Piper deal brought owner $31 million
American Capital says it made $31 million on the sale of Piper Aircraft to Imprimis, although both parties have agreed not to reveal the actual sale price. American Capital first invested $20 million in 1998 and then $34 million in 2003 when it bought Piper.
For American Capital, the sale was a major victory against an economic downturn that prevented it from selling many of the 111 companies it holds, including Pan Am International Flight Academy. In 2008, American Capital was forced to reduce its headcount by 32 percent, its offices by 29 percent, and bonus payments by 93 percent compared to 2007.
As for Imprimis, it now moves on to purchase other companies in the energy and telecommunications areas under the same $310 million fund used to purchase Piper. The fund was established with the approval of the Sultan of Brunei, Sir Bolkiah Hassanal, in April 2008 and is funded by the Brunei Ministry of Defense. It is managed by Imprimis. The Sultan is also the country’s minister of finance and minister of defense and is best known for hard work and a lavish lifestyle that is said to include thousands of cars and a palace with more than 1,700 rooms.
May 6, 2009