American Capital Provides Details of Pelican Products InvestmentAmerican Capital Strategies Ltd. Press Release (excerpted)
FlashlightNews.org - 3/14/2007
Investment firm repaid for $15 million loan that helped finance acquisition by Behrman Capital
Pelican Products, Inc.
BETHESDA, Md. - American Capital Strategies Ltd. announced today the details of $68 million of total net realized gains from the disposition of portfolio investments in the fourth quarter of 2006. During the fourth quarter of 2006, American Capital received $1.5 billion of proceeds from exits and repayments from portfolio investments. Through December 31, 2006, American Capital received total proceeds of $4.7 billion from exits and repayments from portfolio investments since its 1997 initial public offering.
Pelican Products Inc.
In the fourth quarter of 2006, American Capital received full repayment of its $15 million second lien term loan to Pelican Products Inc. Pelican is a global leader in the design, development and manufacture of unbreakable, watertight protective cases and technically advanced professional flashlights. American Capital earned a 12% compounded annual rate of return on its investment, including interest and fees earned over the life of American Capital's investment.
In October 2004, American Capital invested $15 million in a second term loan to support Behrman Capital's acquisition of Pelican.
"Working with Behrman Capital provided us with an opportunity to support Pelican's growth and new product development," said Natasha Volyanskaya, American Capital Principal.
For more information on the Pelican transaction, go to www.acas.com/our_portfolio/companies/pelican.
About American Capital
American Capital is the second largest U.S. publicly traded alternative asset manager with approximately $11 billion in assets under management (second to Fortress). American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $750 million per company in North America and euro 5 million to euro 400 million per company in Europe.
As of February 28, 2007, American Capital shareholders have enjoyed a total return of 590% since the Company's IPO -- an annualized return of 23%, assuming reinvestment of dividends. American Capital has paid a total of $1.4 billion in dividends and paid and declared $23.33 dividends per share since going public in August 1997 at $15 per share. Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit www.americancapital.com or www.europeancapital.com.