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News Breaks | | | | April 13, 2011 | | 08:50 EDT |  | AMTC | Affiliate of Columbus Nova to purchase stake in Ameritrans Capital
An affiliate of Columbus Nova, LLC, Renova US Holdings has agreed to purchase a majority stake in Ameritrans Capital as part of a $65M equity investment plan to enable the company to grow its business of lending to middle-market companies. Pursuant to the definitive stock purchase agreement relating to the equity investment, Renova will initially purchase $25M of shares of common stock of Ameritrans for the greater of $1.80 per share and the then-prevailing per share net asset value of Ameritrans. Following the closing of the initial equity investment, Renova will own approximately 80.3% of the company's common equity on a pro forma basis. It is anticipated that subsequent to the investment the company will effect a reverse stock split of approximately 10 shares to one new share. Renova is also committed to purchase up to an aggregate of $40M of additional common stock in equal quarterly amounts over the two year period subsequent to the initial closing. | |
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