180_000_News

November 2011

Roll Rite Group Holdings, LLC

On October 10, 2011, Argosy Investment Partners IV, L.P. (“Argosy”) invested alongside Capital Partners and Management to acquire Roll-Rite (“Roll-Rite” or the “Company”) (www.rollrite.com).  Roll-Rite is a leading manufacturer and innovator of automated tarping systems, components and aftermarket parts for open body trucks and trailers serving the agriculture, construction, and waste and scrap markets.  Roll-Rite is based in Alger, Michigan.

As a leading manufacturer of automated tarping systems with over 20 years of experience, Roll-Rite prides itself on its engineering and product development expertise, the quality and breadth of its product offering, after-sales technical support and training, and best-in-industry lead times.  The Company’s systems are designed to improve functionality and durability and provide the most efficient and driver friendly system in the marketplace.  In addition to tarping systems, Roll-Rite manufactures a wide range of stock and custom tarps, gear motors for tarping systems and other related aftermarket parts. The Company’s primary customers include a diverse base of distributors, fleet operators, regional service and repair centers, dealers and original equipment manufacturers (“OEMs”) of trailers and truck bodies.

June 2011

Enefco International, Inc.

On June 17, 2011, Argosy Investment Partners IV, L.P. (“Argosy”) acquired a controlling ownership interest in Enefco International, Inc. (“Enefco” or the “Company”).  Founded in 1973, Enefco is a leading manufacturer of cleaning cards, cosmetic foam applicators, leatherboard shoe counters and industrial dies. The Company is highly respected for its product quality and commitment to innovation. Enefco is based in Auburn, Maine, and has additional operations in San Diego, California and Belfast, Northern Ireland.

The Company has developed a proprietary line of cleaning card products utilizing its patented “Waffletechnology” design. Waffletechnology incorporates spring-loaded raised areas on the cleaning card designed to reach hard-to-clean areas of imaging and acceptance devices such as check scanners, ATM machines and POS credit card readers. Waffletechnology provides a significant improvement in cleaning efficiency and effectiveness over conventional (flat) cleaning cards and is available in more than 100 proprietary designs covering a wide range of electronic equipment.

May 2011

Quantum Clean

On May 13, 2011, Argosy Private Equity provided financing to support the acquisition of Applied Materials’ (NASDAQ: AMAT) Chamber Performance Services Business (“CPS”) by Quantum Global Technologies, LLC (“Quantum”).  Quantum (www.quantumclean.com), headquartered in suburban Philadelphia, was founded in 2000 by two chemical engineers (one from Air Products and one with a Kellogg School MBA) and has grown to become a leader in the high purity outsourced parts cleaning and coating industry with six ISO 9001 facilities in the U.S. and Singapore.  CPS operates seven facilities in the U.S., Israel, Scotland, Taiwan and Singapore.

The combination of Quantum and CPS creates the largest U.S., and a strong international, supplier of cleaning and coating services to semiconductor fabrication companies.  Using over 100 patented processed and advanced coating techniques, including a unique patent on quantifying surface purity, Quantum cleans both new and recycled parts to “clean room” standards and has  become an integral service partner for companies such as Intel, which named Quantum a “Roadmap Supplier” in 2008.

Asia America Corp.

On May 10, 2011, Argosy Private Equity acquired a controlling ownership interest in Asia America Corporation (“AAC”).  Based in Waxhaw, NC (30 miles south of Charlotte), with additional operations in Seattle, WA, AAC (www.asiaamericacorp.com) is a value-added distributor providing component sourcing, kitting, sub-assembly, logistics and vendor / inventory management services for industrial and material handling manufacturers and OEMs.

AAC excels at sourcing high precision parts (gears, bearings, precision castings, etc.) for OEMs at significantly lower costs while maintaining high product quality levels. The Company offers kitting, sub-assembly, logistics and inventory management services that enable its customers to reduce inventory levels, SKU’s and material handling costs and facilitate just-in-time delivery practices. Asia America focuses its efforts on low volume parts for which purchasing departments of large industrial and material handling manufacturers and OEMs typically cannot implement a cost-effective sourcing solution.

February 2011

Autocrat, Inc.

On February 11, 2011, Argosy Investment Partners IV, L.P. invested preferred equity to fund the recapitalization of Autocrat, Inc., a family-owned business founded in 1895. Headquartered in Lincoln, RI, Autocrat (www.autocrat.com) is a leading coffee extract provider and one of the largest coffee roasters in New England. The Company also operates a regional food service coffee business and has a small retail presence under the Autocrat and Newport Coffee Traders brands.

