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Over $3.3 billion invested, $524 million in dividends paid since 1997 IPO
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Vol. 5 No. 3
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(800) 248-9340
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July 2004
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American Capital: 100 Portfolio Companies
Capital Resources Over $3 Billion
American Capital Completes Two Equity Offerings Totaling Approximately $316 Million
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Table of Contents
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Growth in Number of American Capital Portfolio Companies: 100 Portfolio Companies as of July 2004
American Capital Completes Two Equity Offerings Totaling Approximately $316 Million
American Capital Credit Facilities Increased to $545 Million
New Investments
$15 Million in Dynisco, LLC, Global Manufacturer of Test, Measurement and Process Control Equipment
$26 Million in Retriever Payment Systems, Leading Provider of Electronic Payment Processing Services
$31 Million in Safemark Systems L.P., Leading Supplier of Guestroom Safes For Hospitality Industry
$10 Million in Valley Proteins, Inc., Leading Independent Recycler & Renderer of Food Processing By-Products
$74 Million in Directed Electronics, Inc., Diversified Consumer Electronics Company
$72 Million in synOdys Group SA, Leading Manufacturer and Distributor of Radiation Detection Equipment
$71 Million in Life-Like Products LLC, Leading Manufacturer, Marketer and Distributor of Expanded Polystyrene Foam Products
$17 Million in Supreme Corq, Inc., Leading Manufacturer of Synthetic Corks for the Global Wine & Spirits Industry
$44.5 Million in Imaging and Sensing Technology Corporation, Leading Designer and Assembler of Equipment For Use in Nuclear Power Plants
$60 Million in The Hilsinger Company, Inc., Leading Provider of Eye Care Accessories and Supplies
Portfolio Companies
$33 Million Add-On Investment for Acquisition by Chronic Care Solutions, Inc.
$13 Million Additional Investment in TransFirst Holdings, Inc., Premier Provider of Electronic Processing Services
Exit Events
ACE Cash Express, Inc. Exit: 24% Return on Investment
Bumble Bee Seafoods L.P.: 33% Return on Investment
PaR Systems, Inc.: 38% Return on Investment
Corporate News
American Capital Announces Promotions, Hires Associates
Charts
Growth in Number of American Capital Portfolio Companies: 100 Portfolio Companies as of July 2004
American Capital Funds Raised: 1997 IPO to Date
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Growth in Number of American Capital Portfolio Companies: 100 Portfolio Companies as of July 2004
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American Capital Completes Two Equity Offerings Totaling Approximately $316 Million
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American Capital's two recent equity offerings raised approximately $316 million.
In July, American Capital announced it had priced an offering of 4 million shares of common stock to the public at $28.00 per share. A.G. Edwards & Sons, Inc., BB&T Capital Markets, a division of Scott & Stringfellow, Inc., Legg Mason Wood Walker, Incorporated, Piper Jaffray & Co., and RBC Capital Markets were the underwriters. A.G. Edwards & Sons, Inc. was the book-running manager of the offering. The underwriters exercised in part their over-allotment option, purchasing an additional 425,000 shares. The total gross proceeds from the offering, including the over-allotment, were approximately $123.9 million.
In May, American Capital announced it had sold 6.5 million shares of common stock to the public at $25.71 per share. The offering was underwritten by Citigroup, Wachovia Securities, J.P. Morgan Securities Inc. and UBS Securities LLC. Citigroup was the sole book-running manager for the offering. The underwriters exercised an option to purchase an additional 975,000 shares at $25.71 per share. The total gross proceeds from the offering, including the over-allotment, were approximately $192.2 million.
The net proceeds of the offerings will be applied to reduce the borrowings under American Capital's existing credit facilities. This will create availability under these facilities, which will generally be available for funding future American Capital investments.
For more information about our most recent offerings, go to
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20040528.html
and
http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20040714.html
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American Capital Credit Facilities Increased to $545 Million
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In July, American Capital closed a $125 million securitized credit facility funded through a commercial paper conduit administered by Harris Nesbitt, the U.S. investment and corporate banking practice of BMO Financial Group (NYSE: BMO). The facility has a three year commitment with a one year revolving term and is priced at the cost of commercial paper plus 125 basis points, currently 2.61%. The facility is secured by certain senior and subordinated debt assets originated by American Capital.
