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American Capital exited its investment in Caswell-Massey Co., Ltd. in the third quarter of 2003.

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American Capital Realizes $5.6 Million in Realized Gains; $32 Million Return of Capital from 3 Exits

Bethesda, MD – August 18, 2003 – American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it has received $32 million exiting three portfolio companies, realizing $5.6 million in realized gains. None of these exits involved financing from American Capital. The sale proceeds recognized by American Capital from these three exits exceeded the second quarter 2003 valuation of these investments by $1.3 million. The debt of one of these portfolio companies was previously ranked as a loan grade 2 out of 4 (with 4 representing the best). [more...]

American Capital Portfolio Company, Caswell-Massey, Launches E-Commerce Site

Bethesda, MD – American Capital Strategies, Ltd. (NASDAQ: ACAS) today announced that Caswell-Massey, one of its portfolio companies and one of the oldest companies in America, has launched a new e-commerce website, located at http://www.caswell-massey.com. Earlier this year, American Capital provided financing in the form of senior and subordinated notes with detachable warrants. Caswell-Massey used a portion of the proceeds from the financing to pursue its e-commerce initiative. [more...]

American Capital Invests $4.2 Million in Caswell-Massey Holdings Corp.

Bethesda, MD – American Capital Strategies, Ltd. (NASDAQ: ACAS), today announced the purchase of $4.2 million of senior notes, senior subordinated notes and detachable warrants issued by Caswell-Massey Holdings Corp, Inc. Caswell-Massey was established in 1752 and is one of America's oldest companies. The company produces and sells a full line of soap, fragrance and personal care toiletries through a variety of distribution channels including company-owned retail stores, retailers, a catalog, QVC, and in the next month, an e-commerce site. [more...]

An American Classic Lives On -- Caswell-Massey Has New Owner

Caswell-Massey, a company formed in 1752 and with a brand identity steeped in American lore, has begun a new chapter in its long, storied history. For more than two centuries, the well-known seller of soaps and toiletries has been on the vanguard of retailing in the United States. Established before the Revolutionary War, Caswell-Massey is one of the oldest companies in the United States and was one of the first pioneers of the mail order catalogue. Today, the company continues to cater to its traditional, high-end market, while embracing new cutting-edge marketing strategies in e-commerce and direct response television. In September 1999, Anne Robinson, the company's Executive Vice President, who was responsible for implementing these new strategies—and turning Caswell-Massey around after misguided marketing ventures threatened its survival—purchased the company in a management buyout transaction. To accomplish the buyout, American Capital Strategies, Ltd. (NASDAQ: ACAS) provided $4.2 million in senior term debt and subordinated debt, enabling Caswell-Massey to carry on its long tradition in the soap and toiletries market under promising new ownership. [more...]