Bethesda, MD -- American Capital Strategies, Ltd. (Nasdaq:ACAS), today announced a $4 million investment of senior subordinated debt with detachable warrants in Crosman Corporation. Crosman is the world's leading manufacturer of airguns and accessories. Crosman offers a complete line of airguns, paintball guns, slingshots, targets and other accessories under the brand names of Crosman, Benjamin, Sheridan and Copperhead. Their products are marketed through retail giants such as Walmart and through sporting good retail chains, catalog retailers, and dealers.
American Capital Principal Darin Winn commented, "Crosman has a strong branded product with good customer recognition. Crosman is also a socially responsible company that is dedicated to safety in the shooting sports. We look forward to working with Crosman and its talented management team."
"Our company has an American-made product with an appeal that has remained strong throughout many generations. Our current growth is being driven by growth in our core markets, and by individuals turning to airguns as crowded conditions and regulatory and legal forces restrict the demand for firearms. American Capital recognized the strength of our position, and their speed and pricing helped us to restructure our balance sheet under more favorable terms, and we look forward to working with them as a long term partner," commented Leonard Pickett, President of Crosman.
American Capital President and COO Adam Blumenthal remarked, "This transaction marks our first investment of the fourth quarter. Crosman is an American manufacturer with a dominant market share in a stable niche. The company has a strong equity sponsor and a management team which is highly incentivized with ownership. This is also the second investment in two months originated by our Dallas office, one of our most recently opened locations. We are looking forward to a long association with Crosman."
Click here for more information about our portfolio companies.
American Capital is a buyout and specialty finance company with capital resources exceeding $360 million. American Capital invests in senior debt, subordinated debt and equity in middle market companies in need of capital for growth, acquisitions, ESOP buyouts, management buyouts, liquidity and restructurings. Through www.AmericanCapitalOnline.com financing is provided to small and middle market companies in need of capital for receivable and inventory financing, working capital loans, machinery and equipment loans, real estate loans, construction financing, acquisition funding, management buyouts, ESOP financings, liquidity and restructurings.
Companies interested in learning more about American Capital and our flexible financing should contact John Hoffmire, Vice President of Sales and Marketing, at (800) 248-9340 or visit our website at www.AmericanCapitalOnline.com or our shareholder site at www.ACASOnline.com.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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.