"We are pleased to establish a new credit relationship. With the addition of the Harris Nesbitt facility, American Capital now has $545 million of capacity from our combined credit facilities. To date we have raised approximately $1.5 billion of debt capital through our credit facilities and our on balance sheet term securitizations," said American Capital CFO John Erickson. "The increased credit capacity will help us meet the demands of our robust pipeline of investment opportunities."
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$15 Million in Dynisco LLC, Global Manufacturer of Test, Measurement and Process Control Equipment
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 In July, American Capital invested $15 million in Dynisco LLC, a global manufacturer of branded test, measurement and process control devices for the plastics industry. American Capital's investment took the form of senior subordinated debt and junior subordinated debt with warrants and supported Audax Private Equity's acquisition of Dynisco from an affiliate of Madison Capital Partners of Chicago, Illinois. Antares Capital provided the revolving credit facility and senior term loans. An affiliate of Madison Capital Partners retains seller notes as part of the transaction.
Founded in 1953, Franklin, MA-headquartered Dynisco was the first to design a transducer specifically used to measure the melt pressure of plastic during the extrusion process. The company sells its products under the Dynisco and Beringer brand names. Dynisco outsources the manufacturing of components for its products to China, India and Korea while focusing its internal efforts on engineering, design, assembly and testing. The company has manufacturing facilities in the United States and in Germany and sales offices throughout the European Community. Dynisco serves a diverse group of customers in North America, Europe, Asia and Latin America, including OEMs, resin producers, distributors and end users served directly by Dynisco. Pictured above are several of Dynisco's premium industrial pressure transducers, carefully constructed to withstand even the toughest processing conditions.
Click here for more information about Dynisco.
Contact David Ehrenfest Steinglass, Managing Director or call (301) 951-6122.
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$26 Million in Retriever Payment Systems, Leading Provider of Electronic Payment Processing Services
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In July, American Capital invested $26 million in RPSI Inc., doing business as Retriever Payment Systems, a leading provider of electronic payment processing services and other related services to small and medium-sized merchants. American Capital's investment took the form of senior subordinated debt and supported GTCR Golder Rauner LLC's recapitalization of Retriever. Merrill Lynch Capital provided a revolving credit facility and senior term loans. Retriever management also invested in the transaction.
Founded in 1986 and located in Houston, TX, Retriever is one of the fastest growing U.S. merchant acquirers and transaction processors, providing payment processing and other related services to small- and medium-sized merchants for credit card, debit card and other payment transactions. Retriever markets and sells its products and services through a large distribution channel of over 460 independent sales groups located throughout the U.S. that are responsible for identifying, selling and setting up new merchants, and over 250 agent banks that offer Retriever's card processing services to commercial customers. Retriever focuses on providing its distribution partners with unparalleled focus and support through industry-leading service and technologies. During the twelve months ended June 30, 2004, Retriever processed approximately $8.1 billion in transaction volume and ended the period with over 95,000 merchant accounts.
Click here for more information about Retriever Payment Systems.
Contact Ian Larkin, Principal, or call (312) 681-7400.
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$31 Million in Safemark Systems L.P., Leading Supplier of Guestroom Safes For Hospitality Industry
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 In June, American Capital Strategies Ltd. invested $31 million in the acquisition of Safemark Systems L.P., a leading supplier of in-room safes to the hospitality industry, from Richards Capital Fund L.P. American Capital's investment took the form of a senior term loan, senior subordinated debt, junior subordinated debt with warrants and redeemable preferred and common equity. American Capital also provided a revolving credit facility. American Capital owns approximately 75% of Safemark on a fully diluted basis, with the balance owned by management.
Founded in 1983, Orlando, FL-based Safemark Systems is a supplier of safes used in hotel guestrooms. The company offers a broad range of safe products through direct purchase and leasing options. Safemark has significant customer relationships with such vendors as Cendant Corporation, Choice Hotels International, and Prime Hospitality and has an installed base of over 300,000 safes in the US and Canada. The company also has a strong relationship with Walt Disney World Resort, Carlson Hospitality, Interstate Hotels and Marriott Vacation Club. Safemark has recorded revenue growth of nearly 14% since 1997.
