We invest $4 - $25 million of equity per transaction in contrarian leveraged buyouts ("LBO's"). Often, the companies in which we invest are well-managed,
highly profitable businesses, but they are underappreciated because they are:

We add value primarily in the following two ways:

We have the ability to "bridge" transactions, so we can close an LBO quickly and discreetly. Although we are usually not involved in the day-to-day operations of the LBO's,
we do sit on the boards of directors and are actively involved in strategic planning and other functions. Our primary goal is long-term appreciation of shareholders' capital, and
we have never initiated the sale of a portfolio company. Nevertheless, for the transactions on which we have realized gains, the blended internal rate of return to equity investors,
net of all fees, exceeds 75%.