Starboard Capital Partners
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Starboard Exits

Jan-Pro Holdings, LLC
Tevco Enterprises, Inc.
Midasco LLC
WHI Solutions, Inc.
Morgan Contracting Inc
American Refrigeration, Inc.
Lakeshore Toltest Corporation, Inc
The Roberts Company
Brite-Line Technologies, LLC
QDiscovery, LLC
Theraplay, LLC

Jan-Pro Holdings, LLC

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 Enterprises, Inc.
Niche Manufacturing – Personal Products

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
Construction & Construction Management

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 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.
Construction & Construction Management

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.

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.
Construction & Construction Management

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
Manufacturing and Maintenance Services

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
Niche Manufacturing

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
Business Services

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.

Prior Investments

Alamac American Knits - is a North Carolina based textile manufacturer primarily of knitted fabrics for the uniform and career apparel market. The fabrics are high value add that must be able to hold colors through industrial washings over multiple years and be able to release stains, dirt, etc. and provided on a small batch, quick turn basis at the wholesale level. The Company was a profitable division purchased out of a larger bankrupt entity.

Apothecare LLC. - Headquartered in Brockton, MA. Apothecare is a rapidly growing institutional pharmacy targeting the behavioral health sector in group homes and community-based settings in Massachusetts. The Company's primary patient base, primarily individuals with intellectual and developmental disabilities ("IDO") but also substance abusers, has complex medication requirements. The Company's unique high touch service model, which includes multiple daily delivery capabilities, automated cycle filling, as well as on-site support and training for clients' staff, provides significant value to clients and payors by ensuring the highest level of medication management compliance. The Company serves more than 5,000 patients in more than 700 group homes and other settings across the state.

Cognex - Long recognized as the worldwide technical and market share leader in the expanding field of industrial optical character recognition applications, this public company sourced its original two rounds of venture capital from a limited (3) consortium of New England based funds co-led by Prime Capital prior to its going public.

FEI Products - was a contract manufacturer of Paragard, an intrauterine device (IUD) for contraception. During ownership, FEI purchased the underlying NDA for the product which enabled the Company to begin selling and distributing the product directly to the market, significantly changing the operations and increasing the revenue and profitability of the Company.

Hale Groves - the largest direct marketer of citrus in the United States, selling gift baskets and related items to consumers via catalog and the internet.

Lifecodes - A new start by Prime Capital and prior to its acquisition in the late 1990's by a publicly held bio technology suitor, Lifecodes was a pioneer in the development of proprietary biologicals and instrumentation that led to an explosion in the revenues associated with human identity product and services. At the time of its competitive acquisition process, Lifecodes owned the second largest chain of global DNA service providers.

National Fairways, Inc. - Beginning in 1992, National Fairways became a major owner and operator of public and private golf courses. In 1994 it also became a major developer of high-end private golf clubs. At one time, National Fairways and its affiliates owned and operated more than 20 courses in Florida, Pennsylvania, New Jersey, New York, Connecticut and Rhode Island. As a developer, National Fairways built three private clubs which are recognized as among the best nationally. In 1998 and 1999, National Fairways sold most of its public courses at large gains. In 2000, National Fairways formed Fairways International Clubs ("FIC") which took on several new projects in New Jersey, Connecticut and Arizona; In 2002, FIC opted to sell its development assets.

National Interstate, Inc. is a highly successful Cleveland based specialty P & C insurance company which went public in 2005. The Company was originally organized by Prime Capital and resulted in returns of more than 15 times.

Sonic Corp. is a publicly traded fast food franchiser with locations predominantly in the sunbelt. A predecessor to Starboard re-capitalized this company and subsequently took the Company public. An initial investment of $2 million became publicly traded stock with values in excess of $100 million within two years. Marc Bergschneider served as a Director.

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.

Unimast, Inc. is a manufacturer of steel studs for building construction. A predecessor of Starboard completed a leveraged buyout of the Company and later sold the company to Wheeling Pittsburgh Steel Company. Marc Bergschneider served as a Director.