CHB Capital Partners

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Fall 1999

Well, we hate to admit it but we've been reduced to "snow dancing" here in Denver as the temperatures have been in the mid-70's far too long for those of us with investments in ski apparel companies. We encourage all readers of this newsletter to do the same.

With the addition of Steve Greene in July, we completed our staffing for the second fund. Previously Steve worked with McKinsey & Co. in Pittsburgh and is a graduate of the University of Notre Dame.

In June we closed our investment in MACTEC, Inc., a Golden, CO based environmental services company with gross revenues of about $160 million. MACTEC's growth strategy is based on filling out its service/geography coverage through acquisition while growing its government nuclear business and entering the market for commercial nuclear power plant decommissioning. Since closing, the company has made one acquisition, has another under a letter of intent and is in discussions with several other interesting candidates.

In August we made a follow-on investment in Champion Technologies, Inc. to support future growth. By September and October the company had set new monthly sales records as the telecom and datacom markets heated up considerably. CTI has expanded its customer base to include not just the first tier telecom players like Ericsson, Nortel and Lucent that have historically been their core customers, but also component suppliers and contract electronics manufacturers. In addition, the company has entered the datacom markets focusing on Internet infrastructure suppliers. We are looking forward to a strong year for Champion.

In November we closed an investment in USA Capital, a Denver based small ticket leasing company with origination volume of about $60 million. USA Capital's strategy focuses on bringing a franchise model to the independent broker dominated market for small ticket equipment leasing. The model allows the broker to maintain independence while receiving the infrastructure benefits of a much larger organization in return for channeling 100% of their origination volume to USA Capital.

We encourage you to call us with interesting investment opportunities within the closely-held and family owned business market. We look for transactions where we can invest equity capital in established companies with $20 million or more in revenue. Should you call, we guarantee you a thoughtful and timely response.

Tad Kelly, John Flanigan, Blake Morris, Grant Clayton, Sean McClenaghan, Steve Greene & Nancy Thayer


511 Sixteenth Street, Suite 600 Denver, CO 80202
Telephone: (303) 571-0100 Facsimile: (303) 571-0114