American Capital has invested $89 million in ASAP Industries, a manufacturer and refurbisher of high-pressure flow control products. American Capital’s investment took the form of senior debt, subordinated debt and equity.
ASAP is a manufacturer and refurbisher of high-pressure flow control products for the global oil and gas industry. Customers range 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. The company is based in Houma, LA (www.asapind.net).
“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 Darin Winn, Senior Vice President and Senior Managing Director, American Capital. “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.”
American Capital is a publicly traded private equity firm and global asset manager that originates, underwrites and manages investments of $10 million to $750 million in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $118 billion in total assets under management and has eight offices in the US, Europe and Asia. The firm is headquartered in Bethesda, MD (www.AmericanCapital.com).
“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 Miles Arnone, an American Capital Managing Director. “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.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-11-13