Company Description
CIN is the country's leading provider of software and due diligence products to consumer bankruptcy attorneys and serves more than 17,000 law firms nationally. CIN developed a technology platform that helps attorneys satisfy due diligence requirements, access and input critical personal consumer data directly into form preparation software packages, and provide debtor education and credit counseling courses.

Background
CIN was founded in 1998 as an information services provider to the mortgage industry. In 2003, CIN's founders recognized an opportunity to serve the consumer bankruptcy market, and began a transition to offer data services to consumer bankruptcy attorneys. In 2008, the founders decided to pursue a recapitalization and sought a financial partner to assist with accelerating business growth in the consumer bankruptcy market. CIN retained a midmarket investment bank with which Sentinel has a strong and long-standing relationship, and Sentinel prevailed in an auction including a limited group of prospective private equity buyers.

The Opportunity
CIN's founders had created a business well-positioned for the growth in consumer bankruptcy filings that resulted from the 2008 financial crisis, through which the business experienced strong performance. However, after peaking at more than 1.5 million filings in 2010, annual consumer bankruptcies began to steadily decrease as the economy recovered. In light of the changing landscape for consumer bankruptcies and the players that were then serving this niche market, CIN saw an opportunity to transform its product offering and, in the process, capture a substantial share of its market though both acquisition and new product development.

Accomplishments
Completed Several Transformative Acquisitions: CIN completed eight acquisitions of competing and complementary service providers and products that significantly expanded its suite of services. These acquisitions included bankruptcy filing software providers, bankruptcy-specific data and information services providers, and niche products that enhanced CIN's existing service offerings. The most transformative of these acquisitions was Best Case, which CIN acquired from Wolters Kluwer. The acquisition allowed CIN to fully integrate its product suite with Best Case's best-in-class electronic forms preparation and filing software, which provided significant value to customers.

Developed New Products, Including Next-Generation Cloud-Based Workflow Solution: CIN developed several new products, including an innovative cloud-based workflow solution based on its core electronic forms preparation and filing software product. This comprehensive next-generation solution provides a cloud-based platform for forms preparation and filing, due diligence, practice management, and attorney workflow, creating significant advantages over previous desktop products.

Outcome
In 2019, after holding the investment for more than ten years and successfully achieving our investment objectives, we sold CIN to Stretto, a private equity-owned company that provides software, data, and financial service products to bankruptcy trustees. During our ownership, CIN grew into the clear market leader for products and services that facilitate smooth and efficient filings for its more than 17,000 consumer bankruptcy attorney customers nationwide.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel's inception is available on this website.

Company Description
Corporate Visions is a leading marketing services company that provides sales messaging, tools, and training to help global B2B companies create more sales opportunities, win more deals, and increase profitability by improving the conversations salespeople have with customers. Clients engage Corporate Visions to develop differentiated messages that concentrate on customer needs; to deploy tools that support critical steps in the buying cycle; and to deliver sales skills training that enables salespeople to capture more value.

Background
Under previous private equity ownership, Corporate Visions completed three acquisitions, more than tripling the size of the business. In 2014, Corporate Visions was put up for sale in a process managed by an investment bank with which Sentinel has a strong relationship. Sentinel was selected as buyer due to our experience investing in the corporate training sector and the strong chemistry we developed with management.

The Opportunity
Through three acquisitions under prior ownership, Corporate Visions built a collection of sales and marketing training products representing distinct brands sold through separate salesforces and delivered by different in-person trainers. Each brand’s results achieved excellent customer satisfaction, but the brands and their distinct teams did not operate cohesively. We saw an opportunity to integrate the brands, create a unified platform, and then make transformative investments to develop virtual training capabilities, which we believed could create a differentiated industry leader.

Accomplishments
Promoted a New CEO: When the initial integration did not go smoothly and performance suffered, we promoted a new CEO from within the organization. This change was made collaboratively with senior management and was received positively throughout the organization. Under new leadership, the integration was successfully completed.

Invested in New Product Development: Together with management, we focused on developing a unique set of innovative research capabilities. This research produced insights into B2B buying processes that were incorporated into Corporate Visions’ IP and helped drive further product innovation. This suite of capabilities was built through partnerships with academia, new hires, and a tuck-in acquisition.