Click here for more information about Safemark Systems.
Contact Robert Klein, Managing Director, or Todd Wilson, Principal, or call (212) 213-2009.
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$10 Million in Valley Proteins, Inc., Leading Independent Recycler & Renderer of Food Processing By-Products
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In June, American Capital invested $10 million in the recapitalization of Valley Proteins Inc., a leading independent recycler and renderer of food processing by-products. American Capital's investment took the form of senior subordinated debt. US Bank NA and a syndicate of lenders provided a revolving credit facility and a senior term loan. Valley Proteins management retains its ownership.
Founded in 1949, Winchester, VA-headquartered Valley Proteins is a leading independent recycler and renderer of food processing by-products. Rendering is the process of collecting inedible animal by-products from poultry and meat processors, restaurants, farms and grocery stores and recycling the by-products into useable products such as proteins and fats that are sold primarily to producers of livestock feed and pet foods. The company sells fats, proteins and related products to over 170 customers, including producers of livestock feed and pet food. Valley Proteins employs over 1,000 in 20 operating facilities, including rendering plants, pet food product plants, grease processing plants and transfer stations located in Pennsylvania, Maryland, Virginia, North Carolina, South Carolina, Tennessee, West Virginia, Texas, Oklahoma, and New Mexico.
Click here for more information about Valley Proteins.
Contact Jeff MacDowell, Principal, or call (214) 273-6633.
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$74 Million in Directed Electronics, Inc., Diversified Consumer Electronics Company
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 In June, American Capital invested $74 million in the recapitalization of Directed Electronics Inc., a diversified consumer electronics company and the world's largest designer and marketer of consumer branded vehicle security and convenience systems. American Capital's investment took the form of senior and junior subordinated debt. Wachovia Capital Markets LLC, CIBC World Markets LLC and a senior bank syndicate provided a senior credit facility. Company management retains an equity investment in Directed Electronics. Trivest Partners LP is majority owner.
The company's products include vehicle security systems, GPS tracking units and keyless entry devices that are marketed under brands such as Viper, Clifford, Python and Hornet and home and car audio systems marketed under a/d/s, Precision Power, Orion and Xtreme. Directed is primary supplier to more than 3,000 retailers, including small specialty retailers as well as prominent regional and national retailers such as Best Buy, Tweeter and Auto Express and sells direct to retailers in the United Kingdom and through 45 distributors in more than 50 other countries. Headquartered in Vista, CA, Directed has more than 200 employees and has experienced sales and EBITDA growth every year since its inception in 1982, with sales of approximately $140 million in 2003.
Click here for more information about Directed Electronics.
Contact Brian Graff, Managing Director, or call (212) 213-2009.
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$72 Million in synOdys Group SA, Leading Manufacturer and Distributor of Radiation Detection Equipment
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 In June, American Capital invested $72 million in the acquisition of synOdys Group SA, a leading manufacturer of systems and equipment to protect people and goods from nuclear, biological and chemical risks, from Acland Capital Investissement and management. American Capital's investment took the form of senior debt, senior and junior subordinated debt and common and redeemable preferred equity. American Capital also provided a revolving credit facility. As part of the transaction, Acland and synOdys management also acquired an ownership interest in Global Dosimetry Solutions Inc., an American Capital portfolio company and a provider of radiation dosimetry services, and are maintaining a significant equity investment in synOdys. American Capital owns approximately 80% of synOdys on a fully diluted basis.
Founded in 1965, synOdys' principal products are electronic dosimeters, badges and readers that provide real time measurements of radiation dosages and emit an alarm when a pre-set limit is exceeded, and radioactivity monitoring systems (RMS), fixed systems that monitor radiation levels continuously in a particular location over time, specifically nuclear power plants, and report data to a centralized software system. The company also produces surface radioactive contamination monitoring products, including hand-held detectors and survey equipment, full body monitors and large portal monitors, and also provides a range of services for all of its products, including repair, calibration, maintenance, upgrades, spare parts and training. Customers include nuclear power plants and research laboratories, militaries, civil governments for homeland defense purposes and medical customers. synOdys has five operating facilities in France, Germany, Finland and the United States, employs approximately 400 and recorded annual sales of over US$80 million in 2003.
Click here for more information about synOdys.