The transaction was co-led by Argosy and Trent Capital Partners, a lower middle-market sponsor group based in Naples, FL. The sellers and management also made substantial rollover investments into the equity of the recapitalized company.

Extrusion Technology, Inc.

On February 7, 2011, Argosy Investment Partners IV, L.P. invested $6.25 million in subordinated debt, preferred equity and common equity in Extrusion Technology, Inc. (www.extrutech.com) to support the acquisition of Purcell Technologies, Inc. Extrusion Technology is a portfolio company of RFE Investment Partners, a New Canaan, CT-based lower middle market buyout fund. Argosy led the mezzanine tranche and co-invested in the equity securities to facilitate the purchase of Purcell.

November 2010

Cattron Group International, Inc.

On November 23, 2010, Argosy Investment Partners II, L.P. exited its investment in Cattron Group International, Inc. (www.cattron.com). Headquartered in Sharpsville, Pennsylvania, Cattron is a market leader in the design and supply of high-reliability wireless remote control systems serving the railroad, mining, and industrial markets globally. In addition to providing custom wireless Remote Control (RC) systems that enable external operation of heavy equipment and vehicles as well as ongoing service for these RC systems, Cattron provides fully hosted networked applications software enabling customers to monitor their remote controlled assets in real-time. The Company was sold to Laird Technologies, Inc., a designer and manufacturer of customized, performance-critical products for wireless and other advanced electronics applications for $90 million in cash.

September 2010

AP Services, Inc.

On September 15, 2010, Argosy Private Equity invested in AP Services, Inc. Headquartered in Freeport, PA, AP Services is a manufacturer and value-added distributor of gaskets and sealing technologies and provides technical services to nuclear and fossil fuel power plant facilities. Based on its history and reputation of providing engineered, technology-driven sealing solutions, the Company maintains a blue-chip customer base composed of many of the largest power generation utilities in the United States and Canada.

Led by a strong management team, AP Services is positioned to experience substantial growth over the next several years due to additional product and service offerings, expansion into international sales channels and attractive industry dynamics. Argosy participated in both the equity and subordinated debt alongside Plexus Capital and Triangle Capital. Doug Van Tassell, CEO, has been with AP Services for 15 years, will have a significant ownership position in the Company, and will be responsible for leading the growth of AP Services going forward. Argosy IV’s financing partially funded the purchase of AP Services, which was founded in 1972.

May 2010

Southerland, Inc.

On May 18, 2010, Argosy Private Equity invested in Southerland, Inc.  Headquartered in Nashville, TN, and founded in 1893, Southerland is a value-oriented, mattress manufacturer servicing the Southeast, Southwest and Midwest regions of the United States.  Through its Southerland, Elizabeth Jordan, Sleep Xpressions, Estate, Refresh and 8M product lines, the Company maintains relationships with over 450 customers, including strong relationships with some of the largest mattress retailers in the United States.

Led by three seasoned industry executives, Southerland is well-positioned to expand on its current market position and take advantage of attractive industry dynamics.  Argosy provided most of the junior capital, investing $6.0 million in subordinated debt.  In addition, management invested alongside Argosy.  Argosy’s financing funded the purchase of Southerland from the Southerland family by an Employee Stock Ownership Plan (“ESOP”).

Gichner Holdings, Inc. Exit

On May 19, 2010, Argosy Investment Partners III, L.P. exited its investment in Gichner Holdings, Inc. (www.gichner.us).  Headquartered in Dallastown, Pennsylvania, Gichner is a leading designer, manufacturer and integrator of tactical and specialty shelters, products, solutions, modular containers, subsystems and support equipment for the U.S. military, its allies, and leading defense prime contractors.  During Argosy’s hold period, Gichner developed and implemented a strategic plan that successfully grew the business both organically and through an important strategic acquisition.  From 2007 through 12-months ended December 31, 2009, Gichner grew its revenue from $48.6 million to $147.1 million (74% compound annual growth rate) and EBITDA from $5.5 million to $16.9 million (75% CAGR).  The Company was sold to Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a national defense, information technology, assurance and security solutions provider for $133 million in cash, or approximately 7.5 times trailing twelve months EBITDA at the time of closing.

December 2009

Sure Fit, Inc.

On December 30, 2009, Argosy Private Equity invested in Sure Fit, Inc.  Headquartered in Allentown, PA, Sure Fit (www.surefit.com) is the nation’s leading provider of ready-made slipcovers, fitted removable furniture covers used primarily for redecoration and protection.  The Company offers slipcovers and related accessories through both the retail market and direct channels.  Sure Fit Retail sells through national retailers and their captive websites, independent internet retailers, and third party catalogs.  Sure Fit Direct sells products through a Company-owned website and catalog, as well as advertisements through television, magazines and other marketing media.

