About Those 14 American Capital Auctions
You may remember American Capital’s ugly quarterly earnings report earlier this month, in which the firm reported a $548 million loss, purchased its European Capital arm and suspended its quarterly dividend. You may also remember my skepticism toward the firm's stated goal of successfully selling 14 portfolio companies. It’s only been two weeks since then, and ACAS understandably hasen’t announced any sales, but today the firm did release details on six company exits and some senior loan syndications from the prior quarter. Pulling off an exit in Q4 of this year is going to be nearly impossible, but that was said of Q3, too, and American Capital managed to swing six deals. The news hasn’t completely renewed my faith that the firm’ll close many exits in the coming month, but it is
