Portfolio

Caltius Mezzanine has invested over $1.0 billion in over 50 companies in a variety of industries, as shown in the table below.

 

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Pritikin holds exclusive worldwide rights to market the Pritikin name for all purposes other than food related products. The company's principal business has been the operation of the Pritikin Longevity Center in Santa Monica, CA which offers short-term residential programs for individuals which focus on nutrition, exercise and disease management.

In November 1997, Caltius provided senior notes to Pritikin, facilitating the move of the Pritikin Longevity Center to the Loews Santa Monica Beach Hotel and provided working capital to leverage the Pritikin brand name into new business opportunities.

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Quantic Industries, Inc., headquartered in San Carlos, CA, is a manufacturer of precision pyrotechnic and electronic initiation devices that primarily are used in defense and space programs. The company also manufactures initiators for automotive airbags and seatbelt pre-tensioners.

In April 1998, Caltius Mezzanine provided senior subordinated debt financing which, along with equity provided by current shareholders, was used to repay senior debt, fund capital expenditures, and provide working capital.

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Parking Company of America, headquartered in Downey, CA, is a leading national parking and transportation services company. PCA's primary focus is the operation of off-site airport parking facilities that provide 24-hour vehicle to terminal shuttle service. The company enhances its presence at airports with its Parking Facility Management division, which operates surface lots under management contracts and short term leases, and its Transportation division that contracts with municipalities to provide fixed-route transportation services to the general public.

In May 1998, Caltius Mezzanine and WindJammer Capital helped finance four acquisitions, three of which were off-site parking facilities. 

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QCI Marine Offshore, LLC, headquartered in Houston, TX and founded in 1988, is a leader in providing specialized offshore marine construction services to the offshore drilling industry. The company, which operates in the Gulf of Mexico and in select international areas, specializes in the repair, renovation, and fabrication of living quarters on various types of offshore drilling rigs and augments these services by leveraging its knowledge of maritime regulations that impact offshore construction.

In June 1998, Caltius Mezzanine provided senior notes to help finance the management buyout of the company from its founders. 

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Scientech, Inc., founded in 1983, is an international provider of consultant and expert technical services and related software, systems and products that address the critical needs of energy utilities, the agencies that regulate them and the telecommunications industry.

In December 1998, Caltius Mezzanine provided subordinated debt to help finance the acquisition of NES, Inc., a provider of generation and decommissioning services.

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CampGroup, LLC, headquartered in White Plains, NY, was founded in 1998 and is the largest single-owner/operator of for-profit summer camps in the nation. The company provides camping and other related programs for children ages 4 to 17 at resident summer camps and day camps with long operating histories. CampGroup's current locations are on the East Coast and in the Midwest.

In May 1999, Caltius Mezzanine and Allied Capital Corporation provided senior subordinated notes to help finance the acquisition of one day camp and one resident camp. 

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Soff-Cut International, Inc., is a producer of saws and saw blades for the cutting of concrete. The company is the dominant producer of early-entry concrete cutting equipment which reduces the random cracking of concrete slabs and flatwork. The company was founded in 1988 and is headquartered in Corona, CA.

In June 1999, Caltius Mezzanine helped finance the acquisition of Soff-Cut by Westar Capital. Caltius and Allied Capital provided subordinated debt structured as senior subordinated notes with warrants. 

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"Caltius represented that they could close our management buyout in 2 weeks then followed through on all counts. We could not have asked for a better fit, or higher quality financial partner."

L. Craig Smith

Chief Financial Officer


Wyle Laboratories, headquartered in El Segundo, CA and founded in 1949, is one of the leading independent engineering and testing organizations in the United States. The company tests and validates the performance of a number of parts and subsystems in a multitude of products, such as satellites, telephones, and rocket propulsion systems. These services are provided to a wide variety of customers in the aerospace, defense, transportation, energy and telecommunication industries.

In November 1999, Caltius Mezzanine provided a financing package structured as senior mortgage notes with warrants and common stock to help finance the management buyout of the company. 

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American Consolidated Media, headquartered in Dallas, TX, was formed in October 1998 to capitalize on the opportunity to consolidate the highly fragmented local and regional daily and weekly newspaper industry.

In January 2000, Caltius Mezzanine led a financing structured as senior subordinated notes with partnership interests to facilitate the company's acquisition of a group of highly profitable newspapers in central Texas. Albion Alliance participated in the subordinated debt tranche.

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Closet World, Inc., headquartered in Whittier, CA, designs, manufactures and installs custom-made organization and storage systems, including closet, garage, home office and entertainment systems, wall and pantry units. In March 1998, Caltius Mezzanine provided the financing to complete the recapitalization of Closet World in order to facilitate the purchase of the company by its president. 

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"First and foremost, we value Caltius as our business partner. They are great strategists and collaborate with management to establish and implement sound business ideas. We appreciate both their commitment and their capital to help us achieve our goals."

Rick Stein

President & CEO


UHY Advisors (formerly Centerprise Advisors) is a leading provider of accounting and business services to a broad spectrum of middle-market clients. In addition, UHY provides complementary products and services such as business software, technical support and employee benefits.

In 2000, with capital from an anticipated IPO, seven firms in the accounting, health care management and technology consulting industries were planning to merge to form UHY. However, difficult equity markets and the intangible nature of a professional services company's key assets, its people, left UHY unable to complete the offering.

Caltius Mezzanine looked at each firm's strong financial history as well as the transaction structure, which ensured the continued commitment of key executives, and was able to structure an attractive financing package. Caltius Mezzanine invested and UHY acquired the seven firms, thereby becoming a leading consolidator in the business services segment.  Subsequently, Caltius Mezzanine has made two add-on investments to repay existing debt and to contribute to UHY's rapid growth.

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Plassein Packaging Corporation is a roll-up of companies in the flexible plastic packaging industry. Trivest Partners sponsored the transaction and originated the first acquisitions in January 2000. Through Plassein's multiple subsidiaries, the company services a very diverse mix of customers and end markets.

In September 2000, Caltius Mezzanine participated in a subordinated debt facility with BancBoston, Mass Mutual, Wachovia, and SunTrust, which helped finance the company's acquisition of Rex International, a manufacturer of flexible plastic shipping sacks and plastic packaging products.

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ETT, Inc., headquartered in Las Vegas, NV, is the third largest slot machine route operator in the state of Nevada. Route operators supply and operate slot machines at non-casino locations, such as grocery stores, convenience stores, bars and restaurants. Caltius Mezzanine participated in a financing led by American General Insurance, which ETT used to purchase the slot route operation of Jackpot Enterprises. Jackpot was the second largest route operator in Nevada. 

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"It is a pleasure to have Caltius as our financial partner. They are extremely professional in all of their activities, and take their commitments very seriously. Caltius has exceeded our expectations in every way."