Contact Robert Klein, Managing Director, or Brian Graff, Managing Director, or call (212) 213-2009.
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$71 Million in Life-Like Products LLC, Leading Manufacturer, Marketer and Distributor of Expanded Polystyrene Foam Products
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 In June, American Capital invested $71 million in the acquisition of Life-Like Products LLC from ZS Fund LP. Life-Like is a leading manufacturer, marketer and distributor of expanded polystyrene foam ("EPS") consumer and industrial products and a marketer and distributor of hobby trains, train sets and racecars. American Capital's investment took the form of senior term loans, senior subordinated debt, junior subordinated debt with warrants and common and redeemable preferred equity. American Capital also provided a revolving credit facility. American Capital owns approximately 80% of Life-Like on a fully diluted basis.
Founded in the early 1930's, Life-Like is a leading manufacturer, marketer and distributor of a broad array of molded expandable polystyrene (EPS) foam products under the brand name LIFOAM® for consumer and industrial end markets. The only EPS consumer foam manufacturer with a national scale and scope, Life-Like provides a broad range of consumer foam and accessory products, such as reusable ice and freeze packs, to large national and regional retail accounts with large, well known retailers and has major market share in consumer foam picnic coolers. The company's industrial foam business consists of custom molded foam products used in protective packaging; thermal packaging under the ProPak® brand name for shipping pharmaceuticals, food and other perishable goods; and building applications such as siding and insulation. Life-Like currently employs over 500 in seven operating facilities in Maryland, Georgia, Florida, Texas, Illinois and California. The company recorded 2003 revenue of approximately $69 million.
In a separate transaction, American Capital also invested $7 million into Life-Like's Hong Kong based supplier of its train and racecar products. American Capital's investment took the form of common equity.
Click here for more information about Life-Like.
Contact Robert Klein, Managing Director, or Todd Wilson, Principal, or call (212) 213-2009.
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$17 Million in Supreme Corq, Inc., Leading Manufacturer of Synthetic Corks for the Global Wine & Spirits Industry
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 In June, American Capital invested $17 million in Supreme Corq Inc., a leading manufacturer of thermoplastic synthetic corks for the global wine and spirits industry. American Capital's investment took the form of a revolving credit facility, a senior term loan and senior subordinated debt with warrants and supports the acquisition of Supreme Corq by Graham Partners.
Founded in 1992, Kent, WA-headquartered Supreme Corq holds approximately 20% of the worldwide synthetic cork market. The most important advantage that synthetic cork has over natural cork is that it eliminates the risk of TCA, a naturally occurring mold found in tree bark cork that taints wine and creates an unpleasant taste. With over 60 employees and facilities in Washington State, Belgium, Chile and South Africa, Supreme Corq manufactures corks for over 1,000 wineries in 30 countries, serving customers such as Georges Duboeuf, Canandaigua, Hogue Cellars, Korbel, and William Hill. In addition, Supreme Corq currently holds 23 patents in 15 countries.
Click here for more information about Supreme Corq.
Contact Ken Jones, Principal, or call (610) 238-0210.
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$44.5 Million in Imaging and Sensing Technology Corporation, Leading Designer and Assembler of Equipment For Use in Nuclear Power Plants
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 In May, American Capital invested $44.5 million in the buyout of Imaging and Sensing Technology Corporation ("IST"), a leading designer and assembler of equipment for use in nuclear power plants. American Capital's investment took the form of a senior term loan, senior and junior subordinated debt with warrants, redeemable preferred stock and common equity. American Capital also provided a revolving credit facility. American Capital owns more than 90% of IST on a fully diluted basis.
Incorporated in 1988 and headquartered in Horseheads, New York, IST consists of three core lines of business: the Sensing Systems Group, a leading producer of radiation and thermal detectors and electrical penetrations; the Imaging Systems Group, the global market leader in heat and radiation tolerant closed circuit television cameras for remote inspection; and the Spectral Technologies Group, a manufacturer of specialized lamps used in analytical research instrumentation. IST employs approximately 275 people.
Click here for more information about IST.
Contact Robert Klein, Managing Director, or Brian Graff, Managing Director, or call (212) 213-2009.
