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Precitech, Inc.
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| American Capital Invests $21.5 Million in Buyout of Ultra-Precision Machining Systems Company Bethesda, MD - June 11, 2002 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it has invested $21.5 million in a new company purchasing all of the outstanding stock of Precitech Inc., a designer and manufacturer of ultra-precision machining systems. The new company is acquiring Precitech from the Permira Funds, and affiliates and certain managers of Taylor Hobson Limited. American Capital will control 88% of the company. The investment takes the form of a senior credit bridge facility, senior term loan, senior subordinated note with warrants and preferred and common equity. Management is making a significant investment in the company by rolling over substantially all of their common equity. [more...] |
