American Capital Realizes 38% Annual Return and $9.5 Million Gain on Investment in PaR Systems
15 5월 2004 - 3:51AM
PR Newswire (US)
American Capital Realizes 38% Annual Return and $9.5 Million Gain
on Investment in PaR Systems BETHESDA, Md., May 14
/PRNewswire-FirstCall/ -- American Capital Strategies Ltd.
announced today that it has partially exited its investment in ACAS
Acquisitions (PaR Systems), Inc. and its wholly-owned subsidiary,
PaR Systems Inc., earning a 38% compounded annual return and
realizing a $9.5 million gain. The 38% return includes the realized
gain and the interest and fees received over the life of American
Capital's investment in the company. The partial exit has resulted
from the purchase of a 81% interest in PaR's nuclear equipment and
services business by Westinghouse Electric Company. PaR's
non-nuclear robotics business was not sold to Westinghouse.
American Capital and management have retained a 19% interest in the
nuclear business and 100% ownership of the non-nuclear robotics
business. As part of the transaction with Westinghouse, the PaR
shareholder group has the ability to sell the remaining 19% of the
nuclear business to Westinghouse after a specified period of time
for the greater of a formula based on earnings or a set minimum
value. There are also additional amounts of conditional proceeds
that the selling shareholders may realize over the next several
years. Proceeds from the sale and a senior credit facility provided
by Wells Fargo Bank were used to repay PaR's senior credit facility
(provided by GMAC Commercial Finance), American Capital's
subordinated debt, and a liquidating dividend to PaR's
shareholders, representing a partial return of American Capital's
equity investment. "With this transaction the business will be in
the best position to continue growth, while PaR's shareholders have
realized an excellent return from their sale of 81% of the nuclear
segment to the company's global strategic partner, Westinghouse.
American Capital's creativity and the commitment of our management
team made this transaction possible," noted PaR's CEO, Mark
Wrightsman. The non-nuclear business segments of PaR were
contributed to a newly created company, which was renamed PaR
Systems as of the closing. Shares in PaR Systems were distributed
to the existing shareholders of PaR. American Capital provided $4.6
million subordinated debt financing to PaR Systems, and retains a
57% diluted ownership interest in PaR Systems, which provides
advanced remote handling and automation technology to environmental
remediation, aerospace and material handling markets. "We are
excited about this next chapter for PaR. The environmental and
robotics business has been growing at double digit rates despite
the recession and has plenty of runway ahead of it; in addition,
the transaction structure enables us to continue to participate in
the growth of the nuclear segment," said David Ehrenfest
Steinglass, Managing Director, American Capital. In March 2002,
American Capital invested $36 million in the buyout of PaR, funding
a revolving credit facility, senior term loan, senior and junior
subordinated notes with warrants and common equity. PaR management
reinvested much of their existing equity in the company. In April
2002, GMAC Commercial Finance funded a senior credit facility, the
proceeds of which were used to repay the revolving credit facility
and senior term loan provided by American Capital at the March
closing. For more information about the PaR transaction, go to:
http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=58
For a chart detailing American Capital's capital gains and losses,
go to http://www.acas.com/investor_relations/capital_gains.cfm. For
a chart listing American Capital's exited portfolio companies, go
to http://www.acas.com/our_portfolio/exited_companies.cfm. Since
its August 1997 IPO through the first quarter of 2004, American
Capital has earned a 14% compounded annual return on 60 exits and
prepayments of senior debt, subordinated debt and equity, totaling
$713 million of invested capital, including interest payments,
dividends, fees and net realized gains and losses on these
investments. These exits and prepayments represent 25% of all
amounts invested by American Capital since its August 1997 IPO.
Thirty-one percent of these exits and prepayments were from
portfolio companies that had at one time been either a loan grade 1
or 2 in its four point loan grading system, with 1 being the lowest
loan grade. As of April 30, 2004, American Capital shareholders
have enjoyed a total return of 213% since the Company's IPO -- an
annualized return of 19%, assuming reinvestment of dividends.
American Capital has declared a total of $14.52 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 $2.7 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
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: John Erickson, Chief
Financial Officer, +1-301-951-6122, 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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