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Allied Capital Invests in Homax Holdings, Inc.

Published on 2004-02-24. Author : SpecialChem

Allied Capital Corporation (NYSE:ALD) announced that it has provided $11 million in subordinated debt with warrants to Homax Holdings, Inc., a leading supplier of branded, specialty-application products for the home care and home improvement markets. Homax's products provide high-quality solutions for household tasks such as drywall texturing and repair, wood and concrete surface preparation, stain removal, and specialty cleaning. The company's brands include Homax(R) aerosol textures, Rhodes American(R) steel wool, Goo Gone(R) stain removers, Magic(R) specialty cleaners, and Jasco(R) paint removers. The financing will support the acquisition of the company by Olympus Partners.

"Homax has strong relationships with both national do-it-yourself retailers and leading retailers in the discount, hardware, paint, and specialty channels," said Bill Walton, Chairman and CEO of Allied Capital. "The Homax product development group has a solid track record of successfully introducing new products into the market. We are pleased to partner with a proven management team, who brings over 80 years of combined experience in the branded consumer products industry."

About Allied Capital

Allied Capital is the nation's largest business development company and provides long-term debt and equity investment capital to support the expansion of companies in a variety of industries. The company also participates in the real estate capital markets as an investor in non-investment grade commercial mortgage-backed securities and collateralized debt obligation bonds and preferred shares. The company is headquartered in Washington, DC. For more information, please visit the web site at www.alliedcapital.com, call Allied Capital Investor Relations toll-free at 888-818-5298, or e-mail us at ir@alliedcapital.com.

About Homax Holdings, Inc.

Homax has been a supplier of patch and repair products for professionals and "do-it-yourself" consumers since 1982. The company is based in Bellingham, WA, and has facilities across the United States and Canada. Homax makes over 150 products in seven categories including interior drywall textures, wall patch and repair, abrasives, tile guard products, all purpose removers, specialty coatings, and paint sundries. For more information, please visit the web site at www.homaxproducts.com.

Forward-Looking Statements

The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in Allied Capital's periodic filings with the Securities and Exchange Commission.

Source: Allied Capital Corporation


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