|
Select Realized Investments
St. Cloud invested in Advanced H2O, Inc. in the form of subordinated secured promissory notes with warrants.
The investment was part of a debt offering led by St. Cloud. The capital was used to refinance a lease on bottle blowing equipment, to purchase
new equipment and for working capital. Advanced H2O is the leading producer and distributor of private label bottled water products in the Pacific Northwest.
The Company was eventually sold to LaSalle Capital Group, L.P. St. Cloud's subordinated secured promissory notes were repaid in full and the warrants were sold.
St. Cloud invested in Computer Motion via Series C preferred equity. This capital funded Computer Motion’s sales and marketing activities, research and development, and patent related issues. Computer Motion, Inc. develops, manufactures and markets proprietary robotic and computerized surgical systems that enhance a surgeon's performance and centralize and simplify the surgeon's control of the operating room. Computer Motion was later acquired by Intuitive Surgical, Inc. (Nasdaq: ISRG). As a result, St. Cloud exchanged its position in Computer Motion for shares of Intuitive Surgical stock.
St. Cloud invested in senior secured promissory notes with warrants of Concepts Direct, Inc., a direct marketing company that sells labels, notepads, home decorative items, music-related collectibles, and casual apparel. St. Cloud eventually sold its promissory notes and common stock to the Chairman and CEO of the Company in what was essentially a going private transaction.
St. Cloud invested in the common stock of Continucare Corporation as part of a private placement. The funds will be used for the retirement of long-term debt and for working capital in connection with the introduction of a new management team. Based in Miami, Florida, with 15 locations, Continucare is a leading regional provider of outpatient healthcare services through medical centers and affiliated doctors. The Company provides this service to the membership of managed care partners. St. Cloud sold its equity position in Continucare in the public markets
St. Cloud provided Diamond Contract Services, Inc. with financing comprised of senior subordinated promissory notes with warrants and a letter of credit. The funds were used for working capital enabling the Company to take on new accounts. The Company provides janitorial service to colleges and universities, governmental institutions, hotels and commercial properties. St. Cloud's notes were repaid in full and warrants were repurchased by the Company.
St. Cloud invested in Eclipse Aviation Corporation in the form of senior secured promissory notes with warrants. Eclipse Aviation designs, certifies and produces modern, affordable jet aircrafts that will revolutionize the transportation market. Eclipse Aviation has developed and produced its innovative product, a six place, twin-turbofan jet aircraft. At a sale price of $1.3 million, the Eclipse 500 is changing the value proposition for private jet travel. Eclipse repaid St. Cloud’s notes in full.
St. Cloud invested in Earl Scheib, Inc. in the form of a senior secured credit facility with warrants. The proceeds were used for the acquisition of Earl Scheib, Inc. and to fund future growth. Earl Scheib is the largest company-operated auto paint and repair company specializing in providing quality, affordably priced paint and minor collision repair services. St. Cloud's notes were repaid in full. St. Cloud still retains its equity position in the Company.
St. Cloud invested in Eastern Mountain Sports, Inc. (“EMS”) in a combination of senior subordinated promissory notes, warrants and preferred stock. St. Cloud is a member of an investment group, led by Whitney & Co., LLC, that funded the management-led buyout of EMS. Based in Peterborough, NH, EMS is one of the leading outdoor specialty retailers with over 80 stores across 16 states. EMS designs and sells products for outdoor athletes and enthusiasts who participate in a variety of sports such as mountaineering, backpacking, camping, hiking, adventure racing, climbing, kayaking, mountain biking and snow sports. St. Cloud's notes were repaid in full. St. Cloud still retains its equity position in the Company.
St. Cloud invested in Frontline Acquisition Inc. in the form of senior secured notes, subordinated secured notes with warrants, and common and preferred stock. The proceeds were used to acquire all the assets of Frontline Sales Inc. and to fund future growth. Frontline Sales is a leading manufacturer and supplier of safety products and programs primarily to large, multi-unit operators of supermarkets, restaurants and retail stores. The company also has significant e-commerce capabilities that provide its customers with ordering consistency and ease. St. Cloud's notes were repaid in full and warrants were repurchased by the Company.
St. Cloud invested in Gamers Factory, Inc. in the form of secured bridge notes. The Company is the largest wholesale buyer, seller and refurbisher of video games, accessories and hardware consoles in the United States. St. Cloud’s notes were repaid in full.
St. Cloud invested in Pacific Groservice, Inc. in a combination of senior and junior subordinated promissory notes with warrants. The investment was used for the acquisition of Pacific Groservice's operations. With facilities in San Jose, Sacramento, Oakland, and San Francisco, Pacific Groservice is the leading wholesaler to small convenience stores, grocery chains, fast food restaurants, and vending service retailers in Northern California. Pacific Groservice's dual offerings: cash & carry and direct delivery allow it to uniquely service small retailers and restaurateurs. St. Cloud's notes were repaid in full. St. Cloud still retains its equity position in the Company.
St. Cloud invested in Security Contractor Services, Inc., in the form of senior subordinated promissory notes and common stock. The investment was part of a buyout led by St. Cloud. The capital will be used to purchase all of the equity of the Company and provide working capital. SCS is a leading fencing wholesaler and rental fencing provider that has served the fencing industry in the Western United States for over 40 years. SCS derives its competitive advantage by offering a high degree of service to sectors of the market that are underserved by the large players in the industry. St. Cloud's notes were repaid in full and warrants were repurchased by the Company.
St. Cloud invested in Seven Wells, LLC ("i.e. Distribution") in the form of senior secured promissory notes. The capital will be used to finance the acquisition of the World Industries brand. i.e. Distribution manufactures and distributes under license World Industries branded footwear and snowboard products (equipment and footwear) throughout North America targeted to males, 7-14 years old.
St. Cloud invested in TEGSCO, LLC in the form of short-term senior secured promissory notes. In October 2004, TEGSCO, LLC repaid the short-term notes and entered into a long-term financing comprised of senior secured promissory notes with equity features. The investment was used for working capital purposes and was placed in conjunction with an emergency interim contract and a subsequent five-year contract signed between TEGSCO and the City and County of San Francisco. TEGSCO, LLC, which operates as San Francisco AutoReturn, provides services for towing, storage, and disposal of abandoned and illegally parked vehicles. St. Cloud's notes were repaid in full. St. Cloud retains an equity position in the Company.
St. Cloud invested in XLNT Veterinary Care, Inc. ("Pet DRx”) utilizing a combination of senior secured convertible notes with warrants and convertible preferred stock. The Company owns and operates veterinary hospitals in California and is driving consolidation within the veterinary care industry in selected regional markets through internal growth and the acquisition of established veterinary hospitals. In January 2008, XLNT was acquired by Echo Healthcare Acquisition Corp. a healthcare focused SPAC (“Special Purpose Acquisition Company”) in an all stock transaction. Echo (renamed “Pet DRx” after the acquisition) (PDXC.OB) continues to focus on consolidating the veterinary care industry primarily through acquisitions. In 2010, the Company was sold to VCA Antech and subsequently, St. Cloud sold its equity position to VCA Antech.
|
