Bandon Holdings LLC

www.anytimefitness.com

Management Buyout
Add-on Acquisitions

Press Releases
07/2022

Headquartered in Austin, Texas, Bandon is the largest franchisee in the Anytime Fitness family with more than 200 clubs and 140,000 members. Bandon's strategy has traditionally focused on owning and operating clubs in small suburban and rural markets with limited fitness club options. Bandon's clubs are well maintained and feature high-quality equipment and personal training services, offering a friendly, convenient fitness solution to local communities in over 25 states.

Franchisor Anytime Fitness is headquartered in Woodbury, Minnesota and is the largest fitness company in the United States and the fastest growing gym franchise in the world, with more than 5,200 clubs in nearly 40 countries and territories. Anytime offers affordable fitness options that emphasize a complete gym product offering and unparalleled convenience for members, including 24-hour access. For franchisees, Anytime's small-box format with low buildout costs promotes attractive unit economics and return on investment. Bandon's growth strategy is to continue subconsolidating the Anytime Fitness system.

Cabi LLC

www.cabionline.com/

Management buyout

Press Releases
03/2017

Headquartered in Carson, California, cabi is a direct marketing company that designs and sells women’s apparel through a network of more than 3,400 independent stylists. Cabi’s stylists sell its clothes through by-invitation-only shows in private homes in the U.S., Canada, and the U.K. Cabi provides sales training and marketing support to its stylists and leads the industry in stylist retention, which has enabled it to become a leader in the direct selling channel.

Cabi's stylists conduct shows in the homes of more than 78,000 hostesses. Cabi delivers beautifully-detailed and high-quality designer clothing that is on trend, accessibly-priced and appeals to a broad and attractive demographic. Cabi is revolutionizing the way women shop and work through its unique fashion experience and the career opportunities it offers its independent stylists.

Cottman Transmission Systems, Inc.

www.cottman.com

Management Buyout
Transition from Founder Ownership

Press Releases
03/2004
12/2002
08/1999

Cottman Transmission Systems, Inc., a company headquartered in Fort Washington, PA, is a franchisor of automotive transmission centers that repair, remanufacture and service transmissions and related components. Cottman, the "Transmission Physician," opened its first transmission repair center on Cottman Avenue in Philadelphia in 1962. With more than 300 centers in the United States and Canada, Cottman is now one of the largest transmission service and repair chains in North America.

Consistently ranked among the top franchise organizations in the U.S., Cottman continues to grow by aggressively franchising new centers and by selectively acquiring independent transmission repair chains. This growth is driven by several positive industry trends: an aging U.S. vehicle population; increased popularity of front-wheel and four-wheel drive vehicles that have more complex transmissions; a return to high-performance/high-output engines that place more strain on transmissions; and greater use of computers in automobiles that make transmission repair a more specialized and costly service.

Sentinel Capital Partners and Cottman's management team acquired the company in a buyout transaction in July 1999. Sentinel originated and sponsored the acquisition, arranged the debt and provided private equity financing.

In March 2004, after achieving substantially all of its investment objectives within four-and-a-half years, Sentinel sold Cottman to American Capital Strategies, Ltd. Since Sentinel's original investment, Cottman's sales and profitability grew substantially. With approximately 400 stores in its franchise system, Cottman is well positioned to continue growing.

Floral Plant Growers L.L.C.

www.natbeauty.com

Management Buyout
Transition from Founder Ownership
Add-On Acquisitions

Press Releases
10/2004
08/1998
10/1996

Floral Plant Growers, L.L.C., headquartered in Green Bay, Wisconsin, produces, markets and sells specialty floriculture products to lawn and garden centers of mass-merchant retailers. Floral's primarily product is bedding plants, which are small-blooming flowers sold in trays for planting in gardens or flower boxes. This segment of the horticulture business generates $2 billion per year in revenues and has grown at 10% annually for the past 10 years.

