Vermont Pure Springs. The Funds management sold its investment in a regional spring water producer to the largest national independent spring water bottler, Vermont Pure Springs (VPS: Amex), through a rule 144 convertible bond swap. The Funds investment was subsequently converted into common stock of VPS and sold in the open market during the stock’s 5 year historical high.
Magic Hat Brewery. The Fund and its management purchased and restructured over $2.0 Million of senior and mezzanine debt in this leading regional brewer in 1998. The Fund subsequently closed a $2.7 million investment in spring of 2004 and has been instrumental in the turn-around and expansion of the company from a local brewer to a strong fast-growing regional brand.
Miguel’s Products. The Fund provided the acquisition and expansion capital for the buy-out of the all natural chip and salsa brand Miguel’s Stowe Away. The Fund is actively working with its operating partner in expanding and developing this well established brand.
Key West Brewery. The Fund structured and purchased certain assets from the Bankruptcy Estate of the Key West Brewery (total transaction in excess of $3.0 Million) and subsequently merged portions of the business assets into the Magic Hat Brewery.
Scriturra. The Funds management acted as lead manager and investor on a second round $5.5 million preferred stock investment in Scrittura a specialty financial software provider with offices in New York and London. In the summer of 2005 Scrittura was sold to Interwoven (NASDAQ: IWOV) for total cash and stock consideration of approximately $20 Million.
Jacoby & Meyers. The fund and its management purchased and restructured $8.0 million of John Hancock Ventures debt in this national pioneer in the plaintiff’s law industry. The Funds management successfully assisted in the joint venture of the business which created a liquidity event for the Fund. The fund additionally provided follow-on funding for the restructure of certain debt obligations in the amount of $2.0 Million to its affiliates.