Cathy Wood

Executive VP & Chief Financial Officer, SM&A


SM&A (NASDAQ: WINS) provides high-end management and competitive strategy consulting services as well as integrated proposal management for industries including aerospace, defense and information technology. Five acquisitions were made to complement the company's core proposal business after its public offering in 1998. Suffering from integration issues relating to the acquisitions, the company's stock dropped below $1 per share and senior lenders wanted to limit their credit exposure.

Caltius Mezzanine saw solid value in SM&A by focusing on the cash generating potential of its core business. Caltius Mezzanine led a successful recapitalization of the company, refinancing senior debt and providing long-term capital for liquidity and growth. SM&A's management was able to turn its attention to managing operations, growing the proposal management sector and divesting non-core divisions that had been a distraction. 

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"Caltius took the time to thoroughly understand our needs before presenting a creative financing plan. They contributed to our growth by presenting an attractive acquisition candidate, then financed our purchase of the company. Throughout the process the team employed the utmost integrity."

Barry W. Karlin, Ph.D.

Chairman & CEO


CRC Health is America's leading owner and operator of residential drug and alcohol treatment facilities and methadone clinics. The company had the opportunity to acquire the largest group of residential treatment facilities in Pennsylvania. However, access to capital was complicated by CRC's lack of a financial equity sponsor, few tangible assets and concern about its ability to handle such an acquisition, which would triple the size of the business.

Caltius Mezzanine focused on the numerous positive aspects of the business. CRC's management team had a proven track record. It had successfully integrated and improved the operating performance of three previous acquisitions, increasing patient census while controlling costs. Additionally, the chemical dependency treatment industry was rapidly growing. Caltius Mezzanine provided subordinated debt capital, enabling CRC to complete the Pennsylvania acquisition at very favorable terms.  The following year, Caltius Mezzanine sourced an acquisition for CRC and provided additional capital, helping to double the size of the business. 

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"Our mission is to provide educational programs that promote academic and personal growth to youth and their families with the foundation of our success built upon quality, integrity, and dependability. The financing provided by Caltius enables us to continue to expand our facilities as we strive to achieve that mission."

Elliot Sainer

Chief Executive Officer


Aspen Education Group, Inc., headquartered in Cerritos, CA, is an industry leader in providing educational services to youth and their families. Aspen's educational services, which include wilderness/outdoor programs, residential schools and programs, special education day schools, young adult programs, and weight loss programs, are integrated with Aspen's strong and effective self-growth program.

The Sprout Group and Frazier Healthcare combined with management to acquire the youth services division of College Health Enterprises in 1998 to form Aspen and to undertake a nationwide consolidation program in the education services area.

Following an introduction to the business by a senior lender, Caltius Mezzanine worked directly with management for over a year on various financing alternatives while they lined up several acquisitions. Caltius Mezzanine helped finance the company's acquisition of Excel Academy, which was the eighth acquisition completed since the company was acquired by the Sprout Group and Frazier Healthcare in 1998. Using mezzanine debt rather than equity for this acquisition was significantly less dilutive to the existing shareholders and provided necessary growth capital.

In July 2001, Caltius Mezzanine provided a subordinated debt facility to enable Aspen to further its expansion program. The transaction was structured as senior subordinated notes with warrants for preferred and common stock. Of the total, a portion was drawn initially, with the balalnce remaining as an acquisition line.

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"Caltius Mezzanine gained a thorough understanding of our business by conducting a comprehensive and scientific due diligence process. As a result, they were able to work with our equity sponsor, Golden Gate Capital, to derive a capital structure that worked well for us and our investors alike. The Caltius team is dedicated to the success of Nu Visions, as exemplified by their accessibility for guidance and advice and their participation in our quarterly board meetings."

Steve Pudles

President & CEO


Nu Visions serves the electronic manufacturing services (EMS) market for high complexity/low volume printed circuit board (PCB) production. The company is a contract manufacturer to original equipment manufacturers (OEM) in a wide variety of industries including defense, general industrial, computer, medical and communication.

Golden Gate Capital had agreed to purchase Nu Visions in a divestiture from Nu Horizons, a publicly traded electronic components distribution company. Senior lenders, however, were hesitant to provide Golden Gate Capital with financing because of concerns about the EMS industry stemming from the difficulties that the telecommunications industry had experienced in early 2001.

Caltius Mezzanine looked past the prevailing negative bias toward the EMS industry, recognizing the value of Nu Visions' long-standing customer relationships in the defense industry, Golden Gate Capital's experience in and knowledge of the EMS industry and the confidence of the existing management team in the company's future as evidenced by its financial commitment to the buyout transaction.

Caltius Mezzanine provided subordinated debt and direct equity to support the acquisition. Golden Gate Capital successfully closed its acquisition, thereby creating a leader in the high complexity/low volume PCB market and establishing a solid platform for future acquisitions.

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Homegrown Natural Foods, headquartered in Napa, CA, was formed in 1999 as a platform to consolidate and grow branded companies in the natural foods industry. In October 2000, Caltius Mezzanine provided senior subordinated debt financing to help HomeGrown acquire Napa Valley Kitchens and Fantastic Foods.

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"We envisioned a unique capital structure that Caltius grasped, and then they worked quickly to provide that financing on the terms we initially discussed. Caltius showed an ability to think outside of the proverbial "box" and were extremely easy to work with."

PJ Nora

Partner


KCAEP, LLC a holding company formed by KCA Partners that consists of three operating subsidiaries: Apex Medical Corporation, a manufacturer of low-tech, self-care medical products; KCA Foods, a majority owner of Van's International Foods (www.vansintl.com), a manufacturer of gourmet frozen waffles; and KCA Engineered Plastics, the sole owner of US Thermoplastics, a manufacturer of molded plastic parts.

Originally, KCA Partners owned each company individually, without a holding company structure, and each company was financed on a standalone basis. The incumbent lender decided to exit this segment of the cash flow lending market and wished to be refinanced out of its positions. However, KCA Partners was having difficulty finding a new financial partner who would provide financing to each of the three companies.

Caltius Mezzanine determined that the whole was greater than the sum of its parts. By combining the cash flows of the three operating entities, a higher amount of leverage could be supported. Caltius Mezzanine worked with KCA Partners to create a holding company structure that contained all three of the operating entities.

Caltius Mezzanine made a loan to the new holding company that was supported by intercompany notes between each of the three operating entities and the holding company. As a result, KCA Partners successfully refinanced its existing lender and had a more flexible financial structure to support its plans for growth and acquisitions.

