CheckAgain, the leading business outsourcing company and pioneer in the automated check representment industry, was seeking to recap one of its non-management founding shareholders and develop some new product offerings to its retail customers. Patriot invested subordinated debt w/warrants into the Company that enabled it to achieve their financing and growth strategy. CheckAgain was purchased by Fiserve Corporation and serves as a platform for Fiserv's check representment business. Patriot Capital achieved a 33% return on its investment in CheckAgain.

Home Solutions of America is a publicly traded holding company that is in the restoration, remodeling and reconstruction sectors of the commercial and residential service industry. Patriot Capital provided the subordinated debt to support several of the Company's acquisitions. The Company grew it revenue and earnings by over 400% respectively and Patriot was able to exit its debt and equity investment through a secondary public offering and scheduled stock sale strategy. Patriot Capital realized a 208% IRR from its investment.

Telecom USA Publishing Group, Inc., a leading independent telephone directory business, was a prior investment of Mr. Stelljes' at Allied Capital. At the time of investment the Company published 38 independent yellow page directories and had approximately $36 million in revenues. The investment allowed the Company to continue its expansion into Iowa, Colorado, and the Dakotas. Allied also contributed its ownership in the Denver Directory, giving the Company an anchor book in a major growing market. Last year the group published 267 directories and generated $300 million in revenues. The Company was sold to McLeod USA in 1997 and again to Yell Group in 2002. The sale generated substantial returns for Allied.

Prosoft was facing an investor covenant crisis in 1998 when the ServiceMaster Venture Fund, led by Mr. McCusker, partnered with the management team to completely change business models in moving the business from a retail training center business to a wholesaler of IT educational content. ServiceMaster Venture Fund led the subordinated debt financing, which enabled the Company to successfully execute its business plan resulting in significant cost reductions and enabling the Company to produce a profit in 1999 and 2000. This enabled the ServiceMaster Venture Fund to convert the subordinated debt into public stock and provided shareholders a 52% return on their total investment.

Arnold Moving, Inc. was a buyout of the largest moving and storage company in the state of Kentucky. Chip Stelljes, while at Allied Capital as the sole institutional investor, partnered with Richard Russell, the former President of Mayflower Van Lines to purchase the Company from its founding family. Arnold specialized in high-end corporate relocations, office moves, and outsourced logistics. Over the next four years, Mr. Stelljes was highly involved in Arnold's growth and expansion into new businesses. The Company was recapitalized by management yielding an attractive return for Allied.

PJNJ Foods was a Papa John’s pizza franchisee based in southern New Jersey, and a private equity investment sponsored by Mr. Bryan. Mr. Bryan was one of the founders of PJNJ Foods in 1995 and assisted in building the Company from a start-up to the development and operation of 20 Papa John’s pizza restaurants until its sale in 1999. Mr. Bryan was instrumental in raising the equity and debt to fund the growth of PJNJ and in executing the sale of the Company to Papa John’s International (www.papajohns.com). Equity investors in PJNJ earned a 37% compound annual rate of return.

DigitalThink, a leader in the emerging market of e-learning, was a prior investment of Mr. McCusker's while at the ServiceMaster Venture Fund. At the time of the funding, Digital Think was beginning to expand into the corporate distribution channel, having been originally founded as a consumer direct e-learning content company. The funding supported the Company's growth of a direct sales force, which resulted in sales growth of $2 million in 1998, at the time of funding, to over $60 million in 2000. The rapid growth and successful business plan enabled the Company to go public in the Spring of 2000 and provided a 23X cash return for the ServiceMaster Venture Fund.

ExpertPlan (www.expertplan.com) is a leading Internet-based provider of retirement plan solutions, enabling financial professionals to offer high-quality, low-cost retirement plans to meet the needs of their clients. In addition, the Company offers a variety of technology-based solutions to profitably address the e401(k) sector. ExpertPlan provides online retirement plan administration for leading financial services firms including Putnam Investments, John Hancock Funds and U.S. Bancorp. Bridge Partners, LLC, a private equity investment vehicle in which Mr. Royston and Mr. Bryan were partners, led the first round of institutional equity in the Company. In October 2002, ExpertPlan completed a Series B Preferred Stock funding of $4.35 million that included Liberty Ventures, Meridian Venture Partners, Milestone Venture Partners and NextLevel Venture Partners.

Remet, the management of Remet Corporation, the leading supplier of manufactured wax and specialty chemical products serving the precision investment casting industry, was seeking to purchase this division from Foseco International, its parent corporation. Remet owns and operates four manufacturing plants and has over 40 distribution centers worldwide generating over $50 million in worldwide revenue. Management approached Patriot with the acquisition proposal and Patriot structured a subordinated debt and preferred stock investment that aligned the interests of the management team, the preferred stock holders and the debt holders and enabled the management team to begin maximizing the upside in the investment.

Accuship, an automated audit recovery and logistics information management company was looking to refinance a portion of its senior bank loan and provide growth capital to continue its product line expansion. Patriot partnered with the current equity firm and two other new institutional investors to structure an investment that enabled the Company to more effectively re-invest into the growth of the business.

Option 1, an enteral nutrition therapy home delivery and services company currently serves home healthcare patients in eight states. Patriot Capital supported the leveraged recapitalization of Option 1 with investments in subordinated debt and equity. Through the structure, the founder and Chief Executive Officer was able to retain a significant equity position in the new entity and the Company was able to transition ownership and continue its growth plan with no interruption in performance.