Charter Oak Equity and its predecessor funds have invested in private equity since 1992. We focus on niche manufacturing, packaging, medical products & services, specialty chemicals, consumer products and financial services companies up to $150 million in enterprise value. To date, over $500 million in controloriented capital has been invested in 30 portfolio companies through over 50 acquisitions.
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The general partners average over 15 years of private equity experience having previously worked together at Charter Oak Capital Partners. Prior to joining Charter Oak, the partners developed deep operational, financial, and consulting expertise which COE brings to bear in support of our companies. COE always seeks to partner with management to improve growth and profitability, and where appropriate, we take active line roles on a temporary basis. The general partners have personally invested in all of the Firm's transactions. Currently, COE has ten companies in its portfolio: six are controloriented buyouts and four are growth capital investments. COE's most recent investment (July 2014) is a buyout with management of Seaboard Folding Box Company LLC, a maker of paperboard boxes for the specialty food and pharmacy markets. In November 2013 COE closed a buyout with management of EiKO Global LLC, a marketer and distributor of lighting products. In May 2013 we acquired The Crown Group, a provider of coating services for industrial applications, and closed ElectraFinish Inc., an addon for this business, in November 2013. Other recent investments include a late stage investment in Cytopherx (2011), a producer of leukocytedeactivating dialysis filters, and a buyout of ShelterLogic (2011), a manufacturer of outdoor canopies and garage shelters. Interactive Diagnostic Imaging (2010) is an early stage dental company producing portable devices. AxioMed (2010) is a producer of next generation spinal implants. CoMc (2009) is a manufacturer of innovative tile flooring systems. Brook & Whittle (2009) is a printer of highcolor pressuresensitive and shrink sleeve consumer product labels. Cirtec Medical Systems specializes in outsourced design and manufacturing services for neurostimulation and cardiovascular devices. It was formed from the merger of Circle Medical Devices (2008) and Texcel (2007).
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Charter Oak has generated strong returns for its limited partners through our commitment to our principles:
Maintain a consistent focus on companies that meet our Target Company Profile Invest in target industries only Growthoriented companies in strategically attractive markets with a sustainable competitive position $5 to $20 million EBITDA with good margins. At least $3 million EBITDA for addon investments. Drive Business Growth and Value Creation Focus both on top line growth and margin improvement Utilize our extensive inhouse operating expertise Partner with our management teams Capture value through a Successful Exit to the right buyer Leverage knowledge of key strategic and financial players in our target markets Expand sale multiple through growth and profit improvement
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Target Criteria Enterprise value of $25150 million. EBITDA of $5 to 20 million. No limits for additions to our portfolio companies. Control oriented investments. Companies in strategically attractive markets with a sustainable competitive position. History of profitable operations. We are not interested in startup or turnaround situations. We prefer entrepreneurowned or orphan divisions of larger companies. Target Sectors Packaging Chemicals Medical Devices and Engineering Niche Industrial Metal Processing PharmaceuticalRelated Value Added Distribution Specialty Financial Services Business services Note: Charter Oak Equity does not invest in real estate, retail, restaurants or natural resource exploration businesses.
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Control Oriented Buyouts: Brook & Whittle, Ltd. North Branford, CT 2009 Buyout with management Printer of pressuresensitive and shrink sleeve labels for consumer products. www.brookandwhittle.com Cirtec Medical Systems East Longmeadow, MA 2007 Buyout and Merger of two companies Provider of outsourced design and manufacturing services for neurostimulation and cardiovascular devices. www.cirtecmed.com The Crown Group Warren, MI 2013 Buyout with management Provider of coating services for automotive and industrial applications. www.thecrowngrp.com EiKO Global LLC Kansas City, KS 2013 Buyout with management Distributor and marketer of lighting products www.eiko.com Seaboard Folding Box Company Fitchburg, MA 2014 Buyout with management Manufacturer of paperboard boxes for the specialty food and pharmacy markets. www.seaboardbox.com ShelterLogic, Inc. Watertown, CT 2011 Buyout Manufacturer of outdoor canopies and garage shelters www.shelterlogic.com Early Stage Investments:
Interactive Diagnostic Imaging, Inc. Marietta, GA 2010 Early Stage investment Provider of low radiation and portable dental xray devices www.idixray.com Also managed by Charter Oak Equity: Ovation Polymers, Inc. Medina, OH 2004 Early Stage investment Manufacturer of high performance, nanoparticlebased conductive resins www.opteminc.com Sinteris, Inc. Blenheim, Ontario 2003 Buyout Manufacturer of customengineered powdered metal parts for the automotive and other industrial markets. www.sinteris.ca SmartCare Las Vegas, NV Spinoff from Smart Tuition in 2016 SaaS provider of billing and daycare center management tools. www.smartcare.com
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AxioMed Garfield Heights, OH Ownership Period: 2010 2015 Producer of next generation lumbar and cervical spine implants. Aylward Enterprises, LLC New Bern, NC Ownership Period: 2007 2010 Manufacturer of Pharmaceutical packaging equipment for bottles and blister packs. Brass Eagle, Inc. Rogers, AR Ownership Period: 1994 2003 Largest manufacturer of paint ball products and accessories in the world; spun off from Daisy Manufacturing Company in 1997 in an IPO. CoMc, LLC (dba Snapstone) Omaha, NE Ownership Period: 2010 2016 Manufacturer of floating tile systems for DIY consumers and professional builder markets. CytoPherx, Inc. Ann Arbor, MI Ownership Period: 2011 2015 Manufacturer of leukocytedeactivating dialysis filters. Daisy Manufacturing Company, Inc. Rogers, AR Ownership Period: 1993 2006 Oldest and best known manufacturer of air gun and BB gun products and accessories. GEO Specialty Chemicals, Inc. Cleveland, OH Ownership Period: 1997 2002 Specialty chemical manufacturer for the water treatment, construction, electronic materials industries. Globe Tool and Manufacturing, Inc. Minneapolis, MN Ownership Period: 1992 2000 Deepdrawn titanium parts, such as pacemaker and defibrillator casings, for medical implant companies. Integrated DisAbility Resources, Inc. Bloomfield, CT Ownership Period: 2001 2004 Provider of disability insurance services, including underwriting, claims management, reinsurance and policy administration. ITM, LLC Grand Rapids, MI
Ownership Period: 1998 2001 Aluminum diecaster for automotive industry. Metachem Products, LLC Newark, DE Ownership Period: 1998 2002 Specialty chemical manufacturer for pesticide industry. Metal Powder Products, LLC Indianapolis, IN Ownership Period: 1998 2005 Custom engineered powdered metal parts for automotive, lawn & garden, and industrial equipment industries. Merged into Revere Industries, LLC in 2005. Milwaukee Gear Company Milwaukee, WI Ownership Period: 2008 2012 Manufacturer of large industrial gears and heat treat services for oil & gas, HVAC & refrigeration, compressors & pumps and wind turbine markets. Pasta Montana, LLC Great Falls, MT Ownership Period: 1996 2000 Pasta manufacturer and packager. Revere Industries, LLC Clayton, NJ Ownership Period: 2000 2005 Processor of light gauge rolled aluminum and stamper of aluminum and plastic packaging products. Merged into diversified Revere Industries, LLC in 2005. Revere Industries, LLC Clyde, OH Ownership Period: 2005 2009 Industrial manufacturing conglomerate formed from the 2005 merger of four of Charter Oak Capital Partners' investments – Metal Powder Products, Ross Aluminum Foundries, Titan Plastics and Revere Industries. Ross Aluminum Foundries, LLC Sidney, OH Ownership Period: 2000 2005 Aluminum foundry for heavy duty truck and aerospace industries; largest noncaptive manufacturer of coldside turbochargers in the world. Merged into Revere Industries, LLC in 2005. Simcala, Inc. Mt. Meigs, AL Ownership Period: 1995 1998 Highgrade silicon products for industrial use. Smart Tuition Woodbridge, NJ Ownership Period: 2006 2015 Leading provider of billing and collection services for private K12 schools Stealth Medical Technologies, LLC Holt, MI Ownership Period: 2000 2005 World leader in nearnet forging of exotic alloys for the orthopedic implant industry. Titan Plastics Group, Inc. Kalamazoo, MI Ownership Period: 1995 2005 Custom engineered injectionmolded plastic parts for large appliance, lawn & garden, and automotive industries. Merged into Revere Industries, LLC in 2005. York Insurance York, ME Ownership Period: 1994 1997 Regional property & casualty insurance provider.