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"It has been a pleasure working with Caltius. They are a very smart group of people and are refreshingly creative, flexible and honest. The professionals at Caltius recognize that in the real world there are bumps in the road, and they have proven their ability to be flexible. That, coupled with doing what they say they are going to do, is very important to me."

Paul J. Wolf

Managing Partner


Dickinson Frozen Foods, Inc., headquartered in Fruitland, ID, and founded in 1986, is the oldest and largest processor of Individually Quick Frozen (IQF) onions in the United States. In addition to IQF onions, the company also provides fresh whole peel onions, IQF peppers, blended frozen vegetables, and other specialty products.

In December 2002, Caltius Mezzanine provided senior subordinated financing to support a management buyout. Century Park Capital Partners and Lynwood Capital Partners provided equity for the transaction.

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"The Caltius team impressed us with their due diligence prior to investing. They visited our locations and quickly figured out the drivers of our business. Their effort enabled them to respond intelligently during our acquisition and financial structuring. And, they are genuinely nice people."

Gino Volpacchio

President & CEO


Healthy Pet owns and operates veterinary hospitals and is a leading consolidator in the industry. To finance a series of acquisitions, the company utilized numerous seller notes which had begun to impede cash flow and future long-term growth.

During Healthy Pet's search for solutions, other prospective investors focused on the company's post-corporate consolidated EBITDA. But Caltius Mezzanine recognized that the company's true enterprise value was at the veterinary hospital level. Based on this, Caltius Mezzanine could provide more leverage to the company. Caltius Mezzanine committed subordinated debt financing line, with a portion drawn down at closing and the remainder available for future acquisitions.

Healthy Pet was able to retire some of the seller notes and replace them with a single non-amortizing five-year note. Caltius Mezzanine's investment provided the company with the liquidity it needed to return to acquisition mode. Within twelve months, Healthy Pet successfully purchased four more hospitals. In fact, the company was so effective that Caltius Mezzanine invested an additional amount two years later to further support Healthy Pet's acquisition strategy.

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"We chose Caltius Mezzanine as our financial partner because they offered the best overall deal structure, flexibility and pricing among numerous lenders. Of equal importance, they provided our management team with a high degree of confidence that they would react sensibly to the opportunities and inevitable challenges faced by a growth stage company."

David F. Mohr

Vice President


ForeFront Education, Inc., headquartered in Barrington, IL, is a provider of post-secondary education through multiple campuses in Pennsylvania, Florida, and California. The company was founded in 1999 by GTCR Golder Rauner and William Klettke to capitalize on opportunities in the large and highly fragmented post-secondary school industry. Through its 11 campuses, the company offers a variety of Master's degree, Bachelor's degree, Associate's degree and non-degree programs in career-oriented disciplines.

With a signed letter of intent in hand to make an acquisition that would significantly increase the size of the company and expand it into the attractive southern California market, ForeFront needed near-term financing to close the transaction and a long-term partner who would be there for future acquisitions.

In May 2003, Caltius Mezzanine committed a financing structured as senior subordinated notes with common and preferred stock. An initial portion of the financing was used to help finance the acquisition of Platt College Inc., owner of three post-secondary campuses in Southern California, with the remaining commitment available as an acquisition line.

ForeFront successfully closed its initial transaction and, two months later, utilized Caltius' acquisition line to quickly close a second transaction. In a short time, the company grew its business from seven campuses to eleven, significantly expanding its geographic presence and range of program offerings.

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"This acquisition was an integral part of our business plan, and the Caltius team provided the financing quickly and were responsive to changes during the deal process. Caltius is an excellent fit with the VMI management team. They demonstrated enthusiasm for our business, were flexible, straightforward, and did everything they promised to do. We quickly developed a good relationship and look forward to our continued partnership."

Mitch Vance

Chief Executive Officer


Vantage Mobility International, LLC (VMI), located in Phoenix, AZ, is a leading designer, manufacturer, and marketer of personal vehicle accessibility products for wheelchair and scooter users. VMI is the second largest manufacturer of minivan conversions and also provides full-size van conversions, platform lifts, stowage lifts, and accessory products.

VMI was seeking capital to complete the acquisition of the Personal Division of Ricon Corp. and for organic growth. The acquisition included Ricon's platform lift and adaptive accessories product lines sold through retail dealers, and would make VMI the industry's most comprehensive supplier to mobility equipment dealers and durable medical equipment dealers. Both dealers and consumers would benefit from VMI being able to deliver an array of quality products at various price points along with reliable customer service.

In January 2004, Caltius Mezzanine provided subordinated debt to support VMI's acquisition of the Personal Division of Ricon Corp and to support the growth of the business.

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"This is our second transaction with Caltius Mezzanine, continuing a successful relationship developed in 1998. We are pleased to partner with investment professionals who understand our business and who are supportive of our business strategy. Caltius has provided us with the financial resources and flexibility required to support our growth initiatives and maximize Scientech's potential."

Larry Brodsky

President


Scientech, LLC, founded in 1983, provides a broad range of products and services to electric utilities and other commercial and government clients. Scientech utilizes experienced people and proprietary technology to meet the outsourcing needs of its changing markets, particularly energy, and state and federal government. Scientech augments its skills and experience with leading-edge software, systems, data, equipment, and instrumentation.

Caltius Mezzanine had made a previous investment in Scientech through an earlier fund.  Since exiting Caltius Mezzanine's previous investment in Scientech, the company had divested its telecom, security, and defense businesses in order to focus on its core energy services businesses. In July 2004, Caltius Private Equity, in partnership with the Scientech management team, acquired substantially all of the assets of Scientech, Inc. Caltius Mezzanine provided senior subordinated notes and an equity co-investment to help finance the transaction. 

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"Caltius Mezzanine really took the time get to know our management team and understand our business. Many other subordinated debt lenders focus purely on the financials, without a clear picture of the business and an understanding of what makes the management team tick. Caltius is a very supportive investor, actively providing valuable introductions and always available as a sounding board."

Michael K. Lester

Chairman, President & CEO


Radiant Research, Inc. is the largest owner/operator of clinical research sites in the United States. Radiant provides phase I-IV clinical drug development services to the biopharmaceutical industry at its national network of 50 wholly-owned clinical research facilities. Headquartered in Bellevue, WA, Radiant employs nearly 1,000 research professionals and has conducted more than 8,000 clinical trials across 18 therapeutic specialties.

Following the acquisition of its largest competitor in March 2003, Radiant experienced integration difficulties which negatively impacted financial performance and constrained the capital available to take advantage of the company's growth opportunities. Perceived as too early stage for many capital providers, the company sought a new financial partner for its next phase of development.

Focusing on Radiant's strong backlog of studies in progress and deep database of patients, Caltius Mezzanine concluded that the company had a stable revenue base with a strong potential for future growth. And, with the successful resolution of outstanding integration issues stemming from its previous acquisition, the company was well-positioned to realize its strategic plan.

