Jan-Pro Holdings, LLC - This Company is a holding entity for Jan-Pro Franchising International, Inc., the second largest franchisor of cleaning services in North America. Jan-Pro currently has more than 95 master franchisees and more than 9,000 unit franchisees servicing approximately 25,000 customers. System wide revenues are approximately $200 million annually. Franchisees also have operations internationally, including Canada, Great Britain and the MidEast. Mr Bergschneider formerly served as Vice Chairman and Secretary. The principal investor in Jan-Pro was JHW Greentree Capital, LP, an affiliate of J. H. Whitney & Co. In September, 2008, the investment was liquefied through a re-capitilization led by Webster Capital Management and Gemini Investors. The re-capitilization resulted in a return in excess of 9 times to the equity invested in 3.5 years.

Tevco, Inc. - Kirker Holdings Inc. is a holding company with two subsidiaries, Kirker Enterprises, Inc. and Tevco Inc., both leading manufacturers of finished and untoned nail polish and base materials. The Company operates facilities in Paterson and South Plainfield, New Jersey as well as in Scotland, UK. Starboard Capital Partners partnered with Tevco management in a buyout of Tevco from its French parent company, and later combined the company with its principal competitor to become Kirker Holdings Inc. to form the largest blender of nail enamel in the world. The result was a return of more than 2.4X the original investment in only 15 months, realized in cash and notes.

Midasco LLC provides installation and maintenance services for intelligent highway systems, highway signage, lighting and signals in the Mid-Atlantic region. Services include: estimating, bid preparation, engineering, project management, and full construction work on excavation, foundations, structure erection, electrical wiring, device installation, and integration. Midasco projects include the installation of signs and lights on interstate highways, local roadways, tunnels, parking lots, and airport runways, traffic detection systems using loops, cameras, and microwave detectors; decorative, roadway and high mast lighting, and lane control systems. The principal investors in Midasco were MSR I SBIC, L.P. and MSR Fund II, L.P., affiliates of Main Street Resources and Management. In June, 2011 Midasco was sold to a major foreign construction company. Investors earned more than a 3.5x return over a six year period.

WHI Solutions, Inc. WHI Solutions, Inc. (“WHI”) products include an extensive automotive after-market electronic parts catalogue, on-demand distribution management software, and the market's leading e-commerce solution for warehouse distributors, retailers, service dealers and original equipment manufacturers. Customers include AC Delco, WalMart, Carquest and other large automotive parts wholesalers and retailers. Starboard principals were significant shareholders and Starboard was a strategic financial advisor for capital solutions and acquisitions. Marc Bergschneider served as Chairman and Assistant Secretary. The principal investors in WHI were Polaris Venture Partners and MidMark Capital. The Company was sold to eBay in April 2012.

Morgan Contracting Inc. (“MCI”), based in Baker, Florida, is a 20 year old niche construction contractor for water and waste water infrastructure. Qualified to do business in 46 states, MCI’s services include pipeline installation, design/build of waste water treatment plants and pump stations, and tunneling for local municipalities and water authorities across the United States. Tom Stocks serves on the Board of Managers. The principal investors in MCI were MSR Fund II, LP, an affiliate of Main Street Resources, Ironwood Mezzanine Fund II, an affiliate of Ironwood Capital and Management. The Company was re-capitalized in 2012 and is now owned by Ironwood Capital.

American Refrigeration, Inc. is the holding company that owns Heat Transfer Products Group (“HTPG”), a former division of Carrier Commercial Refrigeration, a subsidiary of Carrier Corporation and United Technologies, Inc. HTPG manufactures components and products involved in heat transfer and commercial refrigeration. Customers include food retail and foodservice, warehouses/storage, and laboratories/hospitals that have cooling and refrigeration needs. Products include evaporators, condensers, condensing units, racking systems, and coils that can be sold as components, equipment, or integrated systems sold to a mix of OEMs, wholesalers, and installation/service companies. Ridgely Cromwell serves on the Board of Directors. The principal investor in HTPG was Monomoy Capital Partners.

