About Us: What we look for

Capable and Passionate Executives. Pine Creek works with business executives to make their future � and we will not invest unless we have an absolute belief in their operational capabilities and understanding of a true partnership. Once a partnership is formed, we provide massive financial incentives and equity to the executive group, a high level of autonomy and the energy to work with them in setting goals and implementing specific improvements.

Transaction Types. Our transactions may take the form of a leveraged buy-out (LBO), management buy-out (MBO), recapitalization to provide shareholder liquidity, shareholder repurchase, buy-and-build consolidation with respect to a specific industry or concept, corporate divisional spin-off, growth financing, acquisition financing, and balance sheet restructuring to reprioritize existing debt.
Pine Creek typically:

� Helps individual or corporate business owners, who have over many years built solid, exciting businesses, devise a creative solution to achieve liquidity of all or a portion of their existing ownership holdings.
� Assists business executives seeking funding and advice to expand the business they currently operate through creative growth initiatives or by acquiring another company.
� Offers funding and guidance to those business executives who seek to buy a business from current owners such as individuals, families or corporate parents.

Target Company Size. Pine Creek serves businesses with at least $5 M in revenues.

Transaction Size. Pine Creek typically invests in companies with enterprise values between $10 and $70 million, but in conjunction with the investors in our fund who wish to co-invest additional amounts alongside of Pine Creek, we can efficiently execute transactions of up to $125 million.

Ownership Parameters. Pine Creek prefers to make investments where it is a majority shareholder post closing but may invest in transactions where, due to transaction size and other factors, it is the minority owner. The form of ownership is flexible and may be structured as common equity, straight or convertible preferred equity, convertible debt or mezzanine debt with warrants.

Industry Sectors. Pine Creek seeks a certain dynamic in its transactions and will therefore target a wide range of manufacturing, distribution and service industry segments. The firm possesses particular expertise in financial services, select consumer products (with an emphasis on faded brands), travel and leisure, educational products and services and federal government contractors.

Sustainable Relationships. We invest in transactions and with business executive partners where relationships are productive and enjoyable.

Occurrence of Change. To generate superior returns, we believe a change at the target company must occur at the time of our investment. This change may take several forms, such as the senior management team becoming first-time equity holders, the elimination of bureaucracy resulting from its sale, a transition of family ownership and management to new management, or a new acquisition or growth strategy. After a mutual decision to partner is reached with a team of sponsoring executives, we analyze change and its impact on the business by learning a great deal about each of the following characteristics of prospective portfolio companies:

� The industry by focusing on an extensive historical analysis of its fundamentals as opposed to only its recent history.
� Measuring the proven demand for the differentiated product set and/or brand of the business.
� Analyzing the diversified customer base with no customer representing a high percentage of revenues.
� History of growth, presence of substantive gross margins and strong organic growth prospects
� Demonstrated operating cash flow or clear visibility toward it.
� Opportunity for post transaction value creation through a defined operating and financial plan of internal improvements, scale achievement or external acquisitions.
� A reasonable valuation that shares risk and allows for an attractive return to our investors.