EUROPEAN CAPITAL INVESTS IN MILES
33
Miles 33 are delighted to
announce that European Capital S.A. SICAR, a wholly owned subsidiary of
European Capital Limited (LSE: ECAS) and an affiliate of American Capital Strategies
Ltd., the second largest U.S. publicly traded alternative asset manager with
approximately $11 billion in assets under management has completed the One
Stop Buyout™ of Miles 33 Group. European Capital’s investment takes the form of equity, subordinated
debt and senior loan facilities. As a result of the investment, European
Capital is the majority shareholder of Miles 33 with approximately 60% ownership.
Miles 33’s previous owners and senior management also invested in the Company as
part of the buy-out and hold the remaining 40%.
“Miles 33 has achieved an excellent track record of
growth based on its market leading technology and services to the rapidly
changing media industry," said Alex Morey, European Capital Director. “We
are delighted to be able to back this team of high quality managers and support
them in their continued expansion. We
believe that under European Capital’s ownership and with the increased
financial resources that we can bring to bear, Miles 33 is well placed to
execute on its growth strategy both in the
Miles 33 Chairman and CEO, Alex Yew said “I am
delighted to have secured this investment from European Capital whom we believe
to be the best choice to help us deliver the next stage of our strategic
growth. The management team and I are
excited at the prospect of what this new relationship can bring to the future
of our business.”
Mike Moore, Managing Director of Miles 33 added “This is a
very exciting time for Miles 33 and the management team. With the backing of a large investment group
such as European Capital we look forward to continuing and accelerating our
strategy for domestic as well as international growth in particular in the
United States where we have begun to make significant in roads and other
international markets where we do not at present have a presence. I look forward to working with European
Capital to continue and extend our track record for sustained growth.”
Alex Yew steps down from the
executive board of Miles 33 and takes up a non-executive Directorship. Mike Moore is the new Chief Executive, with
David Farlow, Peter Meek and John Skarin making up the rest of the senior management
team.
Founded in 1976, Miles 33 is a
supplier of computer software to the media sector with regional newspapers
being its largest customer segment. The company also supplies the financial
services sector with products to support legal practices. Miles 33’s integrated
suite of modules supports key functions such as editorial production and
workflow, advertising booking (paper and online), customer relationship
management and credit management. Miles 33 has an innovative sales model which
has enabled the company to build long standing customer relationships with
leading newspaper publishers and to generate rapid growth in recurring
revenues. Miles 33 is based in
ABOUT EUROPEAN CAPITAL
European Capital is a closed-end investment company
for pan-European equity, mezzanine and senior debt investments with capital
resources of approximately €2.1 billion ($2.9 billion). European Capital invests in and sponsors
management and employee buyouts, invests in private equity buyouts and provides
capital directly to private and public companies headquartered predominantly in
ABOUT
AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS), an
affiliate of European Capital, is the second largest
Miles 33
Miles House
Contact Mike Moore, Tel: 01344
861133 11
June 2007