The graying of America, which has helped make gardening one of the nation's most popular leisure activities, continues to fuel industry growth. While big-box retailers such as Home Depot, Lowes, Wal-Mart and Target are enjoying profitable growth in the lawn and garden category, many smaller floriculture suppliers lack the sophistication and resources to adequately serve the mass-merchant channel. Managing more than 70 acres of production capacity in five highly automated greenhouses in Maryland, Delaware, Wisconsin, Iowa and Indiana, Floral's strategy is to execute an industry consolidation by acquiring these smaller companies.

Sentinel Capital Partners acquired Floral in October 1996 in a buyout transaction that involoved a transition from founding family ownership. Sentinel originated and sponsored the acquisition, arranged the debt financing and provided the private equity financing.

In October 2004, after achieving substantially all of its investment objectives within eight years, Sentinel sold Floral to Blue Point Capital Partners. Since Sentinel's original investment, Floral's sales and profitability have tripled. With approximately 70 acres of production capacity spanning the Midwest through the Atlantic seaboard, Floral is well positioned to continue growing.

Growing Family, Inc.

www.our365.com

Management Buyout
Transition from Founder Ownership
Add-On Acquisitions

Press Releases
10/2006
01/2002
09/1998
03/1998
03/1997
11/1995

Growing Family, Inc., located in St. Charles, Missouri, owns and operates three complementary businesses serving new parents and companies that want to reach them. Established in 1954, Growing Family has a solid record of consistent profitability and growth.

FirstFoto, the core business, is North America's largest provider of in-hospital infant portrait products and services, having exclusive contracts with more than 2,650 hospitals in the United States and Canada. Growqing Family produces and manufactures portraits in its captive labs in St. Charles.

Approximately 3.2 million of the 4.0 million babies born annually in North America are born in First Foto hospitals. Growing Family's representatives personally interact with more than 70% of all new mothers in North America within hours of the birth event. Because of this interaction, Growing Family possesses the most comprehensive and current database of families with newborns and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers.

Growing Family's other two businesses capitalize on this unique access. The company's ecommerce web site growingfamily.com offers various products and services to new families. Growing Family's third business is a rapidly growing, highly profitable information and marketing service business targeting large consumer product and service companies and new families.

In 1995, Sentinel sponsored and provided the private equity financing for a recapitalization of Growing Family.

In August 2006, after achieving substantially all of our investment objectives, Sentinel sold Growing Family in a management buyout transaction.

GSM Outdoors LLC

www.gsmoutdoors.com

Management Buyout
Add-On Acquisitions

Press Releases
11/2020
06/2018

Headquartered in Irving, Texas, GSM has a broad portfolio of innovative hunting and sport shooting products sold under highly recognized brand names. GSM's industry leading brands include Walker's (hearing protection and enhancement devices); Muddy, Hawk, and Big Game (tree stands and box blinds); Stealth Cam (technologically-advanced game scouting cameras); Birchwood Casey, SME, TekMat, GPS Bags, and CrossFire (shooting targets, holsters, range bags, and related accessories); HME, Skull Hooker, and Viking Solutions (hunting tools, mounts, and knives); Hunters Specialties and Western Rivers (scent attractants, scent control products, and game calls); Cyclops (specialty outdoor lighting); Boss Buck and American Hunter (game feeders); and NAP (broadheads and other archery accessories). GSM sells through a diverse mix of channels, including online retailers, sporting goods stores, mass merchants, outdoorsman retailers, farm and fleet stores, and distributors across the U.S. and Canada.

GSM is an industry leader and is driving growth through developing innovative, high quality products. GSM is positioned as a vendor-of-choice with leading retailers and has a highly engaged consumer enthusiast following. GSM's management has created a culture of success and has positioned GSM as a consolidator of choice in the large and highly-fragmented hunting and sport shooting accessories market.

In November 2020, after achieving our investment objectives, GSM was sold to another private equity firm in a management buyout. In the 2½ years since Sentinel's original investment, GSM's performance was exceptional. GSM demonstrated strong organic growth and completed 13 highly accretive add-on acquisitions. Sales grew more than threefold and EBITDA increased more than fourfold. GSM remains well positioned to continue growing under the leadership of its superb management team.

