Lazard Middle Market Represented CIBT in its Sale
by Audax Group to American Capital Strategies 

 

TRANSACTION DESCRIPTION
Lazard Middle Market represented CIBT Global, Inc., and its majority shareholder Audax Group, in the sale of CIBT to American Capital Strategies, Ltd. (NASDAQ:ACAS).

TRANSACTION HIGHLIGHTS
Audax and management acquired CIBT in 2006 and rapidly grew the Company through organic growth, international expansion and nine add-on acquisitions.  During Audax’s ownership CIBT emerged as the leading global provider of visa and passport processing services and is well positioned to continue its expansion in a highly fragmented industry.

THE COMPANY
CIBT (www.cibt.com) is a leading expeditor of travel documents for business and leisure travel, serving Fortune 500 companies, government agencies, travel management companies, and major tour and cruise line operators. Products include travel visas and passports, and services consist of global cellular and satellite phone rentals, and document legalizations and authentications. CIBT was founded in 1989 and is headquartered in McLean, Virginia with 28 offices in four countries.

THE SELLER
Audax Group (www.audaxgroup.com), founded in 1999, is a leading investor in middle market companies.  With offices in Boston and New York, Audax manages in excess of $3.7 billion of equity, mezzanine debt, and senior loan capital.

THE BUYER
American Capital Strategies, Ltd. (NASDAQ:ACAS) (www.american-capital.com), headquartered in Bethesda, Maryland, is the largest U.S. publicly traded private equity fund and one of the largest publicly traded alternative asset managers. American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations.

ABOUT LAZARD MIDDLE MARKET
Lazard Middle Market (www.lazardmm.com), a subsidiary of Lazard (NYSE:LAZ), provides advice on mergers and acquisitions, restructuring, and financings to the middle market. Formed in 2007 with Lazard's acquisition of Goldsmith Agio Helms, Lazard Middle Market has approximately 100 professionals in Minneapolis, New York, Chicago, Los Angeles, and Shanghai.