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$60 Million in The Hilsinger Company, Inc., Leading Provider of Eye Care Accessories and Supplies
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 In May, American Capital invested $60 million in the recapitalization of The Hilsinger Company Inc., the leading provider of eye care accessories and supplies in the U.S. and United Kingdom. American Capital's investment took the form of senior term debt, a senior secured acquisition line and senior and junior subordinated debt. American Capital also provided a revolving credit facility. ICV Capital Partners and Palladium Equity Partners LLC are the majority owners of Hilsinger.
Headquartered in Plainville, MA, and with more than 200 employees, Hilsinger markets and distributes more than 20,000 optical products and accessories to more than 50,000 customers in the US and Europe. The company sells eyewear replacement parts such as nose pads and screws; optical-related consumer products such as lens cleaning and care products; eyewear such as sun clips, sports goggles, and safety glasses; and eyewear dispensing products. In addition, through its Wilson Ophthalmic Inc. subsidiary, the company distributes manufacturer-branded and generic ophthalmic pharmaceuticals, examination products, and surgical products in the U.S. Customers include ophthalmologists, optometrists, opticians, optical distributors, retail optical chains, hospitals and other health care institutions. The company reported revenues last year of approximately $44 million.
Click here for more information about Hilsinger.
Contact Robert Klein, Managing Director, or call (212) 213-2009.
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$33 Million Add-On Investment for Acquisition by CCS Medical
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In June, American Capital invested $33 million in its portfolio company Chronic Care Solutions, Inc., doing business as CCS Medical ("CCS Medical"), to support CCS Medical's acquisition of the Pharmacy and Supply Division of Matria Healthcare Inc. (Nasdaq: MATR). American Capital's investment took the form of subordinated debt and preferred equity. American International Group Inc. (NYSE: AIG) also invested in subordinated debt. KRG Capital Partners, CMS Companies, First Analysis Corporation and CCS Medical management invested in preferred equity, and KRG Capital Partners maintains its majority ownership of CCS Medical. The transaction was also financed with an increase in the CCS senior credit facilities. CCS Medical is a leading direct-to-consumer provider of medical supplies to patients suffering from chronic conditions.
American Capital first invested in Chronic Care in November 2003. This investment brings American Capital's total current investment in Chronic Care to $78 million. It is American Capital's largest investment, representing approximately 3% of assets.
"It remains important to note that as we have steadily increased our business and grown our balance sheet, we have been able to increase our investments in individual portfolio companies while reducing the size of our investment per company as a percentage of our assets," said American Capital CFO John Erickson. "Therefore, our concentration risk is declining while company investment size is increasing. Additionally, increasing the size of our largest investments is resulting in the addition of stronger, better managed companies to our portfolio."
Click here for more information about Chronic Care.
Contact Darin Winn, Managing Director, or call (214) 273-6650.
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$13 Million Additional Investment in TransFirst Holdings, Inc., Premier Provider of Electronic Processing Services
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 In June, American Capital invested an additional $13 million in its portfolio company TransFirst Holdings, Inc. American Capital's investment took the form of a senior term loan and brings the Company's total current investment in TransFirst to $28.6 million. American Capital purchased the senior debt from a Merrill Lynch led syndication. GTCR is the majority owner and equity sponsor of TransFirst.
American Capital first invested in the senior subordinated debt of TransFirst in April 2004 and supported TransFirst's acquisition of the third party and agent bank merchant division of Fifth Third Bank (Nasdaq: FITB) Processing Solutions. TransFirst, based in Dallas, TX, is a leading provider of transaction processing services and payment technologies.
Click here for more information about TransFirst.
Contact L. Thomas Gregory, Managing Director, or call (312) 681-7400.
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Exit Events
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ACE Cash Express, Inc. Exit: 24% Return on Investment
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In May, American Capital announced it had been repaid its $40 million senior and subordinated debt investments in ACE Cash Express Inc. (Nasdaq: AACE), realizing a 24% compounded annual rate of return. ACE, one of the nation's largest owners, operators and franchisors of retail financial services stores, used proceeds from its recent successful follow-on public stock offering to repay the American Capital notes. The 24% return includes the interest and fees received over the life of American Capital's investment in the company. In March 2003, American Capital invested $40 million to recapitalize ACE's term loans and senior notes.
Click here for more information about American Capital's investment.
