American Capital said Wednesday that it has sold its stake in ADF Holdings to Calumet Specialty Products Partners for $33 million. ADF is the parent company of Anchor Drilling Fluids USA. Based in Tulsa, Anchor is a drilling fluid provider that produces and sells its products to approximately 250 exploration and production companies in North America.
BETHESDA, Md., April 2, 2014 /PRNewswire/ — American Capital, Ltd. (Nasdaq: ACAS) (“American Capital”) announced today that it has sold its interest in ADF Holdings, Inc., the parent company of Anchor Drilling Fluids USA, Inc. (collectively, “Anchor” or the “Company”), to Calumet Specialty Products Partners, L.P. (Nasdaq: CLMT), a leading independent producer of specialty hydrocarbon and fuel products. American Capital received $33 million in debt and equity proceeds from the transaction, subject to post-closing adjustments.
“Anchor has seen significant growth in the past several years as an independent company; however, the combination with Calumet will only enhance its position as one of the country’s leading providers of drilling fluids solutions, completion fluids and production chemicals to the oil and gas industry,” said Paul Hanrahan, CEO and co-founder of American Capital Energy & Infrastructure.
American Capital first invested in Anchor in July 2005. As one of the largest independent drilling fluid providers in the United States, Anchor designs, manufactures and sells its products to approximately 250 exploration and production companies operating in North America. The Company is headquartered in Tulsa, OK and operates manufacturing, mixing, storage and distribution facilities in Oklahoma, Arkansas, Colorado, Louisiana, New Mexico, Montana, New York, North Dakota, Ohio, Pennsylvania, Texas, Utah and Wyoming.
Since American Capital’s 1997 IPO through the fourth quarter of 2013, the Company has earned a 10% compounded annual return, including interest, dividends, fees and net gains, on over 370 realizations of senior debt, subordinated debt, equity and structured products investments, totaling $20 billion of committed capital. American Capital earned a 24% compounded annual return on the exit of its equity investments, including dividends, fees and net gains. For a chart showing a partial listing of American Capital’s exited portfolio companies, please go to http://www.americancapital.com/our-portfolio/exited-companies.
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, energy & infrastructure and structured products. American Capital manages $19 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $93 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 $9 billion of net book value, American Capital Mortgage Investment Corp. (Nasdaq: MTGE) with approximately $1 billion of net book value and American Capital Senior Floating, Ltd. (Nasdaq: ACSF). From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million. For further information, please refer to www.AmericanCapital.com.
ABOUT AMERICAN CAPITAL ENERGY & INFRASTRUCTURE
American Capital Energy & Infrastructure invests in global energy infrastructure assets, including power generation facilities, power distribution and transmission networks, energy transportation assets, fuel production opportunities and product and service companies focused on the power and energy sectors. ACEI is an affiliate of American Capital. For further information, please refer to www.ACEI.com.