Hollander Sleep Products, Inc.

www.hollander.com

Management Buyout

Press Releases
10/2014

Founded in 1953 and headquartered in Boca Raton, Florida, Hollander is a leader in the North American basic bedding segment producing bed pillows, mattress pads, comforters, foam products, and related sleep accessories. Hollander markets its products under a portfolio of highly recognizable proprietary, licensed, and retail partner brands including Ralph Lauren®, Simmons®, Beautyrest®, Laura Ashley®, Nautica®, Waverly®, and Live Comfortably®.

Hollander operates nine facilities across North America and employs more than 1,600 people worldwide. Hollander sells its products to departments stores, big box retailers, independent stores, and through catalog and Internet retailers.

In September 2019, after a five-year hold period, Hollander was sold to strategic buyer backed by another private equity firm.

Holley Performance Products, Inc.

www.holley.com

Management buyout

Press Releases
07/2021
10/2018
09/2015

Sentinel's investment in Holley began in 2015 with our acquisition of Driven Performance Brands ("Driven"), a leading designer, manufacturer, and marketer of specialty automotive aftermarket performance products for car and truck enthusiasts. Driven's products offer a variety of unique designs and styles for a wide range of automotive enthusiasts who consider what they drive and how the vehicle performs an important lifestyle choice. Driven's product line covers almost every part of the undercar, from exhaust to transmission, drivetrain, and electronic tuning products, and is marketed under five leading brands: Flowmaster, B&M Racing and Performance, Hurst Shifters, Hurst Driveline Conversions, and Dinan Engineering.

Founded in 1953, Driven sells through online specialty retailers, warehouse distributors, auto dealers, and traditional auto parts retailers as well as directly to consumers. Driven has a committed and loyal customer base of devoted automotive enthusiasts, a portfolio of iconic brands, and an unmatched distribution network. In August 2017, Driven acquired APR, the leading provider of performance aftermarket products for Audi and Volkswagen vehicles. APR is highly complementary to Dinan, which provides similar products for BMW vehicles.

In 2018, Sentinel acquired Holley Performance Products, a leading producer of high-performance automotive products, and merged Driven into Holley. Holley's product portfolio comprises fuel injection systems, engine tuning and ignition solutions, carburetors, and exhaust systems and includes iconic brands such as Holley, Sniper EFI, MSD, Accel, Hooker, Diablosport, Superchips, and Edge, each with its own identity that allows Holley to target specific consumers across the late-model, classic, truck and jeep, and racing vehicle sub-segments. Founded in 1903, Holley is headquartered in Bowling Green, Kentucky. Like Driven, Holley sells through online specialty retailers, warehouse distributors, and traditional auto parts retailers, as well as directly to consumers, has iconic brands, and has a committed and loyal customer base of devoted automotive enthusiasts.

The combination of Holley and Driven creates the largest and most diversified platform in the high-performance automotive aftermarket market. Operating in a large and fragmented industry, the combined business is well positioned to grow organically and by acquiring additional brands for its portfolio. Following the Holley-Driven merger, the platform completed eight more acquisitions, which has further expanded its branded product portfolio and presents an exciting opportunity to capitalize on Holley’s growing direct-to-consumer channel.

During our ownership, Holley's performance has been outstanding. Holley has emerged as a leading player in its industry and offers a broad suite of branded products that position it as a destination for enthusiast consumers. Having achieved significant scale, in July 2021, Holley completed an IPO and now trades on the New York Stock Exchange under the ticker symbol "HLLY."

L2 Brands LLC

www.league-legacy.com/

Management Buyout
Add-on Acquisitions

Press Releases
11/2022

L2 Brands is a leading designer, manufacturer, and marketer of custom apparel and headwear for the collegiate, destination and leisure, and corporate markets. With a heritage dating back more than 30 years, L2 Brands creates customized products that connect consumers with the schools, destinations, and traditions they love. Since its founding in 1991, L2 Brands has grown into a diversified business with a successful history of long-term profitable growth. L2's two brands—League and Legacy—offer widely recognized lines of premium apparel and headwear.

L2 has a three-decade reputation for offering leading brands, excellent customer service, and high-quality products. League was founded in 1991 and draws its brand inspiration from the All-American lifestyle. Legacy, founded in 1992, is the brand of choice in customized headwear and winter knits. These two brands include more than 150 styles for men and women that are sold into the collegiate, destination and leisure, and corporate markets. L2 is known for its best-in-class design, decoration, and customization capabilities, premium product assortment, and ability to offer a one-stop-shop solution for customers. With a talented and committed management team, best-in-class products and service, and operational excellence, L2 Brands is well positioned to grow rapidly, both organically and through add-on acquisitions in related product categories.

Market Performance Group

www.marketperformancegroup.com

Management buyouts
Add-on Acquisitions

Press Releases
01/2024

Founded in 2002 and headquartered in Holmdel, New Jersey, Market Performance Group ("MPG") is a leading provider of omnichannel strategy and consulting services focused on the consumer goods industry. MPG develops strategies that drive brand sales performance across ecommerce and brick-and-mortar retailers. Clients include a diverse set of large and midsized consumer products companies and emerging independent brands. MPG also offers industry research and brand diligence for consumer products investors.

MPG is led by an experienced management team whose careers have included executive positions at leading retailers and consumer brands. The business is well positioned to grow organically and through strategic add-on acquisitions with adjacent service capabilities.

Massage Envy, LLC

www.massageenvy.com

Corporate Carveout
Management Buyout

Press Releases
09/2012
01/2010

Massage Envy, headquartered in Scottsdale, Arizona, is the nation’s largest provider and franchisor of therapeutic massage services.

Massage Envy offers professional and affordable therapeutic massage services to consumers with busy lifestyles, offering convenience, high quality, and excellent value. Since its founding in 2002, Massage Envy has established itself as the leading franchisor of massage therapy services in the United States, with more than 600 clinics operating in 42 states generating more than $450 million in systemwide sales. With a highly trained and committed workforce of more than 10,000 employees, Massage Envy offers a range of services that include full-body and partial-body massage therapies and facial skin treatments.

Massage Envy operates through a membership model, giving the company and its franchisees the benefit of recurring, predictable revenues. In 2009, Entrepreneur magazine’s Franchise 500® ranked Massage Envy as one of the nation’s 20 “Fastest Growing Franchises” in addition to #1 in the “Massage Services” category.

Massage Envy is well positioned to continue to expand via openings of de novo centers in new and existing markets. Massage Envy is fueling market growth by offering convenience, high-quality, and competitive value pricing. According to the American Massage Therapy Association, the many powerful benefits of therapeutic massage include reducing fatigue, lower back pain, and post-operative pain; boosting the body’s immune system; decreasing the symptoms of carpal tunnel syndrome; lowering blood pressure; and diminishing headache frequency. Massage Envy has taken an exclusive, high-priced service and made it affordable to and accessible for the general public. Today, millions of Americans find therapeutic massage to be an invaluable component of their wellness.

In September 2012, after achieving substantially all of our investment objectives, Massage Envy was sold to another private equity firm. Since Sentinel's original investment, Massage Envy grew rapidly, expanding from 600 to 800 clinics in 45 states, more than doubling its sales and profits, and having a backlog of more than 200 yet-to-be-opened units. Massage Envy remains well positioned to continue growing under the leadership of its superb management team.

Pet Supplies Plus, LLC

www.petsuppliesplus.com/

Management Buyout

Press Releases
03/2021
12/2018

Pet Supplies Plus is a leading franchisor and operator of pet-specialty stores that provide a customer-centric shopping experience in smaller stores that have a neighborhood feel. Pet Supplies Plus blends the advantages of national scale with those of a friendly, local neighborhood pet store. Stores have a streamlined design, which makes them easy to navigate, and a wide assortment of natural foods, hard goods, and pet services. Serving 33 states, Pet Supplies Plus' system comprises 448 stores, split evenly between franchised and company-owned locations. Pet Supplies Plus also operates a distribution network with significant buying power that provides scale, profitability, and operational advantages to its franchisees. Pet Supplies Plus is recognized by Entrepreneur magazine as the top full-service pet supplies franchise for its excellent performance, financial strength and stability, growth rate, and system size.

