Get documents about "American Capital Technology Group
Shared by: joannecinc
-
Stats
- views:
- 294
- posted:
- 8/10/2009
- language:
- English
- pages:
- 11
Document Sample
Nasdaq: ACAS
AMERICAN CAPITAL REPORT
Nearly $8.4 billion invested, $1 billion in dividends paid since 1997 IPO
Management and ESOP Buyouts | Mezzanine Investor in Private Equity Transactions | Direct Investments | Financing for Growth, Acquisitions & Recapitalizations
Vol. 7 No. 2 (800) 248-9340 April 2006
Washington, DC
Headquarters
American Capital Invests Approximately $700 Million in First Quarter 2006 Malon Wilkus
Chairman, President, CEO
$39 Million of Total Net Realized Gain From Exits and Prepayments of 9 Portfolio Companies John Erickson
Chief Financial Officer
American Capital Raises $487 Million in March Equity Offering Samuel Flax
Total Capital Resources of Approximately $7.7 Billion General Counsel
Ira Wagner
Chief Operating Officer
(301) 951-6122
Table of Contents Chicago
Tom Gregory
Ian Larkin
NEW INVESTMENTS The Meadows Demian Kircher
of Wickenburg L.P. John Leiman
(312) 681-7400
Algoma $79 million in the One Stop
Dallas
Hardwoods, Inc. Buyout™ of The Meadows Darin Winn
$29 million in the buyout of Wickenburg L.P., a Jeff MacDowell
multi-disorder inpatient Bowen Diehl
of The Algoma Group,
(214) 273-6630
a manufacturer and facility specializing in the
London
distributor of high-end treatment of a broad range Nathalie Faure Beaulieu
customized architectural of addictions Simon Henderson
Matthew Gordon Clark
wood doors for the Jerry Tebbutt
commercial and institutional ASAlliances +44 (0)207 539 7000
building markets Biofuels, LLC Los Angeles
Committed to Invest Frank Do
Kimberly Reed
Primrose $85 million in ASAlliances (310) 806-6280
Holdings, Inc. Biofuels LLC, an entity New York
$63 million in the buyout of developed to construct Mark Opel
three large scale ethanol Brian Graff
Primrose Holdings, Inc., a Robert Klein
franchisor of early childhood production facilities Adam Spence
Dale Stohr
education and high-quality Todd Wilson
child care in the upscale (212) 213-2009
demographic segment of Paris
the child care industry Jean Eichenlaub
Jacques Pancrazi
Roland Cline
Innova Holdings, Inc. PORTFOLIO COMPANY NEWS +33 (0)1 40 68 06 66
Undisclosed investment in Philadelphia
the One Stop Buyout™ of Cottman Transmission Ken Jones
(610) 238-0210
Innova Holdings, Inc., a and AAMCO
San Francisco
manufacturer of ruggedized Transmissions Steve Martinez
printed circuit boards for Undisclosed investment in (415) 591-0120
the oilfield services industry the combination of Cottman Washington, DC
and other technologies Transmission and AAMCO Jon Isaacson
Sean Eagle
designed to operate in Transmissions, two U.S. (301) 951-6122
difficult environments transmission repair chains
Commercial Mortgage
Asset Management
Appleseed’s, Inc. Doug Cooper
(301) 951-6122
$15 million in Appleseed's,
Inc., a direct marketer of Energy
Kevin Kuykendall
women's apparel (214) 273-6634
Special Situations
The Redwood Myung Yi
Companies (301) 951-6122
$79.5 million in the Syndications
Jeff Schumacher
One Stop Buyout™ of (212) 213-2009
The Redwood Companies, Technology
a provider of drugs-of- Boston
Tony Abate
abuse lab testing services
Miles Arnone
and on-site test kits to the Andy Fillat
correctional, rehabilitation (617) 413-6037
and point-of-care markets Silicon Valley
Virginia Turezyn
(650) 888-4870
Table of Contents (continued)
First Quarter 2006 New Investments Total Approximately $700 Million,
Up 72% From First Quarter 2005
March Equity Offering Totaling $487 Million
American Capital Declares and Pays $0.80 Q1 2006 Dividend
EXIT EVENTS
American Capital Recognizes $39 Million of Total Net Realized Gain
From Exits and Prepayments of 9 Portfolio Companies
CORPORATE NEWS
American Capital Announces Formation of Technology Group
American Capital Appoints David Ehrenfest Steinglass Senior Vice President
for Corporate Development
CHARTS
Growth in Q1 Investments, 2002 - 2006
Dividends
Investment Value
Q1 2006 Investments Total Approximately $700 Million, Up 72% From Q1 2005
American Capital Report Vol. 7, No. 2 Page 2 April 2006
March Equity Offering Totaling $487 Million
American Capital recently closed a public offering of 13.8 million shares of its common stock at $35.31 per share (the “Offering Price”).
Of those shares, 9.8 million shares were sold directly by American Capital for approximately $346 million in gross proceeds. The remaining
4 million shares were borrowed and sold by Citigroup Global Markets, Inc. and an affiliate of Wachovia Capital Markets, LLC (the
“Counter-Parties”) for approximately $141 million in gross proceeds in connection with agreements between the Counter-Parties and
American Capital (the “Forward Sale Agreements”). The Forward Sale Agreements provide for the purchase by the Counter-Parties of
4 million shares of common stock from American Capital at a future date at the Offering Price per share, less certain adjustments.
American Capital will receive the proceeds from the sale of common stock pursuant to the Forward Sale Agreements at a future date
upon settlement.
This newsletter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of securities can be made only by means
of a prospectus and a related prospectus supplement.
For the complete press release, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060329.html
American Capital Declares $0.80 Q1 2006 Dividend
In February, American Capital declared a first quarter 2006 regular dividend of $0.80 per share, which was paid on April 3, 2006.
This dividend was a 10% increase over the first quarter 2005 regular dividend of $0.73 per share. American Capital has paid a total of
$1 billion in dividends and paid dividends of $19.91 per share since its August 1997 IPO at $15.00 per share.
American Capital Report Vol. 7, No. 2 Page 3 April 2006
NEW INVESTMENTS
$29 Million in Buyout of The Algoma Group
In April, American Capital invested $29 million in the buyout of The Algoma Group.
The Algoma Group is a manufacturer and distributor of high-end customized
architectural wood doors for the commercial and institutional building markets.
American Capital’s investment took the form of a senior term loan, senior subordinated
debt and convertible preferred equity. American Capital is also providing a revolving
credit facility. Industrial Opportunity Partners (“IOP”), a co-sponsor of the buyout, also invested in Algoma’s convertible preferred and
common equity.
Founded in 1892, Algoma, WI-headquartered Algoma manufactures high-quality commercial wood doors that are made to exact
architectural specifications. The Company’s products include 5-ply doors, 7-ply doors, stile and rail doors and other specialty doors and
components. Algoma primarily sells its finished commercial doors to contractors, subcontractors and architectural millworkers, which
then supply the products to end customers for new building construction and renovation purposes. The Company’s products serve a wide
range of end users including hospitals, schools, offices and stadiums. Algoma has worked on projects such as the FBI headquarters,
Titan Stadium, Ohio State University buildings, Disney’s Fort Wilderness Hotel and Home Depot’s headquarters. Algoma employs nearly
450 people in its manufacturing facilities at its headquarters and in Jefferson City, TN, as well as in its seven distribution centers.
For more information about Algoma, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060418.html
Contact Myung Yi, Principal, at (301) 951-6122.
BACK TO TABLE OF CONTENTS
$63 Million in Buyout of Primrose Holdings, Inc.
In March, American Capital invested $63 million in the buyout of
Primrose Holdings, Inc., a leading franchisor of early childhood
education and high-quality child care in the upscale demographic segment
of the child care industry. American Capital’s investment took the form of
senior and junior subordinated debt and convertible preferred and
common equity. Wachovia Corporation (NYSE: WB) and CIT Group Inc. (NYSE: CIT) invested in
a senior term loan. CIT is also providing a revolving credit facility. American Capital now owns
85% of Primrose, on a fully diluted basis, with Primrose’s management team owning the remainder.
