BETHESDA, Md., Feb. 8, 2013 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital") announced today that in December 2012, it committed $89 million in the One Stop Buyout® of ASAP Industries, LLC ("ASAP" or the "Company") in a transaction led by Kevin W. Kuykendall, former Managing Director of the American Capital Energy Group, and Miles Arnone, an American Capital Managing Director, under the leadership of Darin Winn, Senior Vice President and Senior Managing Director, American Capital. ASAP, a leading independent manufacturer and refurbisher of high-pressure flow control products for the global oil and gas industry, expands the American Capital Energy and Infrastructure Group's portfolio of domestic mid-market energy-related companies. American Capital's investment took the form of senior debt, subordinated debt and equity.
Based in Houma, Louisiana, ASAP manufactures a wide variety of flow control products for companies ranging from small local operations to major oilfield services companies and original equipment manufacturers. The Company's products are used in numerous applications including onshore and offshore projects, crude oil and natural gas wells and drilling, completion and production applications.
"With its broad product lineup, leading position in the Gulf Coast region, strong reputation, well-established customer relationships and significant organic growth opportunities, ASAP is an excellent fit for the American Capital Energy and Infrastructure Group," said Mr. Winn. "ASAP is one of the largest manufacturers of high-pressure flow control components in the Gulf Coast region and a respected partner for original equipment manufacturers, oilfield service companies, and equipment rental companies throughout the United States. The Company is also one of the largest API‑certified independent manufacturers of oil and gas equipment."
"Since its start in 2001, ASAP has demonstrated strong financial performance, achieving consistent year-over-year revenue and EBITDA growth and has shown a unique resiliency to industry downturns," said Mr. Arnone. "Demand for the Company's flow control products is driven by increased drilling and completion activity as well as increasing well complexity. We expect these industry drivers to remain favorable, providing ASAP with a clear and exciting growth path."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV