ACQUISITION CRITERIA

We will consider a wide variety of potential transactions; however, each of the companies in which we have invested has had most--if not all--of the
following characteristics:


 EXAMPLES 

DescriptionCompanyContrarian Fit
Knit fabric manufacturerAlamac American Knits LLC“Third world” competitors
IUD manufacturer and marketerFEI Women’s Health LLCDalkon Shield deaths and litigation risk
Employee leasing company (“PEO”)Gevity HR, Inc. (NASDAQ: GVHR)Misperceptions about the quality of earnings
Direct marketer of citrusesHale Indian River Groves, Inc.Highly seasonal business with weather and contamination risks
Direct seller of relationship-enhancement products
Pure Romance, LLC
Subject matter
Secondary lead smelterSchuylkill Metals Inc.Environmental and commodity risks
Printing ink manufacturerSinclair & Valentine LLCEnvironmental risks
Aerostat manufacturerTCOM, L.P.Irregular sales of a multimillion dollar product, mostly to international customers