Bethesda, MD -- American Capital Strategies, Ltd. (Nasdaq:ACAS) announced today that it has invested $4,850,000 to finance the acquisition of Clymer Enterprises, Inc. by Inca Metal Products, Inc. Clymer Enterprises, located in Pandora, Ohio, is a manufacturer of industrial racks and agricultural equipment. American Capital funded a recapitalization of Inca in September 1999. Inca is a leading manufacturer of steel products for the construction, distribution and manufacturing industries. Its products and services include rack and shelving, mechanical and structural steel tubing, and toll processing for large steel mill customers.
"Inca serves a crucial niche in the manufacturing sector," said American Capital President and COO Adam Blumenthal. "This add-on investment with Inca enriches our partnership with one of our portfolio companies and helps them to expand their product line and broaden their reach in the manufacturing services marketplace."
"Inca's acquisition of Clymer opens the door to an array of synergies that will benefit both companies as well as their customers," said American Capital Principal Gordon O'Brien. "Combining the two companies will allow Inca to improve its own production capacity by shifting its cantilever production to Clymer, allow Clymer to take advantage of Inca's greater buying power, and give both companies' customers more and better choices."
"Our ongoing partnership with American Capital has allowed us to grow our management team and harmonize our internal systems," said Inca President David Rosenfield. "Additionally, it allows us the flexibility to continue to make strategic acquisitions."
American Capital is a publicly traded buyout and mezzanine fund. American Capital is an equity partner in management and employee buyouts; invests in debt and equity of companies led by private equity firms, and provides capital directly to private and small public companies. American Capital funds growth, acquisitions and recapitalizations.
Companies interested in learning more about American Capital's flexible financing and ability to provide senior debt, subordinated debt and equity should contact Mark Opel, Principal, at (800) 248-9340, or visit our website.
Capital.com, Inc., funded by investments from American Capital Strategies, Ltd. (Nasdaq:ACAS) and First Union Corp. (NYSE: FTU), is a business finance portal where premier financing sources compete to provide receivable and inventory financing, machinery and equipment loans and leasing, real estate and construction financing, subordinated debt and equity financing for growth, acquisitions, management buyouts, liquidity, recapitalizations, ESOP transactions and SBA loans. Companies in need of financing or information about financial services should contact Capital.com at info@Capital.com, or call Harry Kelly, vice president, at (646) 935-1100.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
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