Last $186.89 USD
Change Today -1.00 / -0.53%
Volume 2.1M
GS On Other Exchanges
Symbol
Exchange
New York
Mexico
NYSE Arca
Sao Paulo
Frankfurt
Bogota
As of 10:31 AM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).
text size: T | T
PR Newswire  07/24/2014 11:00 AM ET
American Capital Receives $158 Million from Tensar Exit and Generates a 12.6% Return on its Investment

BETHESDA, Md., July 24, 2014 /PRNewswire/ --  American Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or the "Company") announced today that it has received $158 million in proceeds from debt, equity and related fees, subject to post-closing adjustments, from the sale of its investment in Tensar International Corporation, Inc. ("Tensar") to Castle Harlan, Inc. on July 9, 2014.   American Capital's compounded annual rate of return earned on its debt and equity securities over the eight year life of its investment was 12.6%, including interest, dividends and fees.        

"American Capital has held an investment in Tensar for almost fourteen years, and in that time supported the company through multiple owners, add-on acquisitions, refinancings and growth financings," said Douglas Kelley, Managing Director, Sponsor Finance.  "Our experience with Tensar is testament to the long-term and flexible capital solutions that American Capital's Sponsor Finance Group can bring to bear for its clients across market cycles."

American Capital first invested in Tensar in December 2000 in support of the acquisition of Tensar by KRG Capital Partners.   In October 2005, American Capital invested $104 million of senior second lien debt and junior subordinated debt to support the acquisition of Tensar by Arcapita.   For more information on American Capital's investment in Tensar, visit: www.americancapital.com/our-portfolio/tensar-corporation.  

Tensar is a full-service provider of specialty products and engineering services used for site development of commercial, residential, industrial and municipal properties as well as in transportation and environmental infrastructure.   Tensar specializes in site development solutions for common earthwork problems such as grade changes requiring retaining walls and poor foundation or soil conditions affecting the cost of roadways, parking lots or buildings.  

Since American Capital's 1997 IPO through the first quarter of 2014, it has earned a 10% compounded annual return, including interest, dividends, fees and net gains, on over 370 realizations of senior debt, subordinated debt, equity and structured products investments, totaling $20 billion of committed capital.   American Capital earned a 24% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.   For a chart showing a partial listing of American Capital's exited portfolio companies, please go to www.americancapital.com/our-portfolio/exited-companies.

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, energy & infrastructure and structured products.   American Capital manages $19 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $84 billion of total assets under management (including levered assets).  Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $10 billion of aggregate net book value.  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 $750 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: (214)273-6630
Douglas Kelley, Managing Director, Sponsor Finance

SOURCE American Capital, Ltd.

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
GS:US $186.88 USD -1.01

Industry News

Marret Resource Corp. announces monthly dividend

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact GOLDMAN SACHS GROUP INC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.