CHB Capital Partners

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Spring 2008

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Summer 1996

Although the water level from our record snowfall has so far conspired to keep us from traditional fishing, this spring has found us hard at work at fishing of another type -- chasing several exciting investment opportunities. No news to report on the catching front yet as a few of the deals ended up going away (for what turned out to be good reasons) and others are still in discussions.

We continue to come across a wide variety of opportunities within our niche -- family owned and closely held businesses that are looking for a partner to provide capital for ownership transition and growth. Some of the situations that made life interesting this spring include a management buyout of a beef processing facility, a management buyout of a digital pre-press company, a management recap of a chain of convenience stores, a merger of two family owned grocery store chains and a buyout of a costume jewelry manufacturer. Although dissimilar on the surface, in each case a strong team of owners and/or managers was prepared to put its own money to work alongside ours to achieve growth in revenue and profitability at a company with a proven track record.

Our first investment, the management recap of Trussway Ltd., continues to perform well. We have worked closely with the management team on a number of issues which are yielding positive results. With the housing market forecast to remain strong and interesting options for consolidation in this fragmented industry, we are confident that Trussway's strong performance will continue.

We are now, with the addition of Blake Morris, fully staffed. He comes from First Boston's M&A group by way of Stanford B-School, Cannon Associates, Bain & Company and Rice University. We were relieved that he was able to start right in the middle of this hectic period and sent him traveling on his second day on the job.

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 $2 million to $10 million in equity capital in established companies with $25 million or more in revenue in industries that are not overly volatile. Should you call, we guarantee you a thoughtful and timely response. Watch for us soon on the World Wide Web....

Best regards,

Tad Kelly & John Flanigan


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