American Capital received has USD215 million in cash proceeds from the sale of portfolio company CBIT Solutions Inc – USD2 million (1 per cent) less than the company’s third quarter 2011 valuation of the investment. American Capital’s compounded annual rate of return earned over the life of its total investment in CIBT was 15% for all debt and equity investments, including interest, dividends, fees and expected escrow proceeds.


"We are extremely pleased with the results of our CIBT investment, which illustrates American Capital’s long-term dedication to assisting portfolio companies with flexible financing solutions," says Brian Graff, American Capital Senior Managing Director. "We continue actively to seek attractive investment opportunities such as CIBT, including One Stop Buyouts of up to $300 million and lending opportunities ranging from USD10 million to USD100 million in support of private equity sponsored buyouts."


"Following our initial debt investment in CIBT in 2006 and then our One Stop Buyout in 2008, we have worked closely with management as they continued to expand CIBT globally and build the company into an industry leading platform," says Sean Eagle, American Capital Principal, Buyouts Group. "CIBT has succeeded in spite of the economic downturn, growing both organically and through an active acquisition program."


CIBT is the leading global provider of expedited travel document processing services. Through operations in North America, Europe and Asia, CIBT serves multinational corporations, global travel management companies, tour and cruise operators, government agencies and Do-It-Yourself travelers. CIBT assists nearly one million travelers annually to obtain short-term visas, passports and other documents for business and leisure travel.


"We are excited to continue our relationship with CIBT by virtue of our retained equity interest in the newly capitalised CIBT alongside ABRY," says Justin DuFour, American Capital Vice President, Buyouts Group. "CIBT’s global scale and leading market position will enable it to continue to thrive from ongoing growth in international travel and the increasing need for travel documentation."