In September 2004, Caltius Mezzanine closed a subordinated debt investment and an equity co-investment in Radiant. Caltius' investment was part of a larger debt and equity transaction used to refinance existing debt and provide capital to support the expansion of Radiant's rapidly growing early stage clinical trial business. The equity portion of the financing was provided by Caltius Mezzanine and existing investors, including ABS Capital Partners, Oak Investment Partners, Salix Ventures, and Mayfield Associates.

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"Caltius derived a creative financing structure that met our short and long term goals. We had better economic offers, but we were most comfortable with the Caltius team. They respect management and ran a smooth and painless due diligence process."

Neal Deutsch

Chief Executive Officer


Select Rehabilitation provides physical, occupational and speech therapy services to patients residing in skilled nursing facilities. The company was founded in 1997 by a three person management team that successfully grew the business to employ over 1,000 licensed therapists at nursing facilities located in thirteen mid-western and mid-Atlantic states at the time of Caltius Mezzanine's investment.

In 2004, the three founders sought to recapitalize the company to diversify their personal wealth, yet they wished to maintain operating control and limit dilution. As the company's strong cash flow would continue to support its organic growth, the new capital would primarily be used for shareholder distributions. While other prospective investors hesitated at the prospect of funding such a large dividend, Caltius recognized that the company's demonstrated ability to improve the efficiency and profitability of nursing facilities where it operated had created an enterprise value substantially in excess of the funded amount.

Caltius Mezzanine worked with the founders to develop an appropriate financing structure that allowed them to maximize their liquidity while limiting their dilution. Caltius Mezzanine's financing was used to finance the shareholder dividend and to complete a pending acquisition.

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Zenith Administrators, Inc. is a leading third party benefit administrator serving multi-employer, single employer, and public employer benefit plans. Zenith serves as administrator, manager, or technology service vendor primarily for union (Taft-Hartley) plans, but also for corporate employers, government entities, trade associations, and benefit trust funds through a network of locations throughout the U.S. The company was formed through the acquisition of six regional TPA's between 1986 and 1993 and has since continued to build its reputation for high quality service and grow its leading market position within the Taft-Hartley market.

In March 2005, Caltius Mezzanine provided senior debt, subordinated debt and an equity co-investment to support the management buyout of the company by existing management and a group of equity investors. The equity investors were led by Aspen Partners, who had entered into an agreement with the seller, ULLICO, Inc., which required a financing commitment in a short time frame.

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"We are pleased to have Caltius as our financial partner. Caltius worked quickly to get up to speed on the dynamics of the aerospace industry, and they were very responsive to our needs throughout the investment process."

Terry Jarnigan

CEO


Tri-Star Electronics International, Inc. is a leading interconnect component manufacturer primarily serving the worldwide aerospace and defense markets. Its products are used on virtually every aircraft platform worldwide. The company maintains relationships with leading manufacturers such as Boeing, Airbus, Labinal, Rockwell Collins, and Teledyne. Tri-Star offers a complete range of in-house manufacturing capabilities from its headquarters in El Segundo, CA and a facility in Switzerland, including engineering and design, material requirements planning, fabrication, assembly, and testing.

Caltius Mezzanine's subordinated debt investment was part of a recapitalization to facilitate Tri-Star's spin-out from Aviation Technologies. Both Aviation Technologies and Tri-Star are controlled by Odyssey Investment Partners, a leading private equity firm with extensive experience in the aerospace industry. GE Commercial Finance provided the senior financing for the transaction.

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"Caltius remained patient throughout the investment process and was able to understand our needs and concerns. Caltius' flexibility was integral in addressing these needs and getting the deal done."

Joe Straus

President


Based in Palmdale, CA., U.S. Pole designs and manufactures decorative outdoor lighting products used to decorate and illuminate parking lots, walkways, streets, and other outdoor areas. Traditionally designed products are sold through the Sun Valley Lighting brand and contemporary products are sold through the US Architectural Lighting brand.

The founder and current President had grown the company internally over 20 years and sought some personal liquidity and diversification as well as a partner to help him grow. Given the company's growth prospects and the President's continued desire to run the company, he decided to pursue a leveraged recapitalization. Caltius Mezzanine provided financing to fund the cecapitalization.

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"Caltius was flexible and creative in structuring a unique financing package that met our needs."

PJ Nora

KCA Partners


KCAEP, an acquisition vehicle of San-Francisco based private equity firm KCA Partners, is a holding company for two separate subsidiaries including Apex-Carex Healthcare Products, a manufacturer and marketer of low-tech self-treated medical products, and Van's International Foods, a manufacturer and marketer of gourmet frozen waffles.

Caltius Mezzanine initially invested in the company in 2002 through its second fund. Caltius Mezzanine's new investment refinanced some existing debt and financed the acquisition of Bed Buddy, a branded line of therapeutic hot/cold packs, by Apex-Carex. Bed Buddy's patented, reusable hot/cold packs can be both micro-waved and frozen to quickly and effectively treat sore muscles, arthrities, headaches, and other pain. The Bed Buddy products are an attractive strategic fit with Apex-Carex's product portfolio and have complementary sales channels.

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"We are excited to have an institution like Caltius as a partner. Caltius helped us close on an important transaction which provides capital and flexibility to continue its growth strategy while repaying initial shareholder investments".

Steven Foster

CEO


Lucky Strike is an owner and operator of a chain of upscale bowling alleys which also serve as night clubs and high quality casual dining venues. The company was founded in 2003 by industry veteran Steven Foster with the opening of the first location in Hollywood, CA and has expanded the concept to a number of locations throughout the US. Locations typically feature an upscale bowling lounge with 12-24 lanes, a large high energy bar, a sophisticated audio/visual system, and a full sit-down menu with dining capacity of 75-120 customers.

Caltius Mezzanine's investment was part of a larger recapitalization in which existing debt was refinanced and shareholder investments were repaid. The transaction also provided capital to support the company's growth plans.  Following its initial investment, Caltius Mezzanine provided additional mezzanine capital to provide liquidity for new store openings

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"With Caltius' assistance, we were able to meet the needs of our exiting shareholders, enable our management team to take a controlling interest in the company, and create a capital structure that positions us for future growth"

Larry Smith

CEO


True Home Value is a home improvement company headquartered in Louisville, KY.  The company manufactures and installs customized residential replacement windows and also offers a range of other home improvement services such as kitchen and bath remodeling, exterior siding, decking, sunrooms, and roofing. The company operates in the Midwestern US through its network of wholly owned regional subisidiares which includes such well recognized names as Leingang Home Centers, Primax Windows, Rolox Companies and Thomas Contruction.

