CHB Capital Partners

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Spring 2008

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Spring/Summer 1997

Well, this issue brings some good news and some bad news. The bad news concerns the lousy weather we've had in Denver this Spring, the too early departure of the Avalanche from the Stanley Cup and the crumbling bats of the our Blake Street Bombers. Adding to this tale of woe, John broke his foot at Crested Butte while pretending he was some teenage shredder on his snowboard. The good news is that we completed another promising investment.

In our second investment, the fund and related entities invested $10 million alongside existing management to purchase the department and specialty store footwear licensing division of JBI, Inc. (We have enclosed a copy of the tombstone.) Shoe Corporation of America, as the company is now known, manages the footwear business in about a dozen department and specialty store chains. The company operates in over 450 locations nationwide and generated about $185 million in sales last year. Given the compelling economics of licensing to certain types of department and specialty stores, we and management are excited by SCOA's growth prospects.

With Trussway Ltd., our first investment, we have stepped up our acquisition efforts and look forward to expanding upon the company's leadership position in the industry. We are looking, specifically, to add to our presence in the single family market -- so let us know if you hear of any well-managed truss companies available in the mid-atlantic, southeast and southern USA.

Other situations that we are looking at now include a growth equity investment in a closely held performance ski wear business, a management buyout of a closely held costume jewelry components manufacturer, a growth equity investment in a family owned transportation company and a recapitalization of a closely held charter airline. Although we have succeeded in investing in shelter and clothing we are still searching for a food investment to complete the first level of Maslow's hierarchy of needs.

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. Should you call, we guarantee you a thoughtful and timely response.

Best regards,

Tad Kelly, John Flanigan, Blake Morris & Lee Ann Moore


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