Lakeshore Toltest Corporation, Inc. is a Detroit based worldwide construction company which manages major military and other government agency infrastructure projects, as well as major water and sewer projects for municipalities. Significant completed projects have included airport runways, barracks, schools, hospitals and roads throughout the United States, as well as in Iraq and Afghanistan. Because of the withdrawal of U.S. forces from Afghanistan and Iraq, delayed and cancelled projects there caused major credit, bonding and cash flow dislocations, which led to a decision to liquidate the company in April, 2014.

The Roberts Company (“TRC”), based in Winterville, North Carolina, is an industrial construction, fabricator, and plant maintenance contractor. TRC's field services division specializes in providing plant maintenance, plant retrofits and expansion services largely in the Mid-Atlantic region, while its fabrication division manufactures ASME code pressure vessels, heat exchangers, reactors, columns, conveyors, skids/ducts/piping, high purity equipment and storage tanks for customers in the United States and abroad. Tom Stocks serves on the Board of Managers. The principal investors in TRC are MSR Fund II, LP, an affiliate of Main Street Resources, Ironwood Capital, and Management. Roberts was sold to Argan, Inc.

Brite-Line Technologies, LLC is a niche manufacturer of highway lane tapes. The Company, founded in 1989, is headquartered in Denver, Colorado. Brite-Line is one of two companies in the U.S. and Europe that produce raised permanent and temporary highway lane and cross-walk tapes. This raised product enhances highway safety with increased headlight reflectivity in combination with a longer life than paint and other liquid line solutions. Starboard served on the Board of Directors. Other investors were Peninsula Capital Partners and management. The Company was sold in 2018.

QDiscovery, LLC is a provider of electronic discovery and litigation support services to law firms, corporations, and government enterprises, with customers in the United States and internationally.

The Company was founded in 2011 and is headquartered in New London, CT with additional offices in Boston, MA, Washington DC, Indianapolis, IN and Chicago, IL. QDiscovery combines an experienced team of professionals led by CEO Matthew McCormack with a highly‐scalable technology on a hosted platform. This allows the Company to provide services across the entire Electronic Discovery Reference Model (EDRM) spectrum, including collection and preservation of data, processing and analysis, hosting, document review, and production of electronically stored information on any operating system or device.

QDiscovery’s growth has averaged nearly 40% over the last two years and the company was awarded #1 as the 2015 “Best Places to Work in Connecticut”. Jeff Kindler, former General Counsel of Pfizer and McDonalds, and Marc Bergschneider served as operating and board advisors. Other investors are Bridge Investments, a private equity and venture capital firm in Chicago, IL, and management.

QDiscovery was sold to Xact Data Discovery on June 26, 2019 for an investment gain of more than 5X.

TheraPlay TheraPlay is a Pennsylvania-based, thirty-two (32) location outpatient pediatric therapy practice. As the largest network in the Northeast, the Company is recognized as a leader in providing physical, occupational, speech, and feeding therapy services, treating children from birth through age 21. TheraPlay is a leading contract therapy provider in the education market, complementing its fixed-location therapy centers.

PureRED (previously GAIPRC Group) is a leading marketing services firm that designs and executes integrated retail marketing programs - including premedia advertising execution, print and digital creative/design, digital asset management services, photographic services and interactive services - for national retailers including Kroger, Walgreens and Lowe's. As a single source provider of a customized turnkey solution, PureRED's services significantly reduce retailers' marketing operations costs, improve marketing execution processes and improve the brand experience at every touch point of their marketing campaigns through a broad set of eye-catching design, photographic and creative services. PureRED was founded in 1967 and is based in Stone Mountain, GA. PJ Smith serves on the Board of Directors. The other investors in PureRED are RFE Investment Partners, Caymus Equity Partners, and Management.

JPC Holdings, LLC (“JPC”) is a major precast concrete manufacturer with extensive engineering capabilities. Its principal facility is in Hamilton, New Jersey with a satellite facility in Bethel, Pennsylvania. Significant products include parking garages, major structural forms for roads, bridges, buildings and water and sewer systems. Other co-investors are Gemini Investors, Pine Street Capital Partners, and Management. Mr. Bergschneider serves as Director.