Developed e-Delivery Capabilities: We recognized that having a virtual offering would be transformative in competing in a highly distributed work environment. We worked with management to develop e-Delivery capabilities whose results would at least match those of in-person sessions. This investment paid dividends during the 2020 COVID-19 lock-down, when all in-person training was cancelled. Corporate Visions successfully pivoted to 100% digital delivery and grew throughout the crisis. Importantly, customer acceptance was exceptional, which has well positioned Corporate Visions for sustainable growth.

Outcome
During our ownership, we helped management integrate the Corporate Visions platform and develop a world-class virtual training offering that has enabled the company to become a clear industry thought leader. In 2021, having held the investment for more than six years and having achieved our investment objectives, Corporate Visions was sold to a financial buyer in a successful management buyout transaction.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Fazoli's is the leader in the Italian fast casual dining segment that offers moderately priced, freshly-prepared pasta, sandwiches, pizza and salads in a convenient, friendly environment. Founded in 1988, Fazoli's blends the low price point and speed of a quick service restaurant with the quality, atmosphere and service traditionally found in the casual dining segment. At the time of Sentinel's investment, the Fazoli's system comprised 124 company-owned and 89 franchised stores in 26 states.

Background
Fazoli's was previously owned by a private equity firm that acquired the business in 2006 and focused on revitalizing the store base and improving the food quality and guest experience. In late 2014, Fazoli's owners retained an investment bank to manage a sale. Sentinel was selected as the buyer because of our deep experience in franchising and multi-unit investments, the closing certainty we provided, and our excellent cultural fit with management.

The Opportunity
With prior ownership having recruited a new and talented management team and having begun the implementation of an operational turnaround plan, Fazoli's had an opportunity to accelerate its same-store sales growth by attracting new customers, strengthening its underdeveloped franchising capabilities, and expanding its franchise store base.

Accomplishments
Improved Franchise Mix and Grew Unit Backlog: Under Sentinel's ownership, Fazoli's completed a complex refranchising transaction, selling 66 stores to its largest franchisee in 2018. This refranchising increased Fazoli's mix of franchise stores from 44% to more than 75%, while reducing operational complexity, improving free cash flow, and lifting EBITDA. Sentinel also worked with management to develop a lower-cost store prototype and improved incentives to attract new franchisees. These initiatives resulted in Fazoli's franchise unit backlog growing to more than 100 units, up from just 15 when Sentinel acquired the business.

Accelerated Same-Store Growth: During Sentinel's hold period, Fazoli's remodeled 100% of its company stores and 65% of its franchise stores, developed new menu offerings, and successfully rolled out an innovative marketing initiative that successfully promoted its drive-thru, delivery, and take-out ordering capabilities and compelling value proposition. These improvements attracted new customers and increased stickiness, resulting in consistent same-store sales growth. Following the onset of the Covid-19 pandemic in early 2020, Sentinel and Fazoli's management responded quickly by emphasizing Fazoli's value-for-the-money offering and off-premise capabilities, which accelerated same-store sales growth. Combined, these initiatives resulted in unit volume growth of more than 30% during Sentinel's ownership and 19 consecutive months of same-store sales growth.

Outcome
During our 6½-year ownership, Fazoli's greatly accelerated its growth, profitability, and free cash flow; significantly grew its mix of franchised stores; and created a robust backlog of franchised units. Having achieved our investment objectives, we sold Fazoli's to a strategic buyer in a highly successful transaction for Sentinel and management.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Huddle House is a leading franchisor of more than 350 family dining restaurants serving Southeast communities. Founded in 1964, Huddle House provides high quality food in a warm, friendly environment that brings communities together. Huddle House offers customers "Any Meal. Any Time." with a broad menu of cooked-to-order food and 24-hour service.

Background
Huddle House's prior owners acquired the business in 2006 shortly before the onset of the recession. Soon thereafter, the investment group was acquired and Huddle House became an orphan asset of its new owner. In late 2011, Huddle House's new owners retained an investment bank with which Sentinel has a strong relationship to manage a sale. Sentinel was selected as the buyer because of our deep experience in franchising and restaurants and the certainty to closing we offered.

The Opportunity
Under prior ownership, Huddle House was a non-core asset buried in a much larger portfolio of financial assets. As a result, no significant investment was made in the business and the restaurants began to look and feel dated. Nonetheless, given the strength of its brand and unique market position, Huddle House's business remained stable.

We saw an opportunity to reposition Huddle House by giving its stores a more contemporary look, by enhancing its food offering, and by reinvigorating franchisee unit growth, key elements of which included:

• Rejuvenating the management team and company culture

• Developing a new restaurant design and revamped menu

• Rebuilding Huddle House's development pipeline to restart system growth

Accomplishments
Recruited New CEO to Replace Interim CEO: Prior to the sale, Huddle House's CEO left and a board member was appointed temporary CEO to see the business through to new ownership. After acquiring Huddle House, we began a search and hired as CEO a proven restaurant executive who brought new leadership and a fresh strategic vision to the company. The new CEO also built out a team of passionate and experienced executives to help reinvigorate the brand.

Revitalized the System: Sentinel worked with management to put strong incentives in place to encourage franchisees to reimage their restaurants. Over the course of Sentinel's ownership, the system went from less than 5% reimaged to more than 50%. The remodeled restaurants experienced a sustained lift in sales performance and helped revitalize Huddle House's relationship with its franchisees.

Developed Robust Backlog of New Franchised Units: Huddle House hired an experienced development leader who was able to leverage Huddle House's reimaging success and steady growth in average unit volumes to grow its new franchisee backlog by a factor of five.

Outcome
During our ownership, we helped management revitalize the Huddle House brand and develop a robust franchisee development pipeline. In 2018, having held the investment for more than five years and having successfully achieved our investment objectives, we sold Huddle House to a family office in a successful management buyout transaction.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Established in 1966, Interim is one of the nation's largest providers of home healthcare services through a national franchise system. Its franchisees, who operate more than 325 branches across 37 states, deliver a range of home healthcare services including home nursing, home hospice care, and home assisted living. Interim provides daily care to more than 50,000 people and generates annual systemwide sales of approximately $750 million.

Background
Interim's prior owners originally invested in the business in 1997, shortly before a significant legislative change dramatically impacted the home healthcare industry. Over the next few years, Interim embarked on a difficult organizational and balance sheet restructuring. After owning the business for nine years, Interim's owners retained an investment bank to manage a sale. We were contacted because of our franchising and healthcare services capabilities.

The Opportunity
Under prior ownership, Interim had embarked upon an expensive, company-owned branch expansion and a diversification of service lines outside home healthcare. The result was that Interim was not tightly focused, and growth in its core home healthcare franchising business had stalled. Nonetheless, Interim's franchising business was stable, had a strong brand name, and was well positioned to benefit from a powerful demographic trend—the graying of America. We saw an opportunity to do a major repositioning of the business and return Interim to a pure-play home healthcare franchisor. Key elements of the repositioning included:

• Refocusing Interim on its core home healthcare franchising business by divesting noncore healthcare operations and Interim's captive healthcare software assets

• Refranchising all company-owned branches and transitioning Interim into a pure franchisor

Accomplishments
Refocused the Business: Interim refranchised all its company-owned branches, divested its non-core travel nurse staffing and occupational health businesses, spun off its physician staffing business, and sold its captive home healthcare software division. Concurrently, Interim rebuilt its new franchise sales capability, which had been dormant for a decade.

Recruited New CEO to Replace Retiring Founder: Prior to Sentinel acquiring Interim, its founder/CEO indicated his desire to retire after more than 40 years of active management. With his help and active involvement, we hired as Interim's new CEO a proven home healthcare executive and nurse by training, and successfully executed a smooth leadership transition.

Expanded Home Healthcare Service Offerings: Recognizing additional opportunity in home healthcare, Interim launched two new services—home hospice care and home assisted living. Similar to home nursing care, these services cater to an aging population and are now offered by many of Interim's franchisees.

Outcome
In 2012, having held the investment for six years and successfully achieved our investment objectives, we sold Interim to another private equity firm in a management buyout transaction. During our ownership, we helped Interim to transition into a focused home healthcare franchisor and expand its home healthcare service offerings. The result was that Interim accelerated its growth and significantly increased its free cash flow.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
North American Rescue is the leading developer and distributer of tactical emergency medical equipment to the U.S. military, foreign militaries, and civilian first responders. Founded in 1996, NAR provides armed forces medical personnel, first responders, and other healthcare professionals solutions that decrease preventable deaths on the battlefield and in dangerous environments. NAR is considered a thought leader in emergency trauma care and has collaborated with the military medical community, government organizations, and civilian institutions in developing tactical medical and rescue training standards.

