European Capital Receives Proceeds of 40 Million Pounds from the Repayment of Inspicio Subordinated Debt FacilitiesBy European Capital Limited, PRNE
Wednesday, September 8, 2010
ST. PETER PORT, Guernsey, September 9, 2010 - European Capital Limited ("European Capital") announced today that it has
received proceeds of approximately 40 million pounds (48 million euros) from
exiting its investment in Inspicio.
Inspicio is a market leading organization in the testing, inspection and
performance conformity markets, both in the UK and internationally. Inspicio
has more than 8,000 employees and operates in over 130 countries. Its
operating businesses include Inspectorate, a global leader in commodity
testing and inspection services; the Environmental Scientifics Group, a
leading provider of environmental testing services; and the Eclipse
Scientific Group, a leading food testing business.
In February 2008, European Capital invested 35 million pounds in the 3i
Group's take private of Inspicio plc. European Capital's investment took the
form of subordinated debt.
On September 8, 2010, Inspicio completed the sale of Inspectorate, its
largest division, to Bureau Veritas for 450 million pounds, resulting in the
repayment of the Inspicio debt facilities and generating proceeds of
approximately 40 million pounds for European Capital. European Capital
realized a 13.2% annual blended mezzanine rate of return from the
"Inspicio has been an excellent debt investment for European Capital and
its exit brings European Capital's London office's aggregate proceeds of
realisations over the last 12 months to over 141 million euros," said
Nathalie Faure Beaulieu, Regional Managing Director of European Capital
Financial Services. "European Capital has been pleased to partner with 3i
Group, who brought an invaluable contribution to the success of Inspicio."
"We are pleased to have supported Inspicio and its outstanding management
team in the organic and acquisition led growth of the business," said Jerry
Tebbutt, Director of European Capital Financial Services. "We wish 3i and
management every success with the continuing development of the environmental
and food testing activities."
For more information about European Capital's investment in Inspicio,
please click here
ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity,
mezzanine and senior debt investments with 1.1 billion euros in assets under
management. It is managed by European Capital Financial Services (Guernsey)
Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of
American Capital Ltd.
ABOUT AMERICAN CAPITAL
American Capital Ltd. (Nasdaq: ACAS) 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 US$15 billion
in capital resources under management and eight offices in the U.S., Europe
and Asia. American Capital and its affiliates will consider investment
opportunities from US$5 million to US$100 million. For further information,
please refer to www.americancapital.com .
ABOUT 3I GROUP PLC
3i is an international investor focused on buyouts, growth capital and
infrastructure, investing across Europe, Asia and North America.
ABOUT BUREAU VERITAS
Bureau Veritas is the world's second largest group in conformity
assessment and certification services. The Group, founded in 1828, has over
39,000 employees in 900 offices and 180 laboratories in 140 countries.
This press release contains forward-looking statements. The statements
regarding expected results of European Capital and/or 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 European Capital and/or American Capital has made
Contact: European Capital Financial Services Limited Tel: +44-207-539-7000 Ira Wagner, President Nathalie Faure Beaulieu, Regional Managing Director Jerry Tebbutt, Director, UK Mezzanine
Ira Wagner, President, or Nathalie Faure Beaulieu, Regional Managing Director, or Jerry Tebbutt, Director, UK Mezzanine, all of European Capital Financial Services Limited, at +44-207-539-7000
Tags: European Capital Limited, Guernsey, September 9, St peter port, Western Europe