Bain acquired Contec, which repairs cable set-top boxes and other broadband equipment, in a $525 million secondary buyout on July 28 after beating out rival buyout firms Madison Dearborn Partners LLC and Lee Equity Partners LLC in an auction run by Goldman Sachs & Co. Neither Bain nor American Capital announced or commented about the deal until today.
Bethesda, Md.-based American Capital, a publicly traded business development company, purchased Contec in June 2006 for an undisclosed sum. The firm said it originally invested in Contec via a revolving credit facility, term loan, senior and junior subordinated debt and convertible preferred as well as common equity. - George White
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