American Capital Strategies Ltd has invested $15 million in Nancy's Specialty Foods, a producer of frozen gourmet quiche entrees, appetizers, and desserts.
This investment takes the form of senior subordinated debt and supports recapitalization of Nancy's by Kohlberg & Co. GE Capital provided a revolving credit facility and senior term loan. Management, together with Kohlberg & Co, will retain their majority ownership position in the company.
“Our investment in Nancy's Specialty Foods is our ninth new portfolio investment of the quarter and 20th in 2003. American Capital remains on track to invest between $750 million and $850 million this year,” said Ira Wagner, American Capital chief operating officer.
American Capital has invested more than $800 million in the past 12 months and more than $550 million this year. Quarter-to-date, the firm has invested more than $200 million.
Founded in 1977, Newark CA-based Nancy's employs more than 300.
