Charlotte, N.C.-based First Union Securities this month led a $58.7 million secondary equity investment for American Capital Strategies, a publicly traded specialty finance company. The offering of 2.7 million shares was priced at $21.75 per share.
“Our American Capital relationship is a perfect example of First Union’s full-service financing and advisory capabilities for growth companies,” said Bob Grunewald, head of First Union Securities’ financial services investment banking group. “Leading this transaction demonstrates the strength of First Union’s equity origination platform and execution expertise.”
In other American Capital news, the group recently opened up its ninth office in Philadelphia. “American Capital’s new office in Philadelphia positions us to take better advantage of the dynamic middle market in the Mid-Atlantic region,” said Malon Wilkus, chairman and chief executive officer at American Capital.
In addition, Kenneth Jones has joined American Capital as a principal. Prior to joining American Capital, Jones served as a general partner at Meridian Venture Partners in two private equity funds. Jones also served as a managing director at Philadelphia-based middle market investment bank Berwind Financial.
“I’ve made senior loans, equity investments, operated and advised middle market companies,” said Jones.
In his new position, Jones will be responsible for sourcing deals, performing due diligence, closing on transactions and operating on the portfolio companies’ boards of directors. Jones said American Capital’s ability to deploy “bigger dollars” into middle market transactions prompted his move to the Bethesda, Md.-based firm.
“I’ve been on all sides of middle market companies and now am making equity and mezzanine finance bets on these companies,” he said.