This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

American Capital's Portfolio Company SMG Acquires Premier Food Services

Stocks in this article: ACAS

BETHESDA, Md., June 3, 2014 /PRNewswire/ -- American Capital, Ltd. (Nasdaq: ACAS) ("American Capital" or "the Company") announced today that its portfolio company SMG Holdings, Inc. ("SMG") has acquired Premier Food Services ("Premier"), a provider of outsourced food and beverage services in southern California.  SMG is a leading provider of entertainment and conference venue management services worldwide.

"As a global venue management company, SMG manages a large and broad portfolio of venues with exceptional diversity across event type, end market, attendee population demographic and geography," said Brian Graff, Senior Managing Director.  "Its acquisition of Premier provides SMG with an attractive opportunity to expand its food service offering outside of its core portfolio of arenas, stadiums and convention centers into business dining, schools and colleges, fairgrounds and off-premise catering." 

Founded in 1985, San Diego, CA based Premier is a provider of outsourced food and beverage services at entertainment venues, dining clubs, universities and businesses.  Its customers range from the State of California to higher education clients and blue chip aerospace and technology firms and include Del Mar Fairgrounds and Race Track, one of the most attended thoroughbred racing venues in the U.S., and the University of California, San Diego Faculty Club.  Premier's services include dining center and restaurant management, alcoholic beverage and food concessions, meeting facility management and special events management. 

"By combining Premier's solid presence in the San Diego market, business dining credentials and experience with SMG's national reach and extensive resources, SMG will be in a significantly stronger position to attract niche business dining foodservice contracts in southern California as well as across the country," said Helen Yang, Managing Director. 

"Premier is a perfect fit for our California SAVOR food business which includes the Long Beach Convention Center, The Aquarium of the Pacific, the Long Beach Grand Prix, the Moscone Center, the Ontario Convention Center and Fresno State University.  This acquisition will also provide a base of business to further expand SMG's SAVOR brand nationally," stated Wes Westley, SMG President and CEO.

Founded in 1977, Philadelphia, PA based SMG is the world's largest venue management company providing private management services to owners of public assembly facilities.  SMG provides construction and design consulting, pre-opening services, venue management, sales, marketing, event booking and programming.  SMG currently manages over 230 venues, including arenas, stadiums, convention centers, exhibition halls, science centers, trade centers, theaters and performing arts centers. SMG's facilities include stadiums such as the Mercedes-Benz Superdome, home of the New Orleans Saints, and Soldier Field, home of the Chicago Bears; convention centers McCormick Place in Chicago and Moscone Center in San Francisco; and the U.K. based Manchester Arena, the world's third largest arena.  SMG also offers food and beverage operations through its concessions, catering and special events division, SAVOR.  

American Capital invested in the One Stop Buyout® of SMG in June 2007.  For more information, please visit www.americancapital.com/our-portfolio/smg.  

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 $84 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) with approximately $151 million in 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. 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.

Contact: (212) 213-2009 Brian Graff, Senior Managing Director Helen Yang, Managing Director, Buyouts Group Jimmy Byun, Principal, Buyouts Group

SOURCE American Capital, Ltd.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs