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MidWest Wholesale Hardware Co.

www.midwestwholesale.com

Management Buyout

Press Releases
02/2007


Mid-West Wholesale Hardware Co., headquartered in Kansas City Missouri, is a leading, full-service wholesaler and distributor of architecturally specified commercial door hardware, including manual and electronic locks, exit devices, door closers and related specialty items.

Founded in 1980, Mid-West carries the broadest line of commercial door hardware in the industry, including products from more than 40 of the world’s leading manufacturers, such as Schlage, Yale, Corbin Russwin and Von Duprin. Mid-West is the only contract hardware wholesaler in the U.S. that represents both of the world’s leading door hardware manufacturers, ASSA ABLOY and Ingersoll-Rand. Based in Kansas City Missouri, Mid-West serves over 4,300 active customers, primarily commercial hardware distributors, throughout the U.S. Through these strategically located facilities, the company can reach 84% of the U.S. population in two business days or less.

Widely recognized as a pioneer in the wholesale distribution segment, Mid-West is well positioned to continue growing its business by adding new product lines, building out sales and customer development functions, increasing its geographic footprint and network density, pursuing e-commerce initiatives and selectively doing add-on acquisitions.

Sentinel Capital Partners and management acquired Mid-West from BancBoston in a buyout transaction. M&I Bank provided senior debt for the transaction, and Bank of New York provided subordinated debt financing. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P. Mid-West was sold to a financial buyer in August 2014.



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Nivel Holdings LLC

www.nivelparts.com

Management Buyout
Transition from Family Ownership
Subsequent Add-On Acquisitions

Press Releases
10/2007
05/2006
02/2004


Nivel Holdings LLC, headquartered in Jacksonville, Florida, is a leading independent distributor of aftermarket golf car replacement parts and accessories.

Nivel supplies over 2,000 golf car part SKUs, including battery parts, bearings, brake parts, chargers, body accessories, motor parts and related replacement parts for all makes and models including Club Car, E-Z-Go and Yamaha. Nivel is recognized for its leading product catalog which is distributed to 1,800 dealers worldwide. Nivel also publishes Golf Car News, a bimonthly magazine targeted at golf car dealers and related service providers, and The Cart Trader, a classified newsletter for buyers and sellers of used golf cars.

Nivel is well positioned to expand in its existing markets and to make complementary acquisitions in the U.S. The demand for golf car replacement parts is expected to continue to grow as more players enter the game of golf and new courses are constructed. Also, since a large portion of the market for golf cars is for non-golf uses such as planned communities, industrial environments and off-road transportation, Nivel's market has attractive growth prospects.

In February 2004, Sentinel Capital Partners and management acquired Nivel in a management buyout transaction valued at $26.5 million. American Capital Strategies provided debt financing for the recapitalization and also became a minority co-investor. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners II, L.P.

By October 2007, Nivel had made two add-on acquisitions and had positioned itself to serve customers on a national basis. Having achieved substantially all of its investment objectives, Sentinel sold Nivel to Audax Group generating an attractive return during our 3½ year hold period. Since Sentinel's original investment, Nivel's sales and profitability have more than doubled. Today Nivel has a national distribution footprint, and is well positioned to continue growing.



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Vintage Holdings, Inc.

www.vpartsinc.com

Corporate Carveout
Management Buyout

Press Releases
09/2015
10/2007


Vintage Holdings, Inc. (d/b/a Vintage Parts), headquartered in Beaver Dam, WI, is the leading independent distributor of original slow-moving and inactive OEM replacement parts for automobiles, recreational vehicles, and construction, agricultural and material handling equipment.

Pursuant to long-term agreements with 37 OEMs, including General Motors, Ford, CNH Global, John Deere, Harley-Davidson, Komatsu, and Honda, Vintage Parts purchases old-model inventories of parts and warehouses them for future sale and distribution to more than 75,000 individual customers, many of which are authorized OEM dealers. Vintage Parts today is the single largest independent supplier of original OEM parts with more than one million part numbers.

Vintage Parts plans to grow by increasing the quantity and quality of parts purchased from current OEM relationships and also by purchasing inventory from new OEM customers, both in current targeted industries and in selected new industries.

In October 2007, Sentinel Capital Partners and management acquired Vintage Parts in a management buyout transaction that was a carveout from John Swire & Sons Pty Ltd. Marshall & Ilsley Bank provided debt financing for the transaction. Sentinel originated and sponsored the transaction, arranged the acquisition debt and provided private equity financing from Sentinel Capital Partners III, L.P.

In September 2015, having owned the business for eight years and having achieved our investment objectives, Vintage Parts was sold to another private equity firm. Since Sentinel's original investment, Vintage Parts grew rapidly, adding 30 new OEM partners, entering several new end markets, and more than tripling its profitability. Vintage Parts remains well positioned to continue growing under the leadership of its outstanding management team.