Corrpro
Companies is the leading provider of corrosion services and
products, offering a comprehensive range of corrosion protection
services and product offerings, from initial feasibility testing to
solution design, installation, maintenance and monitoring of
corrosion protection systems. Corrpro has an extremely broad
customer base of over 8,000 customers worldwide in a wide variety
of industries, including oil and gas, water systems, electric
power, public transit, bridges and other concrete structures such
as parking garages, piers and coastal balconies and navy ships.
Customers include the U.S. Department of Defense, including the
Naval Sea Systems Command and Naval Facilities Engineering Command,
pipeline and energy companies throughout the world, and water
departments in major metropolitan centers throughout the United
States. Corrpro employs nearly 900 in 37 operating facilities in
the United States, Canada and Europe and reported 2003 sales of
over $100 million. "American Capital's complete understanding of
our investment strategy and ability to provide the necessary
subordinated debt and equity financing to bring this transaction to
a close made them the ideal investment partner," said Wingate
Principal Jim Johnson. For more information about Corrpro's
internationally leading corrosion protection services and products,
go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20040331a.html
As of February 27, 2004, American Capital shareholders have enjoyed
a total return of 287% since the Company's IPO -- an annualized
return of 23%, assuming reinvestment of dividends. American Capital
has paid 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
employeebuyouts; 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/. Wingate
Partners, headquartered in Dallas, Texas, is a private investment
firm focused on making equity investments in businesses going
through significant transition. Wingate portfolio companies include
ENSR International, a leading environmental consulting firm focused
on the corporate market, AmerCable Inc., the leading manufacturer
of electrical power cables used in severe operating environments,
and S&N Communications, a leading southeastern U.S.
construction and maintenance contractor to local telephone and
cable television companies. This press release contains
forward-looking statements. The statements regarding expected
results of 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: Jeff MacDowell,
Principal, +1-214-273-6633, 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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