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Bumble Bee Seafoods L.P. Exit: 33% Return on Investment
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In May, American Capital announced it and a wholly-owned affiliate of American Capital have been repaid its $15 million senior subordinated debt investment in Bumble Bee Seafoods L.P. and received a distribution related to its limited partnership investment in Bumble Bee. American Capital and its affiliate realized a gain of $1.2 million on the repayment of the debt and on the distribution related to its equity investment. American Capital and its affiliate earned a 33% return, including the payment of all interest and fees received over the life of the investment. American Capital received the repayment and distribution in connection with the merger of Bumble Bee's U.S. and Canadian operating subsidiaries with Connors Bros. Income Fund, a Canadian open-ended limited purpose trust. The transaction created North America's largest branded seafood company. Connors Bros. owns an approximate 68% interest and Bumble Bee owns an approximate 32% interest in the combined business. Bumble Bee can exchange its interest in the combined business' operating subsidiaries for either cash or units in Connors Bros. after a specified period of time. American Capital, through its affiliate, retains its limited partnership interest in Bumble Bee, representing a less than 1% diluted ownership interest in the combined business.
In May 2003, American Capital and its affiliate invested $15 million of senior subordinated debt with limited partnership interests in Bumble Bee, a leading global producer and marketer of canned tuna and other seafood and the leader in the premium albacore tuna market. American Capital's investment supported the acquisition of the assets and operations of Bumble Bee from ConAgra Foods Inc. by management and affiliates of Centre Partners Management LLC.
Click here for more information about American Capital's investment.
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PaR Systems, Inc. Exit: 38% Return on Investment
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In May, American Capital announced it had 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
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.
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.
Click here for more information about American Capital's investment.
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American Capital Announces Promotions, Hires Associates
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In July, American Capital announced the promotions of Bowen Diehl and Todd Wilson to Principal and Kyle Bradford, Bill Dyer, Demian Kircher, Jon Leiman and Adam Spence to Vice President.
Bowen joined American Capital in 2001 as a Vice President in the Dallas office. Prior to joining American Capital, Bowen was a Vice President in Investment Banking at Merrill Lynch, where he focused on mergers and acquisitions advisory assignments, as well as public debt and equity offerings for companies in the southwest United States. Bowen holds a B.S. in Environmental and Geotechnical Engineering and a B.A. in Economics from Vanderbilt University and an M.B.A. from The University of Texas at Austin. Aseem joined the Los Angeles office of American Capital in 2001. He came to American Capital after working at Brown, McMillan & Co. in San Francisco. Aseem received his B.A. in Economics from The Wharton School of the University of Pennsylvania. Todd joined American Capital in 2002 as a Vice President in the New York office. Prior to joining American Capital, he spent three years as a Principal at Wind Point Partners, a Chicago-based LBO/private equity fund with $1 billion under management. Todd holds a B.S. in Finance from The Wharton School of Business and an M.B.A. from the Fuqua School of Business at Duke University.
Kyle joined American Capital in 2002 as an Associate in the Dallas office. Prior to joining American Capital he worked at Salomon Smith Barney in the Technology Investment Banking Group. Kyle holds a M.S. in Professional Accounting and a B.S. from the University of Texas at Austin. Bill joined the Philadelphia office in 2002 after working at FOB, Inc., as a director of business development. Bill holds a B.S. from the Duke University and an M.B.A. in Finance with Honors from the University of Chicago. Both Demian and Jon have been Associates in the Chicago office since 2002. Prior to American Capital, Demian was a Principal with the Franklin Street Equity Partners where he executed middle market buyout transactions. Demian holds an M.B.A. from the Kellogg Graduate School of Management of Northwestern University and a B.B.A. from the University of Michigan. Demian is a Certified Public Accountant. Previously Jon worked in the mergers and acquisitions group at U.S. Bancorp Piper Jaffray. Jon holds a M.B.A. from the Kellogg School of Management at Northwestern University and a B.B.A. from the University of Michigan. Adam joined American Capital in the New York office in 2001 as an Associate after having worked with Lend Lease Real Estate Investments focusing on equity investments in real estate development projects located in low-moderate income census tracts. Adam holds an A.B. in History from Harvard College.
American Capital has hired 8 Associates.
