WASHINGTON, Oct. 24, 2008 (GLOBE NEWSWIRE) -- The National Association of Small Business Investment Companies (NASBIC) has named Intel Corporation, Quiznos, and Inergy, L.P., as recipients of the Association's 50th Anniversary "Impact Awards." The Honorable Sandy K. Baruah, Administrator of the U.S. Small Business Administration, will present the awards to representatives of the three companies in a ceremony on Monday, October 27, 2008, during the 50th NASBIC Annual Meeting & Private Equity Conference.
NASBIC is the professional association for the Small Business Investment Company (SBIC) industry and the oldest organization of venture capitalists in the world. SBICs are privately organized and managed venture capital firms licensed by the U.S. Small Business Administration (SBA) to make equity capital or long-term loans available to small companies.
In announcing the award, NASBIC Chairman Stephen J. Vivian, of Chicago-based Prism Capital, cited Intel, Quiznos, and Inergy for their "unique and outstanding products and services, and as forces for innovation and job creation in the American economy. They exemplify the best in American business, and their leadership has shown how continuous dedication to their markets and their employees can translate into satisfied customers, strong job growth, and sustained financial success. They illustrate how entrepreneurs with drive, creativity, and focus can make their dreams a reality through their partnerships with Small Business Investment Companies -- partnerships that have played a critical role in financing and fostering the early growth of some of America's great business success stories."
Intel Corporation, based in Santa Clara, CA, is the world's largest semiconductor company and the inventor of the x86 series of microprocessors, the processors found in most personal computers. Intel received a $300,000 investment from Wells Fargo Investment Company, a Small Business Investment Company, in 1969, when Intel, which now employs more than 86,000, with 2007 revenues of $38.3 billion, had only 218 employees and less than $566,000 in revenues. Intel went on to produce the 4004, the first microprocessor, in 1971, a breakthrough that paved the way for the personal computer.
Quiznos, a national franchise company headquartered in Denver, CO, that franchises, owns, and operates quick service restaurants, received a $2,000,000 investment from Retail & Restaurant Growth Capital, L.P., in 1996. This large infusion of capital helped fund rapid growth of the company at a key turning point in its development. Quiznos is now the second-largest submarine sandwich shop chain in North America, with over 5,000 restaurants in the U.S. and Canada.
Inergy, a diversified energy infrastructure and distribution company based in Kansas City, MO, received investments of $18.5 million from seven Midwestern SBICs in 1999 and 2001. These investments helped Inergy to engineer a series of crucial acquisitions, complete a successful initial public offering in July 2001, and conclude two more acquisitions that doubled the company's size. Today Inergy is among the fastest growing master limited partnerships in the country. The company serves over 700,000 propane customers in the eastern half of the United States and also operates a natural gas storage business and a propane supply logistics, transportation, and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada.
"Intel is honored to accept this award and applauds NASBIC's efforts to nurture small business growth," said Keith Larson, Intel Capital Vice President and Managing Director. "The seeds of the early investment in Intel ultimately led to Intel Capital's strategic and financial success as a major technology venture investor. We encourage entrepreneurship and technology innovation in an effort to create similar success stories around the globe."
"The role of NASBIC has been vital in helping small businesses receive capital to become a next-level organization and Quiznos is certainly excited and honored to have been chosen for this award," said Brandon Turner, Chief Financial Officer, Quiznos. "Quiznos was founded on the principle that great ideas, combined with a commitment to excellence, can turn into great success. The infusion of capital in 1996 enabled Quiznos to take its best-in-class product to the national stage. Quiznos is a first-hand example of how the right backing at the right time can transform a small regional business into a large global entity."
"We very much appreciate receiving this award and congratulate NASBIC on 50 successful years of helping entrepreneurs move to the next level," said John Sherman, Inergy's President and CEO. "In our early days at Inergy, access to capital was very important to the success of our venture. But the financial and capital markets expertise provided by the SBICs we worked with was at least as valuable as the capital itself. We certainly wouldn't be where we are today without early support from our SBIC investors."
About NASBIC and the SBIC Program
Since 1958 the National Association of Small Business Investment Companies has represented the SBIC industry, playing a pivotal role in building, maintaining, and promoting a strong and profitable industry to better serve the growth capital needs of America's small businesses. Additionally, NASBIC sponsors and coordinates national and regional industry meetings and events, including the Venture Capital Institute, widely recognized as the premier educational program on venture investing.
The Small Business Investment Company program, created by an act of Congress in 1958, is a unique public/private partnership that has provided approximately $52 billion in financing to more than 102,000 small U.S. companies. SBICs are privately organized and managed venture capital firms licensed by the U.S. Small Business Administration (SBA) to make equity capital or long-term loans available to small companies. In return for agreeing to invest in only small U.S. businesses in compliance with SBA regulations, SBICs qualify for funds raised by the sale of SBA-guaranteed securities that, when added to their private capital bases, increase the total capital SBICs have available to invest in small companies. For more information about the SBIC program and NASBIC, visit the association's website at www.nasbic.org.