The proceeds from Caltius Mezzanine's investment were used to support management's buyout of the company. Caltius' investment consited of senior secured notes and senior secured subordinated notes.

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"With these new partners, we are not only receiving investment capital to complete our recapitalization, but are also aligning ourselves with knowledgeable partners to meet our growth and expansion objectives".

Jon Ziehl

CEO


PlanMember is a financial services marketing and distribution company with over $1 billion in assets under management. PlanMember markets a retirement plan advisory program that delivers a broad array of retirement plan services to sponsors and participants through independent representatives and affinity and membership groups. These services include personalized planning and investment advisory services for individuals as well as complete plan sponsor consulting and administration services for employers/institutions.

Caltius Mezzanine introduced Lovell Minnick Partners, a private equity firm that specializes in financial services, to the company. In November 2006, Lovell Minnick provided equity financing and Caltius provided subordinated debt to redeem outstanding preferred stock and provide working capital.

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HSS Group is a leading provider of outsourced staffing solutions and cleaning services to the full service hospitality market. HSS Group is a holding company whose primary subsidiary, HSS Staffing Solutions, provides full-time labor to nearly 300 hotel, resort, and casino properties across the United States with its workforce of over 4,000 housekeepers, kitchen/banquet staff, and other hotel operations personnel. The company also owns IHS Staffing Services, which proves third-shift janitorial services to full service hotels.

Caltius Mezzanine's financing was used to fund a shareholder dividend. The investment was structured as a one-stop senior/mezzanine financing including senior secured notes and subordinated notes with warrants. After its initial investment, Caltius Mezzanine provided an additional financing to fund another shareholder dividend.

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"First and foremost, we value Caltius as our business partner. They are great strategists and collaborate with management to establish and implement sound business ideas. We appreciate both their commitment and their capital to help us achieve our goals."

Rick Stein

President & CEO


UHY Advisors is a leading national professional services firm primarily focused on business, consulting, and tax services. UHY provides accounting services to mid-sized and larger companies through an alternative practice structure with UHY LLP, a firm of independent certified public accountants. UHY operates through multiple U.S. offices which are organized across client-centric specialites to maximize access to UHY's industry and service expertise. UHY also has access to global capabilities through UHY International, an affiliation of professional services firms in a number of countries.

Caltius Mezzanine had previously invested in UHY through an earlier fund.  In December 2006, Caltius Mezzanine provided subordinated debt and preferred stock financing in conjunction with a new senior credit facility which was used to refinance existing debt, redeem preferred stock and warrants, and provide growth capital.

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BrightHeart is a national network of specialty/emergency veterinary hospitals. BrightHeart works closely with referring veterinarians and pet owners to provide the highest standards and greatest range of options in pet care. BrightHeart provides its doctors and staff with outstanding career advancement opportunities; promotes communication with referring veterinarians; and seeks to increase public awareness of the quality options to pet owners for the medical diagnosis and treatment of pets.

Caltius Mezzanine provided BrightHeart with a loan facility, including an acquisition line, to help finance acquisitions of specialty/emergency veterinary hospitals. Caltius also made a separate equity co-investment.

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"We are pleased to have partnered with Caltius to complete this investment as it is validation of the success of our single sector model, strength of our team and size of our future growth opportunities. Caltius' ability to structure a creative and flexible financing package that meets our unique needs will facilitate the acceleration of our key initiatives and market share gains."

Scott E. Sandbo

Chairman and CEO


Pacific Crest Securities is a leading technology-focused investment bank headquartered in Portland, OR. Pacific Crest conducts equity research, institutional sales and trading, M&A advisory, and public and private financings in the technology sector. The firm's highly focused and collaborative approach enables Pacific Crest to identify the key emerging technology trends for North America's and Europe's largest institutional investors, venture capitalists, and technology companies. Pacific Crest has received numerous awards for its expertise, including Institutional Investor's "Best of the Boutiques" award for its technology research and Greenwich Associate's #1 technology sales ranking.

In February 2008, Caltius Mezzanine partnered with CIVC, a Chicago-based private equity firm, to provide a growth financing package to Pacific Crest.

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"We are excited to have Caltius on board as our financial partner. Caltius structured a creative financing solution that met our unique needs and will enable us to capitalize on the many growth opportunities that exist in our industry."

Steve Miller

President & CEO


Headquartered in Eugene, Oregon, Bulk Handling Systems ("BHS") is a leading designer, manufacturer and installer of premium conveying and screening systems for the solid waste and recycling materials processing industry. BHS develops and manufactures materials processing equipment for waste processing facilities. The company's systems sort solid waste and recyclable materials streams into resalable products. BHS' emphasis on reducing costs and improving processing efficiency for its customers has propelled it to the forefront of the materials processing industry and positioned the company as a leading global provider of recycling equipment.

Caltius Mezzanine's investment in BHS was used to refinance the company's existing debt and fund management's repurchase of shares held by outside investors.

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"We are pleased to have Caltius as our financial partner. Caltius was a responsive and flexible institution throughout the transaction process, and we look forward to working with them over the coming years.'

Dave Barton

President


Headquartered in Scottsdale, Arizona, Mercer Advisors is a registered investment advisor providing comprehensive financial planning and asset management services to healthcare professionals. The company also has a consulting services division specializing in improving the productivity and business value for dental practices and assisting dental practitioners with the transition and sale of their businesses.

The proceeds from Caltius Mezzanine's investment were used to support Lovell Minnick Partners' acquisition of the company. Lovell Minnick is a private equity firm specializing in the global financial services industry. Caltius' investment consisted of senior secured notes, senior subordinated notes, and an equity co-investment.

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Headquartered in Phoenix, Arizona, Diversified Human Resources (DHR) is a professional employer organization providing outsourced human resources management services to clients nationwide. DHR provides human resources services to small to medium sized businesses including payroll processing, benefits administration, risk management, compliance administration, e-Verification and I-9 processing, and other HR services. As separate services, DHR also offers temporary and temporary-to-permanent employment services through International Staffing Services.

Caltius Mezzanine's financing was used to refinance the company's existing debt, provide growth capital for geographic expansion, and fund a shareholder dividend.

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"This is our third transaction with Caltius Mezzanine, and we look forward to partnering with them to support Griplock's management team in executing new growth initiatives and exploring potential add-on acquisitions."

PJ Nora

Partner of KCA


Headquartered in Carpinteria, CA, Griplock Systems, LLC provides cable suspension systems that address a wide range of applications, including energy efficient lighting, retail signage and store fixture display, architectural ceilings, theatrical and trade show rigging, and museum-quality art display.

The proceeds from Caltius Mezzanine's investment were used to support KCA Partners' acquisition of the company.

