|By PR Newswire||
|August 13, 2014 12:02 PM EDT||
BETHESDA, Md., Aug. 13, 2014 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital") announced today that it has acted as lead agent and investor on a second lien financing to support the acquisition of Tectum Holdings, Inc. ("THI") by TA Associates. American Capital's investment takes the form of a second lien facility and an equity co-investment. Headquartered in Ann Arbor, Michigan, THI is a leading manufacturer of pickup truck accessories, principally soft and hard truck bed covers, also known as tonneaus. THI's products are sold under market leading brands, including Extang, Truxedo, Undercover Advantage, Retrax, BedRug and BAK Industries.
"We're excited to partner with TA Associates and increase our investment in THI under their new ownership," said Dan Cohn-Sfetcu, Managing Director, Sponsor Finance. "THI is the clear market leader in its categories, with well-established strong brands, a diverse line of superior products, and strong relationships with major aftermarket retailers, distributors and OEMs."
American Capital first invested in THI in March 2014, providing $25 million in a second lien facility to support an add-on acquisition and dividend recapitalization of THI by its previous majority owner, Kinderhook Industries LLC.
"We look forward to continuing to support THI as it grows through increased market penetration, new product introductions and expansion into favorable adjacent markets," said Ryan Brauns, Managing Director and Head of Sponsor Finance. "Our Sponsor Finance Group is solely focused on supporting top tier private equity firms by committing up to $150 million in capital to strong middle market companies."
Michael S. Berk, Managing Director at TA Associates stated: "American Capital's familiarity of THI, its commitment certainty, flexible financing package and ability to close on a tight timeframe made them the partner of choice in our acquisition. We are pleased to have their support to complete our investment in this dynamic company."
American Capital and its affiliated funds have invested approximately $12 billion in over 260 portfolio companies in support of leading private equity firms' company buyouts, refinancings, add-on acquisitions, dividend recapitalizations and growth opportunities. For more information about American Capital's portfolio, go to www.americancapital.com/our-portfolio.
ABOUT AMERICAN CAPITAL
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate, energy & infrastructure and structured products. American Capital manages $19 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $83 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million. For further information, please refer to www.AmericanCapital.com.
ABOUT TA ASSOCIATES
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.
This press release contains forward-looking statements. The statements regarding expected results of American Capital 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 or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
Ryan Brauns, Managing Director and Head of Sponsor Finance (212) 213-2009
Dan Cohn-Sfetcu, Managing Director, Sponsor Finance (212) 213-2009
SOURCE American Capital, Ltd.
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @Thi...
Jun. 3, 2015 12:45 PM EDT Reads: 1,002
Jun. 3, 2015 12:45 PM EDT Reads: 452
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
Jun. 3, 2015 12:45 PM EDT Reads: 1,465
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
Jun. 3, 2015 12:30 PM EDT Reads: 2,437
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
Jun. 3, 2015 12:30 PM EDT Reads: 2,429
Jun. 3, 2015 12:30 PM EDT Reads: 310
Jun. 3, 2015 12:15 PM EDT Reads: 4,923
Jun. 3, 2015 12:15 PM EDT Reads: 4,351
Jun. 3, 2015 12:15 PM EDT Reads: 2,743
Jun. 3, 2015 12:00 PM EDT Reads: 1,757
Jun. 3, 2015 12:00 PM EDT Reads: 1,601
Jun. 3, 2015 11:15 AM EDT Reads: 1,151
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue o...
Jun. 3, 2015 11:00 AM EDT Reads: 1,316
Jun. 3, 2015 11:00 AM EDT Reads: 1,126
Jun. 3, 2015 11:00 AM EDT Reads: 1,254