American Capital Strategies (ACAS) Invests $66 Million in Avalon Laboratories
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American Capital Strategies Ltd. (Nasdaq: ACAS) announced today that it has invested $66 million in Avalon Laboratories Inc., a leading supplier of disposable cardiopulmonary vascular cannulae, medical devices that provide connections between patients and life support machines. American Capital's investment will be used to fuel Avalon's growth and takes the form of a senior term loan, senior subordinated debt and convertible preferred and common equity. American Capital is also providing a revolving credit facility. Robert Foster, Avalon Founder, CEO and Chairman, will maintain an ownership interest and continue his role at Avalon.
"We are excited to work with Mr. Foster and the rest of the talented team at Avalon to help them further enhance the business," said Darin Winn, American Capital Regional Managing Director. "American Capital's investment in Avalon will bring fresh capital to a company with an excellent track record in the medical device industry."
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