American Capital invests $36 million in buyout of robotics company

Citation

(2002), "American Capital invests $36 million in buyout of robotics company", Industrial Robot, Vol. 29 No. 4. https://doi.org/10.1108/ir.2002.04929dab.006

American Capital invests $36 million in buyout of robotics company

American Capital invests $36 million in buyout of robotics company

Keywords: Robotics, American Capital, Strategies

American Capital Strategies Ltd has announced that it has invested $36 million in the buyout of PaR Systems Inc. PaR is a leader in the design, assembly, installation and service of large-scale, high-precision robotic systems in a variety of industries, including aerospace, marine, high-hazard remediation, commercial nuclear power, research and general manufacturing. American Capital is acquiring PaR from Mass Mutual Insurance Company and Edson Partners, and is funding a revolving credit facility, senior term loan, senior and junior subordinated notes with warrants and common equity. PaR management is reinvesting much of their existing equity in the company.

"American Capital is backing an excellent management team with experience running substantially larger global businesses", said Principal David Ehrenfest Steinglass. "They are prepared to use that experience and grow PaR by leveraging the company's leading market shares; reputation for quality and reliability; brand equity; and highly focused niche capabilities: an extensive installed base, proprietary technologies and world class engineering and assembly processes."

Located outside of St Paul, MN, PaR employs approximately 150 people, has more than 40 years experience and over 1,000 system installations worldwide. It has seen sales grow significantly in the past year.

"American Capital's investment provides PaR with a solid foundation for growth", said PaR CEO Mark Wrightsman. "We will continue to serve our existing diverse customer base while continuing to develop unique technologies that meet the needs of a variety of end users."