feb 23- kel landis- plexus equity for middle market

feb 23- kel landis- plexus equity for middle market - A...

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A Presentation by February 2011 Kel Landis Principal
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Plexus Capital Mezzanine-focused private capital fund focused exclusively on the middle-market Same Team – Same Strategy – Same Result 2
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Credit Focused Fund Plexus is a credit focused fund that generates significant interest income from its portfolio. Same Team – Same Strategy – Same Result 3 ü Cohesive team with deep experience ü Financially committed - $2.8 million between Funds ü Diversified loan portfolio with 12 – 14% current pay ü Disciplined underwriting with vigorous debate ü Proven track record and consistent returns ü Robust markets with expanding credit opportunities
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Disciplined Loan Underwriting Process Disciplined underwriting and unanimous investment committee approval result in vigorous debate on every deal. Same Team – Same Strategy – Same Result 4 Unanimous Investment Committee Vote Required Investment Criteria Experienced management with equity at risk Positive, recurring cash flow streams Defensible market positions
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Same Team – Same Strategy – Same Result 5 Plexus reviews detailed financial reports on each of its portfolio companies on a monthly basis. ABC COMPANY June 2009 Plexus Fund I, L.P. Dashboard Report 0.0 1.0 2.0 3.0 0 10 20 30 1 2 3 4 5 6 0% 20% 40% 60% 0 20 40 60 -0.5 0.0 0.5 1.0 0.0 2.0 4.0 6.0 8.0 0 x 1 x 2 x 3 x 4 x 0.00 x 2.00 x 4.00 x 6.00 x 8.00 x 0.0 5.0 10.0 0.0 x 2.0 x 4.0 x 6.0 x 0.0 1.0 2.0 3.0 4.0 0.0 0.5 1.0 1.5 0.0 0.2 0.4 0.6 0.8 JanFeb MarApr May Jun Jul AugSep OctNov Dec 0.0 2.0 4.0 6.0 -0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 DecJan FebMar Apr -1.5 -1.0 -0.5 0.0 0.5 1.0 0.0 0.5 1.0 1.5 0.0 1.0 2.0 3.0 Income Statement (000's) Close Last 12 Months Year to Date Oct-07 Jun-08 Jun-09 Jun-08 Jun-09 Sales 17,784 22,964 27,743 13,257 13,263 Growth 20.8% 0.0% Gross Profit 5,720 8,734 9,981 5,226 5,128 Margin 32.2% 38.0% 36.0% 39.4% 38.7% Growth 14.3% (1.9%) EBITDA 3,113 5,595 6,210 3,701 3,289 Margin 17.5% 24.4% 22.4% 27.9% 24.8% Growth 11.0% (11.1%) LTM Revenue LTM EBITDA LTM GP % and EBITDA % FCCR and Leverage LTM / Monthly A/R & A/P Days Inv Turns & Wrk Cap $ Budget to Actual (000's) Jun-09 YTD Budget Actual % Budget Actual % Sales 2,625 2,100 (20%) 14,433 13,263 (8%) Gross Profit 998 898 (10%) 5,485 5,128 (7%) Margin 38% 43% 5% 38% 39% 1% EBITDA 621 589 (5%) 3,357 3,289 (2%) Margin 24% 28% 4% 23% 25% 2% Balance Sheet Close Jun-09 Cash 300 3 Curr. Assets 5,650 8,227 Net Fixed Assets 142 114 Other Assets 8,466 8,661 Total Assets 14,557 17,006 Curr Liabilities 1,828 1,312 Senior Debt 3,229 5,520 Sub Debt 6,500 3,349 Other Debt 2,900 2,692 Equity 100 4,133 14,557 17,006 Leverage 3.0x 1.4x FCCR 1.2x 1.8x Partner Commentary March 31, 2009 Hired new CFO who has improved reporting dramatically lots of audit adjustments in '08 Expect a flat year - currently slightly below plan and slightly above prior year. Margin drop due to incorrect cost al ocations in '08
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feb 23- kel landis- plexus equity for middle market - A...

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