Founded in 1982 and headquartered in Acworth, GA, Primrose is a franchised system of private,
curriculum-based preschools providing early childhood education and high-quality child care
services for children six weeks to five years old as well as specialized after-school programs for
children five through 12 years old. Primrose has achieved accreditation status from the three most
prominent and respected education associations in the country: The Commission on International
Trans-Regional Accreditations, The Southern Association of Colleges and Schools and The North
Central Association Commission on Accreditation and School Improvement. In 2005, Primrose
generated $153 million in systemwide revenues with 16,000 students enrolled in 149 schools
across 13 states in the Southeast, Southwest and Midwest.
For more information about Primrose, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060412.html
Contact Kenneth Jones, Principal, at (610) 238-0210.
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 2 Page 4 April 2006
Undisclosed Investment in One Stop Buyout™ of Innova Holdings, Inc.
In March, American Capital invested in the One
Stop Buyout™ of Innova Holdings, Inc. and its
subsidiaries Innova Electronic LP and Extel LP
(collectively, “Innova”). Innova is a leading
manufacturer of ruggedized printed circuit boards
for the oilfield services industry and other technologies designed to operate in difficult environments. American Capital’s investment
took the form of senior term debt, a CAPEX facility, senior subordinated debt and preferred and common equity. American Capital is
also providing a revolving credit facility. Innova’s management team also invested in the equity of Innova. American Capital now owns
56% of the Company, on a fully diluted basis, with members of Innova’s management team owning the balance.
Founded in 1989, Innova is a manufacturer and systems integrator of industrial electronics for oilfield original equipment manufacturers,
offering full service outsourcing, including custom design of switching and high-voltage power supplies, hardware and software
engineering for surface data acquisition systems, system integration and testing. In particular, the Company manufactures and assembles
printed circuit boards for the downhole logging and drilling oilfield service industry. Downhole logging is a process used to detect
subsurface producible hydrocarbons by measuring rock and fluid properties, wellbore characteristics and other physical properties in
oil wells prior to hydrocarbon production. The Company also manufactures other extreme-environment electronics, hazardous-area
computers and sunlight-viewable LCD monitors. Customers include companies in the oilfield service industry, including the Big 4
providers of directional drilling and logging services, as well as companies in the defense, medical, and other consumer and commercial
applications industries. The Company is headquartered in Houston, TX and employs nearly 400 people.
For more information about Innova, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060407.html
Contact Kevin Kuykendall, Principal, at (214) 273-6634.
BACK TO TABLE OF CONTENTS
$15 Million in Appleseed’s, Inc.
In February, American
Capital invested $15 million
in the debt refinancing of
Appleseed’s, Inc., a leading
specialty brand of private label apparel and coordinated accessories exclusively focused on
serving the baby boomer female demographic. American Capital’s investment took the form
of secured senior subordinated debt and will be used to refinance a bridge loan held by
TD Banknorth, Inc., as well as for general working capital purposes. Appleseed’s management
retains a significant equity interest and continues to manage the Company. Golden Gate
Capital is the majority owner of Appleseed’s.
Founded in 1946 and headquartered in Beverly, MA, Appleseed’s is one of the leading
specialty brands of private label apparel and coordinated accessories exclusively focused on
serving a distinct customer profile within the baby boomer female market: a well-educated,
suburban woman who is interested in wearing brands that offer reliable comfort and fit with a
classic, tailored style. In addition to its Appleseed’s and The Tog Shop catalogs, the Company
offers apparel and accessories products through its website www.appleseeds.com and retail
stores located in Massachusetts and Rhode Island.
For more information about Appleseed’s, go to http://www.acas.com/our_portfolio/companies/company.cfm?p_comp=251
Contact Natasha Volyanskaya, Vice President, at (415) 591-0120.
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 2 Page 5 April 2006
$79.5 Million in One Stop Buyout™ of the Redwood Companies
In February, American Capital invested $79.5 million in the
One Stop Buyout™ of Redwood Toxicology Laboratory, Inc.,
Redwood Biotech, Inc. and PerMaxim, LLC (collectively, “The
Redwood Companies” or “Redwood”). Redwood is a leading
provider of drugs-of-abuse lab testing services and on-site
test kits to the correctional, rehabilitation and point-of-care
markets. American Capital’s investment took the form of a revolving credit facility, senior term debt, senior subordinated debt and
preferred and common equity. American Capital now owns 67% of the Company, on a fully diluted basis, with members of Redwood’s
management team owning the remaining balance.
