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American Capital exited its investment in Cornell Companies, Inc. in December of 2001
American Capital Realizes Two Gains; Earns 18% and 22% Returns
Bethesda, MD - December 18, 2001 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it has exited its investment in BIW Connector Systems LLC, earning an 18% compounded annual return, and has exited its investment in Cornell Companies Inc., earning a 22% compounded annual return. BIW is a manufacturer of specialized electrical connectors primarily for the oil field and aircraft industries. American Capital invested in BIW in December 1997 with a $3.9 million senior note and a $7 million senior subordinated note with warrants. BIW has been purchased by ITT Industries. [more...]
American Capital Invests $30 Million in Cornell Companies
Bethesda, MD - August 1, 2000 - American Capital Strategies, Ltd. announced today it has invested $30,000,000 in the form of seven-year senior subordinated debt with warrants to finance the continued growth of Cornell Companies, Inc. (NYSE: CRN). Cornell is one of the leading private sector providers of correctional, juvenile detention, pre-release and treatment services in the United States. The Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) is investing $10 million in senior subordinated debt with warrants alongside American Capital. TIAA-CREF is the world's largest retirement system with over $290 billion in assets under management. [more...]
Cornell Companies Make Corrections Work
Bethesda, MD - August 1, 2000 - Since its founding in 1991, Cornell Companies, Inc., (NYSE: CRN) has grown to become the third largest private owner and operator of correctional facilities in the United States. Working under contract from federal, state and local government agencies, the Houston, Texas-based firm designs, develops, builds and manages a full continuum of adult and juvenile correctional facilities. As of December 1999, Cornell operated 72 facilities in 13 states and the District of Columbia, with a total service capacity of 14,845. Combining outstanding fiscal performance with successful correctional programs that are viewed as models in the corrections system, Cornell achieves lower recidivism rates and makes a positive impact in the communities where it operates. As the company expands its facilities and programs, Cornell's management is seeking to enhance the company's position as a leading provider of private correctional, detention and pre-release services. [more...] |