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"Caltius provided Odyssey with a one-stop financing solution that enabled speed and surety of close in a difficult financing environment."

Bill Hopkins

Managing Principal of Odyssey


Headquartered in Newport Beach, CA, SM&A provides competitive management services and program services to government contractors in aerospace and defense, homeland security, information technology, telecommunications, health care, professional services, and other sectors. Competition management services include business capture and proposal development services. Program services consist of post-award program management, systems engineering, and other expert support services.

Caltius Mezzanine had previously invested in SM&A through an earlier fund.  In December 2008, Caltius Mezzanine provided a one-stop financing package to support Odyssey Investment Partner's take-private buyout of SM&A.  The financing included both senior and subordinated notes. 

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"Caltius provided USA with significant growth capital while creating a flexible capital structure. We look forward to our new partnership with Caltius and are excited to have the financing needed to execute on our robust pipeline of growth initiatives."

Steve Jones

co-CEO of USA


Universal Services of America ("USA") is a leading provider of security and janitorial services in the western United States. USA's primary subsidiary, Universal Protection Service ("UPS") is a leading provider of unarmed security guards to commercial office buildings in California. UPS also services a broad range of facilities across a spectrum of end markets including the municipal, residential, industrial, retail, and healthcare sectors. The company's other two subsidiaries include Universal Building Maintenance, a provider of janitorial services, and Universal Security Systems, which provides security alarm and access control systems and related services.

Caltius Mezzanine's initial financial package consisted of senior subordinated notes funded at close and an acquisition line. Since the initial financing, USA has achieved significant growth through acquisitions and organic expansion, and Caltius Mezzanine has made multiple add-on investments to support USA's national growth strategy.

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"This is our first transaction with Caltius Mezzanine and we look forward to partnering with them to support Insight Global's management team in executing on its exciting growth initiatives."

Jay Wilkins

Principal, Harvest


Insight Global is a leading provider of information technology staffing solutions through a network of 21 offices in the United States. Headquartered in Atlanta, GA, Insight Global fills 10,000 IT staffing placements each year for a range of Fortune 1000 companies, including IBM, Verizon, CVS, Kaiser Permanente and Microsoft.

Caltius Mezzanine's financing package consisted of subordinated notes, preferred equity, and an equity co-investment and was used to support a sponsored buyout of the company.

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"Caltius' creative financing package enabled us to take advantage of an attractive opportunity to increase our ownership stake in our growing business. The Caltius team worked hard to structure a deal that was attractive to all parties involved, and all of the senior partners at PM&P are excited to collectively build the equity value of our firm."

David Swinford

President and CEO, Pearl Meyer & Partners


Pearl Meyer & Partners ("PM&P") is a leading independent executive compensation consulting firm. For over 20 years, PM&P has served as a trusted advisor to Boards and their senior management in the areas of governance, strategy and compensation program design. Clients from the Fortune 500 to not-for-profits and emerging high-growth companies rely on PM&P to help align rewards with long-term business goals to create value for all stakeholders: shareholders, executives, and employees.

Proceeds from Caltius Mezzanine's investment were used to help finance the management-led buyout of a passive equity investor. The shareholder buyout transaction was financed with the proceeds from Caltius' subordinated debt facility, a new senior debt facility provided by the Bank of Texas, and common equity investments made by Benson Botsford, LLC and approximately 30 executives and managing directors of PM&P.

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"We are excited about our new partnership with Caltius, who worked diligently with our executive management team to structure a transaction which aligned the incentives of all parties involved. All of the senior partners at IH Strategies are excited to be invested in the transaction and have an increased ownership in our growing firm."

Bob Erra

President, Integrated Healthcare Strategies


Integrated Healthcare Strategies ("IH Strategies") is a healthcare management consulting firm focused on compensation and benefit designs and human resource advisory. With over 30 years of strategic consulting experience provided primarily to non-profit healthcare organizations, IH Strategies brings a unique depth and breadth of knowledge to its customers. Through its primary business lines which include Executive Compensation and Governance, Physician Services, MSA HR Capital, and MSA Executive Search, IH Strategies provides executives and boards with a comprehensive solution for the increasing complexities and challenges of operating a healthcare organization.

Proceeds from Caltius Mezzanine's investment were used to help finance the management-led buyout of a passive equity investor. The shareholder buyout was financed with the proceeds from Caltius' subordinated debt facility, a new senior debt facility provided by the Bank of Texas, and common equity investments made by Benson Botsford, LLC and approximately 25 executives and senior consultants of IH Strategies.

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"Caltius worked hard to to quickly understand our business and financing needs."

John Wilson

CFO, Meridian Surgical Partners


Meridian Surgical Partners ("Meridian") is a leading owner and operator of ambulatory surgery centers (“ASCs”) in the United States.  Headquartered in Nashville, TN, Meridian specializes in ambulatory surgery center acquisition, development, and management. In partnership with physicians, Meridian owns and operates a number of outpatient surgical facilities. Meridian's goal is to provide outstanding patient care in partnership with leading physicians at first class facilities.

Caltius Mezzanine's financing package was structured to include a flexible acquisition line to enable Meridian to continue its organic and acquisition growth model.

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Headquartered in Tampa, FL, HealthPlan Holdings ("HealthPlan") is a portfolio company of Water Street Healthcare Partners and a leading provider of outsourced solutions to insurers in the individual, union trust and voluntary benefits markets.  Caltius Mezzanine's financing was used by HealthPlan to support the acquisition by its subsidiary, American Benefit Plan Administrators, of Zenith Administrators (another Caltius Mezzanine portfolio company). The combination creates a leading national third-party administrator of health care, retirement and other benefits to Taft-Hartley trust funds and state and municipal plans.

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Harris Research, Inc. (HRI) is a leading franchisor of in-home consumer services in the United States and internationally. HRI's Chem-Dry brand is the world's largest provider of carpet and upholstery cleaning services with approximately 4,000 franchises worldwide. HRI also franchises its unique N-Hance wood cabinet and flooring renewal service features through more than 200 franchises.

To support a private equity sponsor's acquisition of HRI, Caltius Mezzanine provided a financing package consisting of subordinated notes and preferred and common equity.

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Based in Cambridge, MA, Monitor Group is a leading global management consulting firm focused on helping clients win by seizing new opportunities, overcoming difficult challenges, and transforming their organizations. Monitor employs a highly talented group of over 1,000 consultants located around the world, providing a wide variety of high impact, expert consulting services. Founded in 1983, Monitor has a track record of significantly improving the revenue growth and profitability of its clients.

Caltius Mezzanine's million subordinated debt financing was used to refinance a portion of Monitor's existing debt and provide growth capital.

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"Caltius has worked closely with us to complete the acquisition of Isla and represents a great partner and resource for growth capital as we continue to build out the Radiant network."

