Realized Investment

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.

Irvine, California

“It is a pleasure to have Caltius Mezzanine 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

www.smawins.com