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Partnering with strong management teams is central to our investment thesis. Charter Oak Equity's approach to working with management teams is based on collaboration and support. We believe that we can create the most value by combining our operational acumen, financial expertise and capital with management's industry knowledge and operating expertise. Although all of our partners have run companies, it is not our intent to run the companies we acquire. However, we recognize that a portfolio company may sometimes have opportunities or challenges that are outside the current expertise of its management team or the company may be at an inflection point in its growth where new processes or capabilities are required to help it realize its full potential. When we encounter these situations, we take a high level of handson responsibility to help our management team work through their options and implement solutions. The partners at Charter Oak Equity invest in each of our deals and we always invite our management teams to invest alongside us. In addition, we develop strong financial incentives for management to ensure that we have a common interest in producing exceptional returns for our investors.
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PAUL E. ROUGHAN Managing Partner Download vCard
Paul joined Charter Oak Capital Partners in 1999 as
Zubin has been with Charter Oak Equity and its
an Operating Principal and founded Charter Oak Equity in 2006. He serves on the Board of Directors
predecessor fund since 1998. He serves on the boards of Cirtec, Brook & Whittle, Shelter Logic, and
for Brook & Whittle, Seaboard Folding Box, The Crown Group, and Ovation Polymers. Prior to
Sinteris. In his tenure at Charter Oak Equity, Zubin has served various operational roles at portfolio
Charter Oak, Paul spent five years on two
companies including roles such as executive
turnaround assignments, one as CEO; five years with McKinsey & Co. specializing in operations
chairman and interim CFO. Prior to joining Charter Oak Equity, he spent 3 years at Crowe Chizek (now
improvement and merger integration; and eleven years with GE, where he began his career, in various operating roles with GE Plastics and GE Corporate. He earned both his BS Chemical Engineering and
ZUBIN AVARI General Partner Download vCard
Crowe Horwath) as a CPA in their audit, tax and mergers and acquisition departments. He attended Illinois Wesleyan University and graduated Magna Cum Laude with a B.S. in Accounting.
MBA Operations Research from Rensselaer Polytechnic Institute in 1978.
MARK D. ULLMAN General Partner Download vCard
Mark joined Charter Oak Equity in 2006 as a General Partner. He leads or coleads COE's
Stephen joined Charter Oak Equity in 2011 after providing advisory services for over a year. Prior to
investments in EiKO Global (virtual manufacturer of
Charter Oak Equity, Stephen started up The Acritas
lighting products), ShelterLogic (shelters, canopies and sheds), and Smart Care (SaaS business
Group, a consulting firm providing strategy and operating advisory services to private equity firms
focused on daycare). Prior to joining Charter Oak Equity, Mark spent the bulk of his career with
and large public corporations. Before this he spent ten years in turnaround and transformational
McKinsey & Co., most recently as a Director (Senior Partner). During his seventeen years at McKinsey,
assignments for two financial sponsored businesses, one as CEO; six years with FMC, and seventeen
Mark worked with a wide variety of industrial and healthcare companies and founded McKinsey's Medical Device and Private Equity Practices, as well as led the New York–based Corporate Finance Practice. He attended Cornell University where he
STEPHEN P. NOE Principal Download vCard
years with Olin Corporation where he began his career in various operating assignments. He earned his BS Chemical Engineering from Rensselaer Polytechnic Institute in 1978.
received his BS in Operations Research in 1982 and MBA in 1983 both with Distinction.
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Advisor
Industry Focus
Relevant Experience
David Charles
Metals
CEO Revere Industries LLC
General Industrial
SVP Aleris International
Medical Devices
Founder & CEO Texcel Group
Medical Engineering
Cofounder & President EBTEC Corp.
Dental
President Novadent Ltd.
Larry Derose
Jeffrey Hoos, DMD
Key Opinion Leader and lecturer Jerry Lundquist
Aerospace Defense
Director McKinsey & Co. Head of Global Aerospace & Defense practice
John Margherio
Chemicals
President Hunt Imaging VP Arch Chemicals
Mike Miller
Dan Pitkowsky
Medical devices
CEO Orchid Orthopedics
Metal processing
CEO Stealth Medical
Medical & Dental Devices
CEO & President Imtek LLC
Printing
General Manager Cadent Inc.
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Charter Oak Equity, LP 10 Wright Street, Suite 230 Westport, CT 06880 Phone: (203) 2214752 Fax: (203) 2222720 Paul Roughan proughan@charteroakequity.com Download vCard Zubin Avari zavari@charteroakequity.com Download vCard Mark Ullman mullman@charteroakequity.com Download vCard Stephen P. Noe snoe@charteroakequity.com Download vCard
Home | Overview | Investment Philosophy | Investment Criteria | Current Investments | Prior Investments | Working With Us | Management Team | Advisors | Contact © Copyright 2016 Charter Oak Equity, LP. All rights reserved. Web design by SFA