Background
NAR's founders were former U.S. Military special operations medics who saw first-hand the need for improved casualty care to treat combat injuries. By leveraging their significant casualty care experience, they developed new life-saving products for the U.S. Military that are now standard-issue equipment for combat soldiers and tactical vehicles. We partnered with management to further professionalize NAR's infrastructure to support future growth, expand sales beyond U.S. Military markets, and enable the founders to achieve certain estate planning objectives.

The Opportunity
NAR's founders had built an entrepreneurial market leader in providing combat casualty care products to the U.S. Military. In 2008, U.S. Military sales represented 94% of NAR's total sales. We saw an opportunity to also position NAR as a leader in tactical emergency medical care in foreign military and non-military markets, key elements of which included:

• Enhancing NAR's infrastructure to support growth

• Purchasing a proven and well-established brand with strong market position that was poised to continue growing

• Expanding sales in civilian first responder and law enforcement markets

• Penetrating allied foreign military markets

Accomplishments
Enhanced NAR's Infrastructure to Support Growth: NAR added personnel, systems, procedures, and processes, including ISO 9001 and 12485 certifications, Berry amendment compliance, and 510(k) clearance, to support growth.

Continued to Develop Innovative New Products: NAR continued to develop new solutions, modify and enhance legacy products for new end markets, and introduce new products for non-military markets.

Aggressively Expanded into Adjacent Markets: Over Sentinel's ownership period, NAR more than tripled sales in the civilian first responder and law enforcement markets.

Penetrated Allied Foreign Military Markets: During Sentinel's ownership, foreign military sales grew from 2% of NAR's total revenues to 17%, driven by state-of-the-art products and training and geopolitical events that led to increased global conflict.

Outcome
In 2015, having held the investment for more than five years and successfully achieving our investment objectives, we sold NAR to another private equity firm in a management buyout transaction. By the end of our ownership, NAR's sales to the U.S Military accounted for approximately 60% of its total revenues, down from 94% when Sentinel made its original investment. The result was that NAR became a more diversified business and remains well positioned to pursue multiple avenues of growth.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Pet Supplies Plus is the nation's leading franchisor and operator of pet-specialty stores. Founded in 1988, PSP provides a customer-centric shopping experience that blends the advantages of national scale with those of a friendly, local neighborhood pet store with a streamlined design that makes shopping easy to navigate. PSP's stores offer a wide assortment of proprietary and third-party branded pet foods, hard goods, and services. PSP also offers user-friendly online shopping with same-day delivery from local stores or curbside pick-up. At the time of Sentinel's investment, PSP's system comprised 448 stores serving 33 states, split evenly between franchised and company-owned locations.

Background
PSP was previously owned by a private equity firm that acquired the business from its founders in 2010 and focused their efforts on revitalizing the company-owned store base and adding captive distribution capabilities. In late 2017, PSP's owners retained an investment bank to manage a sale. Sentinel was selected as the buyer because of our deep experience in franchising and multi-unit investments, the closing certainty we provided, and our excellent cultural fit with management.

The Opportunity
Having successfully focused on improving its company-owned stores, PSP now had an opportunity to accelerate the growth of its franchise store base by strengthening its underdeveloped franchising capabilities. We also saw an opportunity to attract new customers and increase stickiness by investing in PSP's e-commerce capabilities and in-store pet services. In addition, we saw an opportunity to better serve franchisees by adding captive distribution. These initiatives were designed to fuel sales growth, capture additional margin, and create an omni-channel shopping platform.

Accomplishments
Improved Franchise Mix and Grew Unit Backlog: Under Sentinel's ownership, PSP grew its franchise store count by 92 units and created a 200-store backlog of sold-but-unopened franchised units. PSP also developed a compelling franchise conversion strategy for independents, which added 30 new units to PSP's system.

Implemented an Online Strategy: PSP successfully rolled out a systemwide e-commerce shopping capability, including curbside pick-up and delivery-from-store-to-home for customers within a five-mile radius. PSP also laid the groundwork for a subscription loyalty program for its more than 11 million customers.

Invested in Self-Distribution: PSP added two forward distribution centers, which greatly expanded its captive distribution capabilities and provided its franchisees a competitive edge.

Outcome
In under 2½ years, PSP greatly accelerated its growth and profitability, significantly grew its franchised store count, created a robust backlog of franchised units, and developed an omni-channel sales capability. Having achieved our investment objectives, we sold PSP to a strategic buyer in a highly successful transaction for Sentinel and management.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.