The publicly traded private equity firm American Capital just announced that last month, it invested an an undisclosed amount to support the acquisition of travel document company Travel Logistics by portfolio company CIBT Holdings, which American Capital purchased from Audax Group in 2008. CIBT is a visa and passport services provider. Travel Logistics is a London-based travel documents company.
American Capital Ltd. (Nasdaq: ACAS) announced today that in September 2010 it invested in its portfolio company CIBT Holdings, Inc. to support the acquisition of Travel Logistics Limited (TLL), a London-based expeditor of travel documents. TLL was acquired from a subsidiary of G4S plc (LSE: GFS), an international security solutions group.
Established in 1997, TLL is a passport and visa agency that provides courier, logistics and consular services to individuals and businesses in the United Kingdom. TLL provides services to many of the leading U.K. travel management companies and tour operators.
“CIBT’s acquisition of TLL will significantly expand its presence and leadership position in the U.K., a key global travel market,” said Sean Eagle, Principal, Buyouts. “CIBT has a proven track record of growth through organic initiatives and acquisitions. TLL represents CIBT’s fifteenth acquisition since 2004.”
Headquartered in McLean, Virginia, CIBT is the largest global provider of visa and passport services. CIBT provides travel-related services to 75% of the Fortune 500 companies as well as the leading travel management companies, tour operators, humanitarian organizations, and cruise line clients operating in more than 30 locations globally. CIBT processed nearly 700 thousand visa and passport requests in the last year. CIBT operates in the United States, United Kingdom, Germany, the Netherlands, Canada and Switzerland. For more information about CIBT, please go to http://www.us.cibt.com.
“We are appreciative of American Capital’s continued support and are excited about the combination of CIBT and TLL,” said John Donoghue, President and CEO of CIBT. “Increasing our presence in the U.K. will allow us to make larger investments and further enhance the quality service we provide to our U.K. customers.”
American Capital first invested in CIBT in May 2006 to support Audax Group’s acquisition of CIBT. In January 2008, American Capital announced that it had sponsored and invested in the One Stop Buyout of CIBT. For more information about American Capital’s investment in CIBT, please go to http://www.americancapital.com/our_portfolio/companies/cibt_holdings.html.
American Capital currently has $15 billion in capital resources under management and over 170 portfolio companies and has invested $24 billion since its 1997 IPO. For more information about American Capital’s portfolio, please go to www.americancapital.com/our_portfolio/our_portfolio.html.
ABOUT AMERICAN CAPITAL
American Capital 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 $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 $5 million to $100 million. For further information, please refer to www.AmericanCapital.com.
Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor’s shares, when sold, may be worth more or less than their original cost. Additionally, American Capital’s current performance may be lower or higher than the performance data quoted above.
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.