Bohn Crain

CEO and founder of Radiant


Headquartered in Bellevue, WA, and publically traded on the OTC as QB: RLGT, Radiant Logistics, Inc. ("Radiant") is a non-asset based third party logistics company, providing domestic and international freight forwarding services through the Airgroup, Adcom and DBA brands. Radiant is executing a strategy to build a global transportation and supply chain management company through organic growth and the strategic acquisition of regional best-of-breed non-asset based transportation and logistics providers.

Caltius Mezzanine's investment was used to finance Radiant's acquisition of Isla International Ltd. and provide for growth capital.

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“Caltius provided Select with a capital solution that enabled speed and surety of close and positioned our company for the next phase of growth.”

Neal Deutsch

Chief Executive Officer


Headquartered in Northfield, Illinois, Select provides physical, occupational and speech therapy services to patients residing in skilled nursing facilities. Select employs over 5,000 individuals and serves over 450 nursing facilities throughout 28 states.

 

Caltius Mezzanine had previously invested in Select through its third mezzanine fund.  In January and June 2012, Caltius Partners IV provided additional financing to Select which was used to repay Select’s existing debt (including debt to Caltius Partners III), to acquire EnduraCare Therapy Management and to fund a stockholder dividend.

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"Caltius structured a creative financing solution that met our needs and enabled us to close our share repurchase in an expedited time frame."

Chip Hanson

CEO of J-B Weld


Headquartered in Sulphur Springs, TX, J-B Weld develops, formulates, markets, distributes and sells a branded line of cold-weld epoxy adhesives to consumers and professionals in both the automotive and hardware market segments. Founded in 1969, J-B Weld is as a leader in its category, with a range of premium products recognized for their strength of bond, overall performance, durability and value.

 

The proceeds from Caltius Mezzanine's investment were used to refinance the company's existing debt and fund management's repurchase of shares held by outside investors.

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"Caltius provided a financing solution that enabled us to close the share repurchase opportunity in the required time frame. We are excited to have Caltius as a financial partner and look forward to working with them as we continue to grow our business."

Kyle Murray

Chief Strategy Officer


Headquartered in Newport, KY, Divisions Maintenance Group is an integrated facilities maintenance company providing maintenance services for property managers and retail clients nationwide. Divisions has grown rapidly since its inception in 1999 from a provider of maintenance services to a single location to managing over 250 million square feet from 34 field offices across the country. With core services in landscaping, parking lot maintenance, snow removal, plumbing, electrical, and handyman services, Divisions is dedicated to delivering uninterrupted peace of mind for its customers. Divisions’ experienced management team has developed and refined its unique business model which combines thorough vendor selection, cutting edge site inspection, customer portal technology and a “boots on the ground” presence for each account.

 

The proceeds from Caltius’ investment were used to help finance management’s purchase of the equity owned by outside shareholders.

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"Caltius provided AGC with a creative financing solution that met AGC's expanded financing needs and enabled speed and surety of close. We look forward to partnering with Caltius to support AGC's management team in executing on its exciting growth initiatives."

Rick Armstrong

President and CEO of AGC


Headquartered in Oklahoma City, OK, AGC AeroComposites ("AGC") is a portfolio company of The Edgewater Funds and Acorn Growth Companies and develops, designs, and manufactures high performance composite, metal, and alloy components for the global aerospace and defense industries.


Caltius Mezzanine's investment was used to support the acquisition by AGC of Tods Aerospace & Defence Ltd. ("Tods"). Tods, which is based in the U.K., specializes in the engineering, design, and manufacture of advanced composite materials technology for aerospace and naval acoustic structures.

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"Caltius provided a financing solution that enabled us to close our share repurchase and position the business for growth. We are excited to have Caltius as a financial partner and look forward to working with them as we continue to expand our HomeStore network."

Gary Seals

Founder & Chief Executive Officer


Headquartered in San Antonio, TX, Hill Country Holdings ("HCH") is the largest licensee and independent operator of Ashley Furniture HomeStores. The proceeds from Caltius' investment were used to help finance management's purchase of the equity owned by a non-active shareholder.

 

Ashley Furniture Industries is the largest home furniture manufacturer in the world and through its HomeStores retail network is the largest furniture retailer in the United States. Founded in 2002, HCH opened its first Ashley Furniture HomeStore in Austin, TX. Since then, the company has successfully expanded its store count and geographic coverage, currently operating 24 stores in Texas, Washington, and Oregon.

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“Caltius provided EXOS with a creative financing solution that met EXOS’ expanded financing needs and enabled speed and surety of close. We look forward to partnering with Caltius to support EXOS’ management team in executing on its exciting growth initiatives.”

Dan Burns

CEO of EXOS


Caltius Mezzanine's debt and equity investments supported the acquisition by EXOS of MediFit Corporate Services, Inc. Headquartered in Phoenix, AZ, EXOS is a portfolio company of Polaris Partners and ABS Capital Partners and is pioneering human performance.  EXOS provides technology-enabled, integrated performance training, nutrition, and physical therapy programs and services for elite athletes, the U.S. military, and corporate employees throughout the world.  MediFit designs and manages corporate, community and residential fitness centers throughout the United States, Canada and Puerto Rico.

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“We are pleased to partner with the Caltius team. Caltius worked incredibly hard in a short period of time to truly understand our aspirations and requirements, resulting in a customized structure and terms that worked well for us,” noted Janet Widmann, Chief Executive Officer of Kids Care Dental.  “We look forward to working with Caltius as we continue our focus on growth.”

 

Janet Widmann

CEO


Headquartered in Sacramento, CA, Kids Care Dental is a dental service organization with 17 pediatric dental, orthodontic and oral surgery practices located in Sacramento and surrounding cities in California’s San Joaquin Valley.  Kids Care has over 225 employees committed to providing excellent dental care to toddlers through teens while promoting lifelong, effective oral hygiene habits in a safe, convenient and fun environment.  


Kids Care Dental is a portfolio company of Sterling Partners, a Chicago-based private equity firm which acquired Kids Care Dental in 2013.  Since partnering with Sterling, Kids Care Dental has made meaningful investments to scale and expand its geographic footprint through the opening of new locations.  Caltius’ investment was used to refinance existing debt and provide capital for future growth.

  

 

 

  

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“We are pleased to partner with the Caltius team. Caltius worked hard to quickly understand GLM and the market opportunity we see.  Importantly, Caltius was able to provide a full junior capital solution, involving both debt and equity investments, that gave us certainty of close as we worked through the investment process” noted John Broucek IV, Principal and Chief Investment Officer at D'Orazio Capital Partners, LLC.  “We look forward to working with Caltius as our investment partner in GLM.”

