American Capital, Ltd. acquired 9.1 million shares of its common stock, or 2.8 percent of the company's outstanding shares as of March 31, in the second quarter at an average price of $9.34 per share, totaling $85.4 million. The publicly trade private equity firm’s holdings include kayak and canoe maker Confluence Holdings Corp. and Riddell Sports Group Inc.
Since the third quarter of 2011, American Capital purchased 32.2 million shares of the company's outstanding shares on the open market at an average price of $8.30 per share, totaling $267.3 million. As of March 31, that was equal to 9.9 percent of its outstanding shares.
Purchases starting in the third quarter of 2011 through March 2012 were 44 cents per share accretive to the company's $15.71 net asset value per share (“NAV”) as of March 31. Had these shares not been repurchased, American Capital would have had to earn an additional $143 million during that three quarter period to have produced the same NAV. Accretion from the purchases in the second quarter of 2012 will be disclosed in the company's second quarter earnings release.