Headquartered in Santa Rosa, CA, The Redwood Companies consist of three operating entities: Redwood Toxicology Laboratory,
Redwood Biotech and PerMaxim. Redwood Toxicology Laboratory is a provider of drugs-of-abuse laboratory testing services, primarily
to correctional and rehabilitation centers. Redwood Biotech markets and distributes a variety of high-quality on-site disposable
drug testing kits. PerMaxim distributes its RediScreen product line of rapid test kits to the point-of-care market for the detection of
drugs-of-abuse and a variety of health-related conditions, including pregnancy and infectious diseases. Redwood provides its services
and products to a highly diversified customer base in the correctional, rehabilitation and point-of-care markets.
For more information about Redwood, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060321.html
Contact Steve Martinez, Principal, at (415) 591-0120.
BACK TO TABLE OF CONTENTS
$79 Million in One Stop Buyout™ of the Meadows of Wickenburg L.P.
In February, American Capital invested $79 million in the One Stop Buyout™ of The Meadows of
Wickenburg L.P., a premier multi-disorder inpatient facility specializing in the treatment of a broad
range of addictions. American Capital’s investment took the form of senior debt, senior and junior
subordinated debt and preferred and common equity. American Capital is also providing a revolving
credit facility. Senior members of the management and clinical teams also invested in the equity.
American Capital now owns approximately 88% of the Company, on a fully diluted basis.
Founded in 1976, The Meadows is a multi-disorder treatment facility offering treatment for psychological conditions, compulsive and
addictive behaviors, and affective disorders, such as post-traumatic stress, alcoholism, drug addiction, sexual compulsivity/aversion,
major depression and bipolar disorders. Located on a 10 acre campus in Wickenburg, Arizona, The Meadows consists of an inpatient
facility and an extended care facility. Treatment at The Meadows is personalized to meet individual needs. A multidisciplinary team of
psychiatrists, psychologists and professional counselors work cooperatively and consistently with dedication to the best interest of each
patient. The Meadows’ intensive treatment program is 12 step-based and enhanced by a comprehensive program (The Meadows Model)
created by Pia Mellody and Pat Mellody, pioneers in the field of recovery. The Meadows also offers workshops on its campus,
as well as around the country, which are conducted by its professional staff. At these workshops, alumni can progress on their road to
recovery and counseling professionals can receive training on the treatment principles of The Meadows Model.
For more information about The Meadows, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060303_1.html
Contact Bowen Diehl, Principal, at (214) 273-6632.
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 2 Page 6 April 2006
Committed to Invest $85 Million in ASAlliances Biofuels, LLC
In February, American Capital committed to invest $85 million in ASAlliances
Biofuels, LLC, an entity developed by Americas Strategic Alliances, LLC
to construct three large-scale ethanol production facilities. American Capital’s
investment will take the form of senior subordinated debt and preferred
equity. Laminar Direct Capital L.P., a member of the D. E. Shaw group, and
US Renewables Group, LLC will also be providing senior subordinated debt and equity. Fagen, Inc. and Cargill Biofuels Investments, LLC
will also invest in the equity. A syndicate led by WestLB will be providing senior secured financing to the new Company. American
Capital now owns approximately 41% of ASAlliances Biofuels, on a fully diluted basis.
ASAlliances Biofuels’ three ethanol facilities will each produce 100 million gallons of fuel-grade ethanol per year and will be located
in Albion, Nebraska, Linden, Indiana, and Bloomingburg, Ohio. Each plant will be designed and constructed by Fagen, the recognized
leader and premier design-builder in the ethanol industry. Cargill, one of the leading corn and grain suppliers in the U.S., will provide
corn and natural gas procurement services for each plant, as well as marketing and transportation services. The three facilities will be
located adjacent to existing Cargill grain elevators. United BioEnergy, the leading operator of ethanol facilities in the U.S., will provide
operation and maintenance management services for each plant. Ethanol is produced from corn or other starch feedstock by milling,
fermentation, distillation and dehydration and is used almost exclusively as a gasoline additive and provides a number of valuable
benefits as a clean burning gasoline additive. The ethanol produced by ASAlliances Biofuels’ plants will ultimately be sold to crude
oil refiners and gasoline blenders as either an oxygenate or fuel extender.
