Meineke is a leading business-format franchisor of car care centers with nearly 900 operating locations in 47 states throughout the U.S. and in eight countries worldwide. The services offered by its franchisees include a comprehensive line of repair, replacement and maintenance services for exhaust and brake systems, as well as tune-ups, oil changes, and ride, control and fluid services. System wide, the company will service more than 2.2 million cars in FY 2005.
"We are pleased to be partnering with management of Meineke to support the recapitalization of their business," said Ed Ross, Managing Director of Allied Capital. "Meineke is a strong, stable business that has shown consistent growth over the last 20 years, and with its strong brand awareness among consumers, we believe it is well positioned to continue that growth."
"We have chosen Allied Capital to be our partner in this management-led recapitalization because of its flexible structuring, its strong partnership philosophy, and its long track record of successfully investing in middle market companies," said Ken Walker, CEO of Meineke. "We look forward to continuing to manage and grow our business with Allied Capital's support."
About Allied Capital
Allied Capital Corporation, a leading business development company with total assets of more than $3 billion, has paid regular, quarterly cash dividends to shareholders since 1963. Allied Capital invests in the American entrepreneurial economy by providing capital to companies seeking a long-term financial partner and access to managerial resources often unavailable to smaller companies. Since its IPO in 1960, the Company has provided long-term debt and equity financing to thousands of middle market companies. In serving its shareholders, Allied Capital helps build middle market businesses and support American jobs. The Company's private finance portfolio includes investments in over 100 companies that generate aggregate revenues of more than $10 billion and employ more than 80,000 people.
Headquartered in Washington, DC, Allied Capital offers shareholders the opportunity to participate in the private equity industry through an investment in the Company's New York Stock Exchange-listed stock, which is traded under the symbol ALD. For more information, please visit www.alliedcapital.com, call Allied Capital investor relations toll-free at (888) 818-5298, or e-mail us at email@example.com. All media inquiries should be directed to Stan Collender of Financial Dynamics at (202) 434-0601.
About Meineke Car Care Centers, Inc.
Founded in 1972 as a single-store operation providing aftermarket exhaust repair services in Houston, Texas, Meineke began its initial franchising operations in 1973 and by 1981 had expanded to 200 service centers. Today, the Company has almost 900 operating shops, plus 100 additional licenses sold, with a strong presence in the Northeast, Mid-Atlantic, Southeast and Midwest regions. While it originally offered exhaust services only, Meineke transitioned to a full-service car care center in the mid-1990s, offering brake, ride, control, lube and fluids services to its customers as a single-source provider of virtually all their automotive service needs. For more information, please visit www.meineke.com.
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 the company's periodic filings with the Securities and Exchange Commission.