American Capital said Thursday it has invested $31.5 million loan to support Snow Phipps Group buy of Teasdale Foods. In October, Snow Phipps closed its buy of Teasdale, a maker of bean and hominy products.
BETHESDA, Md., Dec. 3, 2014 /PRNewswire/ — American Capital, Ltd. (Nasdaq: ACAS) (“American Capital”) announced today that it has invested $31.5 million to support the acquisition of Teasdale Foods, Inc. (“Teasdale”) by affiliates of Snow Phipps Group, LLC. Teasdale is a leading provider of private label and branded bean and hominy products to the retail, food service and wholesale channels. American Capital’s investment takes the form of a second lien term loan.
“Teasdale is a recognized industry leader and the largest provider of both conventional store brand and organic store brand beans in the U.S., serving a large diversified customer base throughout the retail, foodservice and industrial channels,” said Ryan Brauns, American Capital Managing Director and Head of Sponsor Finance. “This is our first time supporting a new Snow Phipps platform investment and we’re delighted to partner with them in this business. Our Sponsor Finance Group continues to search for new opportunities to build relationships with private equity sponsors and support their new buyouts, refinancings, add-on acquisitions, dividend recapitalizations and growth opportunities.”
Sundip Murthy, who oversees consumer investing at Snow Phipps, stated: “We were impressed with the responsiveness and dedication of American Capital’s Sponsor Finance Group. They proved to be a reliable financing partner and we hope to collaborate on future investment opportunities.”
American Capital and its affiliated funds have invested approximately $12 billion in over 270 portfolio companies in support of leading private equity firms’ company buyouts, refinancings, add-on acquisitions, dividend recapitalizations and growth opportunities. For more information about American Capital’s portfolio, go to www.americancapital.com/our-portfolio.
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 $21 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $80 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total 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 $10 million to $750 million. For further information, please refer to www.AmericanCapital.com.
ABOUT SNOW PHIPPS GROUP
Snow Phipps is a private equity firm focused on middle-market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. The firm utilizes an operating partner model to invest across select industries and seek value creation through an operationally focused strategy. To learn more about Snow Phipps, visit www.snowphipps.com.
This press release contains forward-looking statements. The statements regarding expected results of 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 American Capital has made investments.