For more information about ASAlliances Biofuels, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060207.html
Contact Steve Martinez, Principal, at (415) 591-0120.Contact Kevin Kuykendall, Principal, at (214) 273-6634.
BACK TO TABLE OF CONTENTS
PORTFOLIO COMPANY NEWS
Undisclosed Investment in Combination of Cottman Transmission and AAMCO Transmissions
In March, American Capital invested in the combination of AAMCO
Transmissions, Inc. with its portfolio company Cottman Transmission
Systems LLC. AAMCO and Cottman are two leading U.S. transmission
repair chains. The combined entity will eventually operate under the
AAMCO Transmissions name. American Capital’s investment took the
form of a revolving credit facility, senior term loans, senior and junior
subordinated debt and preferred and common equity. Management will
have significant investments in the equity. American Capital now owns 83% of the combined entity, on a fully diluted basis.
April, 2004 American Capital invested $46 million in the acquisition of Cottman Transmission, the second largest franchisor of automotive
transmission repair centers in North America. Founded in 1962 and headquartered in Horsham, PA, the Company has a network
of approximately 400 independent franchise centers that offer automotive diagnosis and minor and major transmission repairs, ranging
from fluid flushing and replacement to transmission rebuilding services.
AAMCO is a leading franchisor and one of the most recognized brand names in the automotive repair and service industry. It is the
nation’s largest transmission repair specialist, comprised of over 730 franchised repair centers across 47 states, Puerto Rico and
Canada. In addition to transmission repair, AAMCO has recently expanded into more comprehensive diagnostic and repair services.
The combined entity will have over 1,100 repair centers.
For more information about Cottman and AAMCO, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060308.html
Contact Brian Graff, Regional Managing Director, or Dale Stohr, Principal, at (212) 213-2009.
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 2 Page 7 April 2006
EXIT EVENTS
American Capital Recognizes Total Proceeds of $39 Million From Exits and
Prepayments of 9 Portfolio Companies
In the first quarter of 2005, American Capital received total proceeds of $268 million from exits and prepayments of nine portfolio
companies, realizing a total net gain of $39 million.
For the complete press release, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060411.html
For a chart showing American Capital’s realized gains as of the end of third quarter of 2005, go to
http://www.acas.com/investor_relations/realized_gains.cfm
For a chart showing American Capital’s exited portfolio companies, go to http://www.acas.com/our_portfolio/exited_companies.cfm
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 1 Page 8 January 2006
CORPORATE NEWS
American Capital Announces Formation of Technology Group
In February, American Capital announced plans to expand its investment activities in the technology sector with the opening of a
Boston, MA office led by Andy Fillat, Managing Director and Tony Abate, Managing Director. In April, American Capital announced
further expansion of the Technology Group with the opening of an office in Palo Alto, CA led by Virginia M. Turezyn, Managing Director.
“After considerable due diligence and market research American Capital is developing a technology team,” said American Capital
Chairman, President and CEO Malon Wilkus. “American Capital has invested approximately $900 million in 11 technology companies
in its existing portfolio. These companies generally are mature, high performing, cash flowing companies with substantial EBITDA
margins and excellent growth rates. They operate across many different industry sectors and are driven by a broad range of technologies.
We anticipate that the team will expand our existing technology investment business by investing in earlier stage technology. Our low
cost and permanent capital and extensive origination system with nine offices worldwide, including our ability to provide one-stop
financing by funding senior debt, subordinated debt and equity, should provide us considerable competitive advantages as we expand
our investments in technology.”
Mr. Fillat was previously associated with Advent International Corp., a $10 billion global private equity firm, where he was a Managing
Director specializing in communications and information technology related investments during his 16 years at the firm. He was the
lead dealmaker for over 40 completed transactions in the U.S. and Europe, managed venture operations responsible for over 100 deals,
and served on the firm’s Executive Committee. He earned an SB and SM in computer science and electrical engineering from the
Massachusetts Institute of Technology and an MBA from Harvard Business School.
