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American Capital exited its investment in PAR Systems, Inc. in the second quarter of 2006.

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American Capital Realizes 38% Annual Return and $9.5 Million Gain on Investment in PaR Systems

Bethesda, MD – May 14, 2004 – American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it has 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. [more...]

American Capital Invests $36 Million in Buyout of Robotics Company

Bethesda, MD – April 1, 2002 – American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it has invested $36 million in the buyout of PaR Systems Inc. PaR is a leader in the design, assembly, installation and service of large-scale, high-precision robotic systems in a variety of industries, including aerospace, marine, high-hazard remediation, commercial nuclear power, research and general manufacturing. American Capital is acquiring PaR from Mass Mutual Insurance Company and Edson Partners, and is funding a revolving credit facility, senior term loan, senior and junior subordinated notes with warrants and common equity. PaR management is reinvesting much of their existing equity in the company.[more...]

Robotics Company Primed for Growth
Since 1961, PaR Systems, Inc. has installed more than 1,000 robotic systems in countries all over the world, providing automation in settings ranging from food and beverage operations to the harsh environment of nuclear power plants. A leader in the design, assembly, and installation of large-scale, high-precision robotic systems, PaR also services its systems after they are installed.[more...]