Sure Fit has been the acknowledged category leader since the Company’s founding in 1914, and features high levels of brand recognition, established relationships with leading national retailers, and a consistently updated array of targeted products, many of which are patent-protected.  Argosy Private Equity co-invested alongside Guardian Capital Partners, a Wayne, PA-based lower middle market private equity firm, to fund the purchase of Sure Fit’s assets from the prior owners, D.E. Shaw & Co.

Liberty Propane Exit

On December 31, 2009, Argosy Investment Partners III, L.P. exited its investment in Liberty Propane (http://www.libertypropane.net ). Based in Overland Park, KS, Liberty is a retail propane distribution company that focuses on providing fuel primarily for home heating purposes. Since Argosy made its original investment in the Company in 2005, Liberty has grown through acquisitions and is now ranked as the 9th largest retail propane distribution company in the United States . Liberty was sold to Inergy, L.P. on December 31, 2009. Inergy is one of the largest propane distribution companies in the United States and trades on the NASDAQ exchange under the symbol “NRGY.”

August 2009

Ranger International Services Group, Inc.

On August 12, 2009, Argosy Private Equity invested in Ranger International Services Group, Inc. Headquartered in Greenville, SC, Ranger provides specialized technical and labor services to the U.S. Department of Defense and Armed Forces, including: air terminal services for the U.S. Air Force’s Air Mobility Command and maintenance, modification and overhaul services as a prime and sub-contractor to the U.S. Armed Forces for tactical vehicles, aircraft and aerospace ground equipment.

Ranger and its subsidiaries, CAV International and U.S. Logistics, is the sixth platform company in Argosy’s Aviation Services sector focus group. The Company has built a strong reputation for providing consistent high-quality technical services. Led by a seasoned and expert management team, Ranger is well positioned for continued growth as it markets its combined CAV and USL capabilities.

January 2009

Karl’s Rental Center, Inc.

On January 21, 2009, Argosy Private Equity invested in Karl’s Rental Center, Inc. (www.karls.com). Headquartered in Oak Creek, WI (just south of Milwaukee), Karl’s is ranked by industry trade magazine Special Events as being among the top event rental companies in the United States. Karl’s primary business (in which it holds a leading nationwide market share) is the rental of large temporary structures (clearspan, frame and pole) and infrastructure equipment (seating, staging, dance floor, power/HVAC, kitchen equipment, etc.). The Company has built a reputation as being one of the premier event rental companies in the nation and, as such, is a supplier to some of the most prestigious events in the country, including the Super Bowl, PGA tour events, and New York Fashion Week. Karl’s was recently awarded the contract to be the exclusive temporary structure provider at the 2010 Winter Olympics in Vancouver, Canada.

December 2008

Joliet Holdings, LLC

On December 1, 2008, Argosy Private Equity invested in Joliet Holdings, LLC (www.joliet-equipment.com). Headquartered in Joliet, IL (located approximately one hour southwest of downtown Chicago), Joliet manufactures, distributes and repairs large, electric industrial motors. A primary focus of its business is on the sale of DC and AC electric traction motors to the oil and gas drilling industry, primarily to rig manufacturers and drilling contractors. In addition, Joliet services, repairs and remanufactures DC and AC electric motors for use in a variety of other industries, including automobile shredding, marine propulsion, power generation and rail transportation.

MTN Capital (www.mtncapital.com), along with the company’s management team, co-invested with Argosy Private Equity. Mr. Robert LeBlanc has been introduced by the investors as an operating partner to work with Joliet’s management. Previously, Mr. LeBlanc was President and CEO of Handy & Harman ($400 million diversified manufacturer or electronic materials, specialty fasteners and connectors, among other products) and Executive Vice President of Elf Atochem North America ($1.7 billion specialty chemical and polymer company).

August 2008

Caldwell Consumer Health, LLC (dba Revive Personal Products)

On August 29, 2008, Argosy Private Equity invested in Revive Personal Products (www.revivepersonalproducts.com).  Headquartered in Madison, New Jersey, Revive is focused on the acquisition and revitalization of “orphan” over-the-counter consumer healthcare products.

In an all cash transaction, the Company purchased the worldwide rights to Stim-U-Dent ® (oral care), Fresh ‘n Brite ® (denture toothpaste), and Healthy Woman ® (soy menopause supplement), and the US rights to Gynol II ® and Conceptrol ® (female contraceptives).  The initial focus of the company will be to provide significant attention to these brands.

Revive is actively seeking to acquire additional niche brands.