According to a report from Piper's former owner American Capital, it realized a $31 million gain from the sale of Piper Aircraft to Asia-based Imprimis. American Capital said inception-to-date realized gains were $48 million with compounded annual rate of return (including interest and fees) of 19 percent over the life of its investment. American Capital first invested $20 million in Piper in 1998 and another $34 million in June 2003 when it bought out and recapitalized the Vero Beach, Florida-based airframer. Gordon O'Brien, president of Specialty Finance and Operations for American Capital, said, "We have worked closely with Piper's management team, which has done a tremendous job growing an iconic brand in the aviation industry through product innovations, quality manufacturing and a dedicated workforce. We are proud to have been a part of Piper's growth and success story."