Pet Supplies Plus is the #1 pet franchise system in the U.S. with an expanding footprint and a large white-space opportunity. The pet industry is stable, growing, and has a passionate consumer base. Pet Supplies Plus has a strong position in the pet retail segment and a loyal customer base. Pet Supplies Plus combines the convenience, expertise, and high-touch experience of a local neighborhood pet store with the curated selection and value of a national player.

In the 2¼ years since making our investment, Pet Supplies Plus performed superbly. During our ownership, its sales and profits grew substantially. Having achieved our investment objectives, Pet Supplies Plus was sold to strategic buyer Franchise Group (NASDAQ: FRG). Pet Supplies Plus's hugely talented management team will continue to run the business under new ownership.

Quick Weight Loss Centers LLC

www.quickweightlosscenter.com

Management buyout

Press Releases
08/2016

Quick Weight Loss Centers LLC is a leading, multistate health and wellness company that provides weight loss management services. Quick Weight Loss's services address the nation’s growing obesity problem through highly differentiated weight loss programs that enable clients to achieve and maintain their weight loss goals.

Through 32 weight loss management centers in Texas and Florida, Quick Weight Loss offers a proprietary, retail-based weight loss program that teaches customers how to lose weight through nutritional programs that are augmented with significant one-on-one, in-person counseling and supplemental product sales. Quick Weight Loss’s nutritional programs educate clients how to eat well-balanced diets without counting calories or eating pre-packed food, and its high frequency, in-person counseling drives accountability and positive customer outcomes. Founded in 1988, Quick Weight Loss has helped thousands of people achieve and maintain their weight goals.

RefrigiWear LLC

www.RefrigiWear.com

Management Buyout
Add-On Acquisitions

Press Releases
11/2021

RefrigiWear makes protective industrial workwear for indoor and outdoor use in sub-freezing temperatures and inclement weather environments. RefrigiWear's products include outerwear, coveralls, bibs, pants, and protective handwear and footwear that are designed to keep users warm, safe, and productive. RefrigiWear has deep, long-standing relationships with its customers in the food manufacturing, food distribution, and construction and other outdoor end markets. RefrigiWear also provides services such as embroidery and personalization, emblems, logos, patches, custom alterations, repairs and laundry services, which further entrenches it with its customers. Over the past several years, RefrigiWear has rapidly grown its e-commerce business to provide its quality products directly to end consumers. Founded in 1954, RefrigiWear will continue to be managed by members of the founding families that have run the business since its inception.

RefrigiWear is the premium trusted brand in subzero environment workwear with unparalleled customer loyalty, exceptional service, and a record of innovation. RefrigiWear is well positioned to accelerate its growth record both organically and via making add-on acquisitions.

Spinrite Inc.

www.spinriteyarns.com/

Management Buyout
Transition from Founder Ownership
Subsequent IPO

Press Releases
10/2015
11/2007
02/2005
02/2004

Spinrite, headquartered in Listowel, Ontario is a leading manufacturer and marketer of craft yarn products in North America.

Established in 1952, Spinrite is well known to the hobby market for its Bernat, Patons, Lily Sugar’n Cream, and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite possesses the most modern and diversified craft yarn manufacturing, dyeing and finishing operation in North America and is recognized as a market leader in new product development.

Spinrite is well positioned to grow in the needlecraft category by expanding with its existing customers and making complementary acquisitions in the U.S. that can take advantage of the company's strong North American manufacturing infrastructure.

In January 2004, Sentinel Capital Partners, Spinrite's owner and CEO, and senior management acquired the company in a recapitalization transaction. Scotiabank provided senior debt and Norwest Mezzanine Partners provided subordinated debt financing. Sentinel originated, sponsored and negotiated the transaction, arranged the debt financing and provided private equity from Sentinel Capital Partners II, L.P.

In February 2005, Spinrite completed its initial public offering in a Cdn $202.9 million transaction. Spinrite continues to be well positioned to continue its growth strategy.

