Corrpro Companies Inc.
American Capital exited its investment in Corrpro Companies in the first quarter of 2009.
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American Capital Receives Cash Proceeds of $22 Million From Sale of Corrpro Companies Bethesda, MD – April 14, 2009 – American Capital Ltd. (Nasdaq: ACAS) announced today that in the first quarter of 2009 it received cash proceeds of $22 million from the sale of its portfolio company Corrpro Companies Inc. to a wholly-owned subsidiary of Insituform Technologies Inc. (Nasdaq: INSU), realizing a gain of $6 million. Including investments in Corrpro by American Capital’s affiliated funds under management, total inception to date realized gains and dividends received were $9 million. American Capital's compounded annual rate of return, including interest, dividends and fees earned over the life of its investment was 21%. The proceeds received by American Capital were greater than the fourth quarter 2008 valuation of the investment by $0.5 million, or 2%. [more...]
American Capital Invests $16 Million in Leading Provider of Corrosion Protection Products & Services Bethesda, MD - March 31, 2004 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it has invested $16 million in Corrpro Companies Inc. (AMEX: CO), the leading single-source solution provider of corrosion protection related services, systems, equipment and materials. American Capital's investment takes the form of senior subordinated debt with warrants and, through a limited liability company established in conjunction with Wingate Partners, redeemable preferred equity with warrants. American Capital's investment supports Wingate Partners' acquisition of voting control of Corrpro. CapitalSource Finance LLC provided a revolving credit facility and a senior term loan and through its affiliates invested equity. Post closing, American Capital will own approximately 19.2% of Corrpro on a fully diluted basis. [more...] |
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