European Capital Limited and American Capital received proceeds of $118.5 million from exiting their investment in Qioptiq, a global specialist in the photonics industry serving the commercial, defense and aerospace markets. The exit represents a 1.7x money multiple on their investment. The exit comes as Qioptiq’s major shareholder, Arle Capital Partners, has sold 100 percent of its shares to Excelitas Technologies.
European Capital Limited and its consolidated subsidiaries (“European Capital”) and American Capital announced today that they have received proceeds of US$ 118.5 million from exiting their investments in Qioptiq (“the Company”).
Qioptiq was formed in 2005 when it was acquired from Thales by Candover Partners. In 2008, European Capital and American Capital participated in the refinancing of the transaction providing a US$ 84 million mezzanine loan. The purpose of the refinancing was to finance the repayment of Qioptiq’s existing debt and the acquisition of Pointsource and of Linos’ minority shares. The Company has been managed by Arle Capital Partners since 2010. For more information on European Capital and American Capital’s investment in Qioptiq, please visit: http://www.europeancapital.com/en/our-portfolio/qioptiq-group.
Since its inception, Qioptiq has developed into a strong global specialist in the photonics industry serving the commercial, defense and aerospace markets. Qioptiq designs and manufactures photonic products and solutions that serve a wide range of markets and applications in the areas of medical and life sciences, industrial manufacturing, defense and aerospace, and research and development. Qioptiq has a worldwide presence, operating from ten locations in Germany, the UK, Singapore, the US and Hungary and employs over 1,900 people. In 2012, the Company generated revenues of approximately US$346 million.
European Capital and American Capital’s exit comes as Qioptiq’s majority shareholder, Arle Capital Partners, has sold 100% of its shares of the Company to Excelitas Technologies. The exit, which occurred on 31st October 2013, allowed European Capital and American Capital to realize a 1.7x money multiple on their initial investment, representing a 11.7% IRR.
“As a long term partner of Qioptiq, European Capital and American Capital are pleased to have accompanied the Company’s successful development over the last five years. Qioptiq fits with our strategy to back global players with leading positions in niche markets and technological edge,” stated Tristan Parisot, Managing Director at European Capital Financial Services Limited.
Fredrik Arp, Chairman of Qioptiq, said, “European Capital and American Capital have been supportive partners since their involvement began through the 2008 recapitalization process. We were impressed by their ability to quickly deliver substantial financing and appreciated their positive contributions during our monthly board meetings showing their strong commitment to Qioptiq’s success.”
ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity, mezzanine and senior debt investments with €1.1 billion in assets under management. European Capital is a wholly-owned affiliate of American Capital, Ltd (“American Capital”). It is managed by European Capital Asset Management, wholly-owned affiliates of American Capital. The Investment Manager has offices in London and Paris with 55 employees. Since its inception, European Capital Limited has invested €3.5 billion in over 100 companies in Europe. European Capital and its affiliates will consider senior and mezzanine debt investment opportunities from 10 million to 100 million in either euros or sterling and up to 400 million for One Stop Buyouts®. For further information, please refer to www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital (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. American Capital manages US$ 21 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with US$ 119 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC) with approximately US$ 10 billion of net book value and American Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately US$ 1 billion of net book value. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from US$ 10 million to US$ 750 million. For further information, please refer to www.AmericanCapital.com.
Contact: European Capital Financial Services Limited + 33 1 40 68 06 66
Tristan Parisot, Managing Director – Head of France
SOURCE European Capital Limited