Bethesda, MD -- American Capital Strategies Ltd. (Nasdaq: ACAS) announced today that it has invested $12 million in BLI Holdings Corp., an outsource manufacturer and packager for the personal care products industry. American Capital's investment took the form of senior subordinated debt and was used to refinance BLI's existing debt. Maintaining their original investments are private equity firms Bain Capital and Charles River Capital Partners. GE Capital and ING are the senior lenders.
"BLI is an excellent example of American Capital's ability to work with private equity sponsors and senior lenders," said American Capital COO Ira Wagner. "We expect to see similar opportunities this year. We are also investing in a proven industry leader that provides an essential service to its customers. BLI has a marquee list of steady customers in the personal care industry and the ability to grow that list."
In the past twelve months, American Capital has made over $290 million of investments in middle market companies.
"BLI's standout management team has developed a reputation for world class research and development, manufacturing flexibility and speed, quality control and customer service in a highly competitive industry," said Jeri Harman, American Capital principal. "In a fragmented marketplace, BLI is a leader."
BLI has experienced a 17% revenue growth rate over the past four years, on an annualized basis. BLI's capabilities allow them to produce fine emulsions, hand and body lotions, hair care products, and facial cleaners and perfumes. The company's bi-coastal operations, in California and New Jersey, are a key competitive advantage, giving BLI the ability to service more personal care products companies than its competitors.
"American Capital's financing enables our company to continue its operations on sound financial footing, grow the business and maintain our commitment to high-quality, innovative and responsive customer service," said Leon Scruton, BLI President and CEO.
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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.This press release 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 or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
