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"Since the beginning of the fourth quarter of 2008, we've received approximately $875 million of proceeds from realizations of portfolio investment repayments and exits, including over 20 exits of portfolio companies," said Darin Winn, Senior Vice President and Senior Managing Director. "We are particularly pleased that all of our exits of control companies have been at enterprise multiples equal to or higher than our entry multiples."
Axygen BioScience is a leading manufacturer and distributor of high quality life sciences plastic consumables, liquid handling products and bench-top laboratory equipment.
"Over our three year investment in Axygen Bioscience, we have developed a great partnership with the management team and assisted in adding value to the company, enabling it to surpass its competition through growth and acquisitions," said Frank Do, Managing Director, Buyouts. "We are extremely proud of the company's improvements and success, which made it an attractive purchase for Corning Incorporated. The $35 million gain and 22% return on the Axygen Bioscience investment is an outstanding outcome for American Capital and its shareholders and a testament to our investment and exit strategies."
"The last few years have been exciting and rewarding for Axygen Bioscience and we are happy to have been a part of its success. The company successfully completed and integrated strategic acquisitions and partnerships, recorded robust financial performance and successfully launched new products," said Kimberly Reed, Principal, Buyouts. "We believe that moving forward, Corning's operational and financial support will enable Axygen Bioscience to secure a leading position in its industry."
American Capital invested in the One Stop Buyout(TM) of Axygen Inc. in September 2006. American Capital's investment took the form of a revolving credit facility, senior term loan, senior and junior subordinated debt and equity. In a series of transactions from November 2008 through March 2009, a new holding company, Axygen BioScience, was formed to include Axygen, Sorenson BioScience and Articles De Laboratoire De Precision (ALP). For more information about American Capital's original investment in Axygen, please go to http://www.americancapital.com/our_portfolio/companies/axygen.html.
Since American Capital's August 1997 IPO through the second quarter of 2009, the company has earned a 15% compounded annual return, including interest, dividends, fees and net gains, on 264 realizations of senior debt, subordinated debt and equity investments, totaling $12 billion of committed capital. These realizations represent 49% of all amounts invested by American Capital since its August 1997 IPO. Proceeds from these realizations exceeded the total associated prior quarter valuation of the investments by less than 1%. American Capital earned a 30% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.
For a chart showing American Capital's exited portfolio companies, please go to http://www.americancapital.com/our_portfolio/exited.html.
ABOUT AMERICAN CAPITAL
American Capital 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 and structured products. Founded in 1986, American Capital has $11 billion(1) in capital resources under management and ten offices in the U.S., Europe and Asia. For further information, please refer to www.AmericanCapital.com.
(1) As of June 30, 2009.
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 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.
Contact:
Frank Do, Managing Director, Buyouts - (310) 806-6280
Kimberly Reed, Principal, Buyouts - (310) 806-6280
Brian Martin, Vice President, Buyouts - (310) 806-6280
Matthew Frankel, Vice President, Buyouts - (310) 806-6280
Media - (301) 968-9400
SOURCE American Capital Ltd.
http://www.americancapital.com
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