Greg Long has joined American Capital as an Associate in the Chicago office. Previously, Greg was a Consultant with L.E.K. Consulting. Greg holds an M.B.A. from the Harvard Business School and a B.B.A. from the University of Notre Dame.
Mitch Lee, John Massengill and Dustin Smith have joined the New York office as Associates. Prior to joining American Capital, Mitch worked as an attorney representing business enterprises in corporate and securities law matters, focusing upon growth, mezzanine and buyout transactions. Mitch holds a B.A. and J.D. from Cornell University and an M.B.A. from Columbia Business School, where he was a Robert A. Toigo Fellow. Previously, John was an investment banking analyst at Houlihan Lokey Howard & Zukin for three years. At Houlihan Lokey, Mr. Massengill worked with middle market companies in a variety of industries focusing on bankruptcy restructurings, private placements, mergers and acquisitions, and valuation engagements. John holds a B.S. in Commerce from the University of Virginia. Dustin was previously an Associate with Mezzanine Management, a $530 million mezzanine and private equity fund specializing in growth financings for middle-market companies. Dustin holds both B.S and M.S. degrees in International Relations, Economics and Business Diplomacy from Georgetown University.
Doug Kelley joined American Capital as an Associate in the Dallas office. Prior to joining American Capital, Doug was an Associate with JPMorgan in Los Angeles where he advised clients on a variety of merger and acquisition transactions in the industrial and financial services sectors. Doug joined JPMorgan upon its acquisition of The Beacon Group, LP, a merchant banking firm which managed over $2 billion of private equity capital, where he helped start the firm's Los Angeles office and lead middle market transactions on the West Coast. Doug holds an M.B.A. and B.B.A. from The University of Texas at Austin.
Nathan Horvath joined American Capital as an Associate in the San Francisco office. Previously, Nathan was a Senior Manager at Ernst & Young where he provided financial and accounting due diligence services to assist clients with their acquisition and investment decisions. Nathan holds an M.B.A from the Stanford Graduate School of Business and graduated summa cum laude from the University of Illinois at Chicago with a B.S. in Accounting.
Joining the Bethesda, MD office as Associates are Jenny Day and Joe Machado. Jenny joins American Capital after spending four years as a Senior Analyst in the Investment Banking Group of SunTrust Robinson Humphrey. Jenny holds an M.A. in International Economics and Finance from Brandeis University and a B.S. with honors from Auburn University. Joe was previously an Associate at Thayer Capital, a late stage private equity firm with $1.3 billion under management. Joe received an M.B.A. with Distinction from Harvard Business School and a B.A. in Economics from Princeton University.
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American Capital Funds Raised, 1997 IPO to Date
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American Capital
Funds Raised, 1997 IPO to Date
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| Term Debt |
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| December 2000 |
$ 115,400,000 |
| March 2002 |
$ 147,300,000 |
| August 2002 |
$ 157,900,000 |
| May 2003 |
$ 238,700,000 |
| December 2003 |
$ 317,500,000 |
| TOTAL DEBT RAISED |
$ 976,800,000 |
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| Equity Offerings |
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| August 1997 |
$ 154,900,000 |
| September 1999 |
$ 95,285,000 |
| June 2000 |
$ 129,662,500 |
| November 2000 |
$ 67,533,750 |
| June 2001 |
$ 131,962,500 |
| September 2001 |
$ 50,850,000 |
| December 2001 |
$ 54,153,500 |
| July 2002 |
$ 76,850,000 |
| December 2002 |
$ 53,820,000 |
| January 2003 |
$ 107,266,250 |
| March 2003 |
$ 150,742,250 |
| September 2003 |
$ 54,381,740 |
| November 2003 |
$ 235,106,000 |
| February 2004 |
$ 71,812,000 |
| May 2004 |
$ 192,182,250 |
| July 2004 |
$ 123,900,000 |
| TOTAL EQUITY RAISED |
$ 1,750,407,930 |
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| TOTAL CAPITAL RAISED |
$ 2,727,207,930 |
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Two Bethesda Metro Center
14th Floor
Bethesda, MD 20814
Phone: (301) 951-6122
Fax: (301) 654-6714
Info@AmericanCapital.com
Nasdaq: ACAS
www.AmericanCapital.com
(800) 248-9340
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