John Broucek IV

Principal at D'Orazio Capital Partners, LLC


Established in 1970, GLM is a provider of components, maintenance, and repairs to gas turbines, centrifugal gas compressors, pumps, gearboxes, and generators to the energy industry. GLM specializes in overhaul and parts manufacturing of Solar, GE, and Siemens gas turbines and is a certified GE Distributor and Green Tag repair center providing the highest quality of repair and expertise concerning GE valves.  Based in Kenai, Alaska, GLM provides service to both Alaska and the Continental United States. 

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Walker Edison is an innovative ready to assemble furniture manufacturer based in Salt Lake City, Utah. Walker Edison was established in 2006 with a vision to provide high quality stylish furniture, which enables customers to break away from the standard mold and "Live Outside The Box". Walker Edison offers a wide range of furniture, including home entertainment, home office, casual dining, occasional, outdoor living, and youth bedroom. These products are sold through a variety of e-commerce and traditional retailers, allowing consumers the flexibility to shop their favorite sites and stores.

Brad Bonham

CEO


“We are pleased to partner with the Caltius team. Caltius worked hard to quickly understand our business and the market opportunity we see. We needed to close our transaction in a short time frame and Caltius delivered an effective capital solution in a timely manner,” noted Brad Bonham, CEO and Founder of Walker Edison. “We look forward to working with Caltius and their network of relevant resources as we continue to grow Walker Edison.”

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“We immediately liked BSD’s command of the space, specifically the SpecLink-E database functionality and the value it brings to designers and building product manufacturers. The opportunity to drive efficiency in the AECO vertical with product innovation is significant. Management has made this a core focus of BSD’s strategy,” noted Gavin Bates, Managing Director of Caltius Structured Capital. “We are excited to support this leadership team in their recapitalization of the business and look forward to a successful partnership.”  

Gavin Bates

Managing Director


“Caltius provided us with the capital we needed to re-structure the BSD ownership in a timely and efficient manner,” noted Chris Anderson, CEO of BSD. “They quickly understood our business and the opportunity to innovate in the space. We look forward to working with them as we grow the business.” 

Company

Initial Investment Date

State

Industry

Status

Pritikin Enterprises

Nov-97

CA

Healthcare

Realized

Quantic Industries

Apr-98

CA

Misc. Manufacturing

Realized

Parking Company of America

May-98

CA

Misc. Services

Realized

QCI Marine Offshore

Jun-98

TX

Misc. Services

Realized

Scientech, Inc.

Dec-98

ID

Business/Professional Services

Realized

CampGroup LLC

May-99

NY

Education

Realized

Soff-Cut International

Jun-99

CA

Misc. Manufacturing

Realized

Wyle Laboratories

Nov-99

CA

Business/Professional Services

Realized

American Consolidated Media

Jan-00

TX

Media

Realized

Closet World

May-98

CA

Consumer Products

Realized

UHY Advisors

Jul-00

IL

Business/Professional Services

Realized

Plassein Packaging

Sep-00

CT

Misc. Manufacturing

Realized

ETT, Inc.

Nov-00

NV

Misc. Services

Realized

SM&A

Dec-00

CA

Business/Professional Services

Realized

CRC Health Corporation

Jan-01

CA

Healthcare

Realized

Aspen Education Group

Jul-01

CA

Education

Realized

Nu Visions Manufacturing

Aug-01

MA

Misc. Manufacturing

Realized

Homegrown Natural Foods

Oct-00

CA

Consumer Products

Realized

KCAEP, LLC

Mar-02

CA

Consumer Products

Realized

Dickinson Frozen Foods

Dec-02

ID

Consumer Products

Realized

Healthy Pet Corp.

Mar-03

CT

Healthcare

Realized

ForeFront Education

May-03

IL

Education

Realized

Vantage Mobility International

Jan-04

AZ

Misc. Manufacturing

Realized

Scientech, LLC

Jul-04

ID

Business/Professional Services

Realized

Radiant Research

Sep-04

WA

Healthcare

Realized

Select Rehabilitation

Jan-05

IL

Healthcare

Realized

Zenith Administrators

Mar-05

IL

Business/Professional Services

Realized

Tri-Star Electronics

Aug-05

CA

Misc. Manufacturing

Realized

U.S. Pole Company

Mar-06

CA

Misc. Manufacturing

Realized

KCAEP, LLC

May-06

CA

Consumer Products

Realized

Lucky Strike Entertainment

Aug-06

CA

Recreation/Dining

Current

True Home Value

Oct-06

KY

Consumer Products

Realized

PlanMember Financial Corporation

Nov-06

CA

Financial Services

Realized

HSS Group, Inc.

Dec-06

GA

Business/Professional Services

Realized

UHY Advisors

Dec-06

IL

Business/Professional Services

Realized

BrightHeart Veterinary Centers

Aug-07

NY

Healthcare

Realized

Pacific Crest Securities

Feb-08

OR

Financial Services

Realized

Bulk Handling Systems

Feb-08

OR

Misc. Manufacturing

Realized

Mercer Advisors Inc.

May-08

AZ

Financial Services

Realized

Diversified Human Resources

May-08

AZ

Business/Professional Services

Current

Griplock Systems, LLC

Aug-08

CA

Consumer Products

Realized

SM&A

Dec-08

CA

Business/Professional Services

Current

Universal Services of America

Nov-09

CA

Business/Professional Services

Realized

Insight Global

Jun-10

GA

Business/Professional Services

Realized

Pearl Meyer & Partners

Aug-10

NY

Business/Professional Services

Current

Integrated Healthcare Strategies

Aug-10

MN

Business/Professional Services

Realized

Meridian Surgical Partners

Oct-10

TN

Healthcare

Realized

HealthPlan Holdings

Aug-11

FL

Business/Professional Services

Current

Harris Research, Inc.

Sep-11

TN

Consumer Products

Current

Monitor Group

Oct-11

MA

Business/Professional Services

Realized

Radiant Logistics, Inc.

Dec-11

WA

Business/Professional Services

Realized

Select Rehabilitation, Inc.

Jan-12

IL

Healthcare

Current

J-B Weld

Dec-12

TX

Consumer Products

Current

Divisions Maintenance Group

Jun-13

KY

Misc. Services

Current

AGC AeroComposites

Jul-13

OK

Misc. Manufacturing

Current

Hill Country Holdings

Mar-14

TX

Consumer Products

Current

EXOS

Dec-14

AZ

Misc. Services

Current

Kids Care Dental Group

Jun-16

CA

Healthcare

Current

GLM Energy Services

Jul-16

AK

Misc. Manufacturing

Current

Walker Edison

Nov-16

CA

Furniture Manufacturing

Current

Building Systems Design

Sep-17

GA

Software Technology

Current