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American Capital Invests $30 Million in Buyout of NPC

Bethesda, MD - June 24, 2005 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it has invested $30 million in the buyout of NPC Inc., the leading designer and manufacturer of flexible, rubber pipe-to-manhole connectors for sanitary sewer, stormwater and drainage systems. American Capital's investment takes the form of a senior term C loan, senior subordinated debt and equity. American Capital is also providing a revolving credit facility. NPC management is investing in equity alongside American Capital. Post close, American Capital owns approximately 89% of NPC, on a fully diluted basis. More...

NPC Has Opportunities in the Pipeline

NPC, Inc., is a leading designer and manufacturer of flexible, rubber pipe-to-manhole connectors for sanitary sewer, storm water and drainage systems. The company's connectors are a critical component of sanitary sewer systems, providing a critical watertight seal between inlet and outlet pipes and concrete manholes. NPC's flexible connectors are sold to concrete precasters who produce manholes, box culverts, storm-drain structures and septic tanks. Since its founding in 1972, the Milford, NH-based company has captured a dominant share of its core market. More...