American Capital has committed $71 million to support the acquisition of Luminator Technology Group by Audax Group. Since founding in 1986, American Capital has invested approximately $11 billion in over 250 portfolio companies in support of private equity firms’ company buyouts, refinancings, add-on acquisitions, dividend recapitalizations and growth opportunities.
Luminator Technology Group is a designer and manufacturer of display, lighting and passenger communication systems used in bus, rail and aerospace applications. Customers include municipal transportation systems, OEMs and their related suppliers. Luminator is based in Plano, TX (www.luminatortechnologygroup.com).
“Over its 80 year history, Luminator has helped drive innovation in its served mass transportation markets across multiple technological cycles, and its products are recognized throughout the industry for their high quality and performance achieved through world class engineering innovation and design,” said Ryan Brauns, Managing Director and Head of Sponsor Finance. “Our Sponsor Finance Group is solely focused on supporting top tier private equity firms by committing up to $150 million in capital to strong, leading middle market companies such as Luminator.”
American Capital (Nasdaq: ACAS) is a publicly traded private equity firm and 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 $93 billion in total assets under management and has eight offices in the US, Europe and Asia. The firm is headquartered in Bethesda (www.AmericanCapital.com).
“American Capital has partnered with Audax on numerous investments over the years and we are delighted to have the opportunity to work together again by providing financing for this very attractive investment,” said Dan Cohn-Sfetcu, Managing Director, Sponsor Finance. “With more than 15,000 customers in approximately 80 countries, and facilities strategically located in key markets, Luminator is well-positioned to capitalize on global growth drivers that are increasing the demand for mass transportation across both developed and emerging markets.”
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Audax has over $5 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
“American Capital’s ability to provide creative and flexible financing solutions, their responsiveness throughout execution of the transaction, and their commitment to support the long-term growth of our portfolio companies makes American Capital an excellent investment partner,” said Mark Cordes, Managing Director, Audax.
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-15-14