In November 2007, after spending the last three years as a public company, Spinrite was sold back to Sentinel in a going private transaction.

In October 2015, having owned the business for eight more years and having achieved our investment objectives, Spinrite was sold to another private equity firm in a management buyout transaction. Under Sentinel's ownership, Spinrite completed two add-on acquisitions and established iself as the craft yarn leader. Spinrite remains well positioned to continue growing under the leadership of its enormously talented management team.

Strategic Partners, Inc.

www.strategicpartners.net

Management Buyout
Transition from Founder Ownership

Press Releases
08/2010
04/2006

Strategic Partners, Inc., headquartered in Chatsworth, California, is a leading designer, manufacturer, and distributor of medical uniforms for the specialty retail and mass merchant channels. The business has a history of design innovation and excellent customer service.

Strategic designs, manufactures, and sells its products to independent and chain retailers of uniforms, mass merchants, and through catalog and Internet retailers. Strategic's brands include Baby Phat, Cherokee, H.Q., Med•Man, Rockers, Classroom, Cherokee Workwear, Cherokee Studio, Team Scrubs, and Tooniforms. With over 50 license agreements, Strategic is the industry’s largest licensee.

In April 2006, Sentinel Capital Partners and management invested in Strategic in a recapitalization transaction. Sentinel originated, sponsored and negotiated the transaction, and provided private equity financing from Sentinel Capital Partners III, L.P.

In August 2010, after achieving substantially all of its investment objectives, Sentinel sold Strategic Partners in a management buyout transaction. Since Sentinel's original investment, Strategic Partners' profitability has more than doubled. Today Strategic Partners has a national leadership position and is well positioned to continue growing.

WellSpring Pharmaceutical Corporation

www.wellspringpharm.com

Management Buyout
Transition from Founder Ownership

Press Releases
08/2018
09/2017
10/2011

WellSpring Pharmaceutical Corporation, headquartered in Sarasota, Florida, is a manufacturer and marketer of branded OTC health and personal care products in the United States and Canada. WellSpring markets a portfolio of stable and well-recognized OTC brands focused on skin care and gastrointestinal care. WellSpring's OTC products have widespread distribution through major food, mass, and drug retailers; wholesalers; and pharmaceutical distributors.

WellSpring also provides outsourced manufacturing and packaging services for leading pharmaceutical companies from its production facility in Ontario, Canada. WellSpring’s 101,000 square foot facility has a strong audit history with the FDA and Health Canada and offers customers a breadth of product manufacturing capabilities including tablets, capsules, gels, liquids, and creams.

Sentinel partnered in the acquisition with Ancor Capital Partners, a premier independent sponsor with deep operational capabilities in the healthcare consumables and contract manufacturing sectors.

In September 2017, WellSpring sold its high-performing portfolio of OTC consumer healthcare brands, including Emetrol, Bonine, Bactine, GlaxalBase, and FDS. These brands occupy the #1 or #2 positions in their respective segments and benefit from a long-standing heritage, high awareness among consumers, and an entrenched retail presence. WellSpring's consumer healthcare business possesses an in-house acquisition capability coupled with a highly efficient and scalable operating model which has proven its ability to identify and integrate new brands and successfully scale its portfolio. Following the sale, WellSpring continued to own its contract manufacturing business.

In August 2018, WellSpring sold WellSpring Pharma Services, its growing pharmaceutical contract manufacturing division. WellSpring Pharma Services, WellSpring's last remaining operating business, provides outsourced manufacturing and contract development services to emerging-growth, mid-sized, and large pharmaceutical and biotechnology clients in the US and Canada. WellSpring Pharma has particular strength working with clients that need flexibility, customization, personalized attention, and technical expertise. WellSpring Pharma is equipped to manufacture prescription drug products in virtually all non-sterile finished dosage forms and also provides primary and secondary packaging services. WellSpring Pharma also offers formulation, tech transfer, and analytical chemistry services to its clients. With the sale of WellSpring Pharma, Sentinel has completed its exit from its successful WellSpring invest after a seven-year hold period.