Mr. Abate brings over 20 years of experience in the media and information technology fields. He has been a private equity investor
the past 10 years, as a General Partner at Battery Ventures, one of the premier venture firms in the U.S. managing over $1.6 billion,
and as Vice President at Whitney & Co., a venture and private equity partnership that dates to 1946. Before becoming an investor, Tony
worked for McKinsey & Company and served as an officer in the U.S. Air Force. Mr. Abate holds a BSE in Electrical Engineering
from Duke University and an MBA from Harvard Business School with honors.
Mrs. Turezyn brings over 22 years of experience in technology investing in areas that include software and services, consumer Internet
and digital media. She served as Managing Director at Constellation Ventures, an affiliate of Bear Stearns Asset Management, was a
Co-founder and Managing Director of Infinity Capital, LLC and its predecessor company Information Technology Ventures and served
as Vice President in the Venture Capital Group at Morgan Stanley & Co., where she established a west coast presence and venture
capital practice. She most recently served on the boards of Avolent, K12, FathomOnline, Orchestria, Siperian, United Devices and
Webify. Her past successes include: Aspect Telecommunications, Aurum Software, E.piphany, Exodus Communications, HomeClub,
Nellcor, Relational Technology/Ingres and Webline Communications.
For the February press release, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060220.html
For the April press release, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060410.html
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 1 Page 9 January 2006
American Capital Appoints David Ehrenfest Steinglass Senior Vice President for Corporate Development
In January, American Capital announced that David Ehrenfest Steinglass had been appointed to the newly created post of Senior Vice
President for Corporate Development, effective January 1, 2006. Mr. Ehrenfest Steinglass has been a Managing Director and co-leader
of the Bethesda-based investment team of American Capital since July 2002. In his new role, he has project management responsibility
for the incubation and launch of geographic- and sector-specific funds as part of American Capital’s strategy to become a publicly
traded manager of funds of private assets. In addition, Mr. Ehrenfest Steinglass is responsible for identifying and executing other
strategic growth initiatives.
“David Steinglass has an excellent track record as one of our Managing Directors and has demonstrated a consistent ability to consummate
highly complex transactions. We are excited that he has agreed to deploy those skills in support of the development of our asset
management business,” said Malon Wilkus, Chairman, President and CEO. “We would hope that our growing and highly predictable
asset management income will contribute to diversification and increases in our valuation.”
“I am excited to be part of this latest phase of American Capital’s growth,” said Mr. Ehrenfest Steinglass. “The asset management strategy
will enable us to tap new and specialized pools of capital while replicating our investment approach in new assets classes and locations in
the global economy.”
Mr. Ehrenfest Steinglass joined American Capital in 1997, immediately following its initial public offering. He spent his first three years
with the firm in New York City, and then moved to Bethesda, where he built an investment team of 12 professionals managing nearly
$750 million in capital. He earned his bachelors degree, magna cum laude, from Harvard College and his law degree, magna cum laude,
from New York University Law School.
For the complete press release, go to http://www.acas.com/news/press_releases/pr/pr.cfm?p_pr=pr20060117.html
BACK TO TABLE OF CONTENTS
American Capital Report Vol. 7, No. 2 Page 10 April 2006
CHARTS
Investment Value
BACK TO TABLE OF CONTENTS
Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment
return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor’s shares, when sold, may be worth more
or less than their original cost. Additionally, American Capital’s current performance may be lower or higher than the performance data quoted above.
This newsletter contains forward-looking statements. The statements regarding expected results of American Capital Strategies are subject to various factors
and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions,
changes in regional, national and international economic conditions, and changes in the conditions of the industries in which American Capital has made
investments. This newsletter is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of securities can be made only
by means of a prospectus and a related prospectus supplement.
Two Bethesda Metro Center, 14th Floor Nasdaq: ACAS
Bethesda, MD 20814
Phone: (301) 951-6122 www.AmericanCapital.com
Fax: (301) 654-6714
Info@AmericanCapital.com (800) 248-9340
American Capital Report Vol. 7, No. 2 Page 11 April 2006
Related docs
