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Recapitalizations
Within our target industries (recurring services, media and communications) Housatonic will often partner with owner/operators who wish to sell an equity stake in their business while retaining operating control, or who are seeking additional capital to accelerate their growth rate. Recapitalization can be an attractive option for owners who desire partial liquidity for their business without sacrificing the opportunity to share in the company's upside, or who wish to accelerate their growth rate. This structure can also allow the owner to maintain operating control of the company.
Housatonic has a demonstrated track record of helping companies grow, both internally and through acquisition. In addition to gaining personal liquidity, our partners in recapitalizations gain a strong and experienced financial ally to help chart the strategic path for their business.
Representative Recapitalization Investments
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Alta Colleges: In April of 2002, Housatonic made an investment in Alta Colleges, Inc. Alta Colleges is a for-profit holding company for nationally accredited, degree-granting higher education schools that provide a wide range of technology and other career-oriented education programs.
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Archives One: In April of 1998, Housatonic made an investment in ArchivesOne, Inc., a rapidly growing records management firm based in Middlebury, Connecticut and at that point serving the New York metropolitan area. The company has since completed over 20 acquisitions and grown to become the third largest company in the records management industry, operating in 16 markets in the U.S.
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Arrival Communications: Headquartered in Bakersfield, California, Arrival is a profitable facilities-based competitive local exchange carrier, offering a full array of integrated communications services to business customers. Arrival targets business customers in underserved markets throughout Central California, a fast-growing region characterized by a large concentration of small and medium-sized enterprises. Housatonic Partners made its first minority investment in Arrival in 1999.
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Asurion: Housatonic participated in the original acquisition to form Asurion in 1995, and invested in the company again in 2000. Now with over 50 million customers, Asurion has grown to be the North American leader in enhanced services for the wireless industry, including handset insurance, data protection and roadside assistance. In April 2001, Housatonic sold a portion of its interest in Asurion to a financial buyer.
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Bay Communications: In January of 2003, Housatonic participated in the acquisition of Bay Communications. Bay was formed to build a communications tower leasing company with a portfolio of tower assets in New England and other select areas of the Northeast.
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BirdDog Solutions: In September of 2006, Housatonic made a debt investment in BirdDog Solutions. The company is the leading provider of parcel shipping optimization services, integrating carrier contract negotiation with comprehensive invoice auditing, payment processing, recovery services, and advanced reporting.
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Boston Common Press: In September of 1996, Housatonic made a minority investment in Boston Common Press (BCP), a publisher of two leading niche consumer magazine titles: Natural Health and Cook's Illustrated. In July of 1998, BCP sold Natural Health to Weider Publishing, Inc. BCP has since launched several successful related ventures, including a cookbook series, the America’s Test Kitchen television show, and Cook’s Country magazine.
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CaseCentral: Housatonic Partners first invested in CaseCentral in September, 1999. The company, founded in 1994 and based in San Francisco, delivers on-demand discovery lifecycle management platforms to corporations and law firms. CaseCentral’s software is backed by responsive, litigation-savvy strategic consulting, process, and support services. The company’s client list numbers over 1,100 law firms and corporations and includes 81 of the top 100 U.S. law firms. They are consistently chosen to handle many of the most complex and highly visible litigation projects in the nation.
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Enerdyne Technologies: In June of 2002, Housatonic recapitalized Enerdyne Technologies, Inc. (ETI), based in San Diego, California. Founded in 1984, ETI is a leading provider of digital video systems and services to the government, military and intelligence communities. In June 2006, we sold ETI to ViaSat, Inc. (NASDAQ: VSAT).
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First American Records Management Company (FARM): In January of 1997, Housatonic made a minority investment in FARM, the leading provider of records storage and management services to Silicon Valley firms. In April of 1999, FARM was sold to Iron Mountain Incorporated (NYSE: IRM).
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Gold Standard: In September 2003, Housatonic made an investment in Gold Standard, a leading drug information and healthcare database publisher based in Tampa, FL. In May 2006, Gold Standard was sold to Elsevier, part of Reed Elsevier Group plc (NYSE: RUK and ENL).
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Ilios Partners: In June 2006, Housatonic made an investment in Ilios Partners, a leading provider of capital markets intelligence services, which includes the monitoring of institutional trading activity in the stock or debt of publicly traded companies, and related investor relations services including investor profiling and targeting.
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MedOptions: In February of 2006, Housatonic invested in a management buyout of MedOptions, the largest provider of behavioral health and primary medical care services to skilled nursing and assisted living facility residents in Connecticut and Rhode Island. MedOptions delivers improved patient outcomes and quality of life while improving facility operating performance, including reduced hospital readmissions and ER visits, improved staff/physician/family satisfaction, reduced drug expenses and increased reimbursement.
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LeMaitre Vascular: LeMaitre Vascular, Inc. is a leading global provider of innovative devices for the treatment of peripheral vascular disease. The company develops, manufactures, and markets disposable and implantable vascular devices to address the needs of vascular surgeons and interventionalists. LeMaitre completed its initial public offering in October 2006 (NASDAQ: LMAT).
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On-Site Dental Care: In January, 2000, Housatonic invested in On-Site Dental Care, Inc., a business-to-business dental service provider. The company developed the industry's first mobile dental facility, increasing employee productivity and satisfaction. On-Site serves government and corporate clients nationwide.
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Pacific Pulmonary Services: In January 2002, Housatonic made an investment in Braden Partners, LP, dba Med-Mart and Pacific Pulmonary Services. The company is a leading provider of oxygen and other respiratory therapy services to patients in the home.
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ResponseLink: In July 2004, Housatonic Partners purchased an ownership stake in Home Watch, LLC, operating under the trade name ResponseLink. The Company provides life safety assurance and enhanced independence for seniors and medical patients using its proprietary monitored personal emergency response technology.
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Shooting Star Broadcasting: In September of 2004, Housatonic invested in Shootingstar Broadcasting of New England, a television broadcasting company led by Diane Sutter. The Company operates WNDS-TV, the only full-power independent television station in the Boston market.
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