(Source: Associated Press/AP Online)
BETHESDA, Md. - American Capital Ltd. said Thursday it completed the sale of its remaining equity investments in HomeAway Inc., completing its exit from the company.
American Capital received $15 million in proceeds realizing a $4 million gain during the third quarter from the transaction.
The sale was made to a broad group of existing HomeAway investors.
HomeAway operates online listings for vacation rental properties in the United States and Europe.
Including investments in HomeAway, American Capital and affiliates realized $18 million in inception-to-date gains. They also realized a compounded annual rate of return of 39 percent over the life of its equity investment, including dividends and fees.
The exit of HomeAway is one of over 20 exits of portfolio companies since the beginning of the fourth quarter of 2008, said American Capital CEO Malon Wilkus. The exits and resulting proceeds helped the company reduce debt by about $300 million over the same period.
American Capital shares fell 6 cents, or 1.8 percent, to close at $3.25. They rose 5 cents in after-market trading.
A service of YellowBrix, Inc.
