OVERVIEW
Benford Capital Partners is a Chicago-based
private equity investment firm exclusively focused on
leveraged buyouts and recapitalizations of smaller, lower
middle market companies. We invest in niche manufacturers,
unique service companies and specialty distributors with
revenues of at least $3 million.
We buy and build smaller, niche businesses that fall outside
the investment parameters of many professional investors
due to varying factors including their smaller size, an
Owner / Operator transition, or a need for "hands-on"
management for a period of time. Our transactions provide
liquidity for owners, capital for growth and acquisitions,
and a path to significant equity appreciation for management.
Benford Capital seeks to partner with strong, experienced
operators who understand the nuances of sucessfully operating
a business in a given industry niche. We also invest in
transactions where owners wish to sell and retire. These
transitions are carefully planned to put a business in
the best position to achieve long-term success.
Benford Capital is experienced with the
unique market, business, cultural, and, at times, family
issues that smaller companies face. Transactions are flexible
and structured to meet the specific financial, legal and
tax objectives of shareholders and management.
We strongly believe in a collaborative approach
to building long-term value, with day-to-day decisions
left to management. Toward that end, we take an active
role at the Board of Directors level, focusing on growth
opportunities, acquisitions, recruiting, strategy and
financing. In situations involving Owner/Operator transitions,
we often will draw upon our relationships with experienced
outside managers seeking to take an active full-time role
in a company.
We have a long-term investment perspective
and believe that the best companies are built over time.
Our typical investment period is between five and 10 years,
but we have the flexiblity to invest for either shorter
or longer durations.
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INVESTMENT FOCUS
Geography
United States and Canada
Business Characteristics
Small market niche leaders
Defensible market position
Growth potential internally or through acquisition
Niche manufacturers of consumer and industrial products
Unique service companies
Value-added distribution
Management
Management continuity is preferred, but not required
Avoided Industries
Retail, restaurants, software, start-ups, real estate,
commodity products, biotech
Transaction Types
Buyout of retiring owner or majority/minority shareholder
Management buyout
Generational transfer in a family business
Recapitalization of existing ownership/management
Corporate divestitures.
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TEAM
Edward H. Benford
Founder
Prior to founding Benford Capital Partners in 2004,
Mr. Benford was a Principal at Prospect Partners, LLC,
a Chicago-based lower middle market private equity firm
with $270 million under management. Mr. Benford joined
Prospect Partners at its inception in 1998 and played
key roles in the sourcing, closing and monitoring of
over 16 investments and served on the Board of Directors
of seven portfolio companies: Excello Products, LLC,
GameMark Products, Inc., Marine Accessories Corporation,
Marina Medical Billing Service, Inc., Regency Windows
Corporation, Remuda Ranch Company and Gourmand Specialty
Foods, Inc.
Prior to joining Prospect Partners, Mr.
Benford worked at Lazard Frères & Co., LLC
in the Investment Banking Group working on merger &
acquisition and corporate finance transactions. Prior
to Lazard, he worked at Morgan Stanley & Co. and
at the Northern Trust Company. Mr. Benford earned a
BA from Vanderbilt University and an MBA from the University
of Chicago.
Benjamin R. Riefe
Vice President
Mr. Riefe joined Benford Capital Partners in 2007. Prior
to joining BCP, Mr. Riefe served in a strategic planning
and operating role at Roundy’s Supermarkets, Inc.,
a Willis Stein & Partners portfolio company. At
Roundy’s, Mr. Riefe reported directly to the CFO
and contributed significantly to Roundy’s growth
and improved operating performance.
Prior to Roundy’s, Mr. Riefe was
an associate at Willis Stein & Partners, a Chicago-based
private equity firm with $3 billion under management.
Prior to Willis Stein, he worked in the Financial Sponsor
Coverage and Leveraged Finance groups at Deutsche Bank
where he completed numerous financings for Chicago-area
private equity firms.
Mr. Riefe received an M.B.A. from Northwestern University’s
Kellogg School of Management and holds a BA degree from
Dartmouth College.
Fay AlQassar
Office Manager and Marketing Associate
fay@benfordcapital.com
Fay joined Benford Capital Partners in 2011. Prior to joining BCP, Fay interned in a marketing role at a premier Chicago restaurant company where she focused on grassroots marketing, event planning, and social media. Prior to her marketing internship, Fay worked with a political consulting firm and on a mayoral campaign in northern Indiana.
Fay attended Indiana University where she received a Bachelor of Science in English Education and a Bachelor of Arts in Political Science.
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CURRENT PORTFOLIO COMPANIES
 Badger
Land Car Wash Equipment and Supplies, LLC is the leading distributor of car wash equipment,
chemicals, parts and service in Wisconsin, the Upper
Peninsula of Michigan and Northern Illinois. The
company is the exclusive distributor for PDQ touchless car wash equipment, Ecolab Blue Coral chemicals (soap, wax, agents), and MacNeil tunnel car wash equipment. Badgerland has an excellent
reputation for service and quality and is one of
the largest distributors in the industry.
Benford Capital Partners partnered with Copeley
Capital in the acquisition of Badger Land. Badger
Land is actively seeking add-on acquisitions of
distributors of car wash equipment and supplies.
SIC codes: 5087, 5088
NAICS codes: 423850
www.badgerlandcarwashequipment.com
 Education Services Group Holdings, LLC (“ESG”) is a leading provider of outsourced sales and related services, primarily for large software companies. The company offers comprehensive outsourcing solutions focused on the sales, registration and administrative services that are essential to education and training delivery. ESG specifically focuses on selling placement in training classes on a pay-for-performance pricing model and providing administrative functions for those classes.
SIC codes: 7389, 8741, 8748
NAICS codes: 611710, 541990, 541613
www.educationservicesgroup.com
 K&H
Pet Products, LLC is the leading provider
of thermal pet products in the U.S. The company
is the market leader in indoor and outdoor heated
beds, mats and throws for dogs, cats and small animals.
K&H’s products are highly regarded and
known for quality, reliability and safety. In addition
to providing comfort in cold weather for indoor
and outdoor animals, K&H’s products are
increasingly being used for therapeutic reasons
in connection with hip problems associated with
aging pets. All of K&H’s products are
manufactured in China. K&H’s customer
base includes approximately 300 retail pet chain
stores, distributors, catalogs and independent retailers.
SIC Codes: 200, 2390, 3086, 3949
NAICS Codes: 339920, 812910
www.khmfg.com
 Ray
Allen Manufacturing, LLC is the leading
manufacturer and direct marketer of professional
canine training products to the law enforcement,
military and working dog niche markets in the U.S.
The company sells primarily via catalog to canine
professionals in law enforcement, military, homeland
security, correctional, professional security and
drug enforcement fields. Products include body suits,
protective sleeves, protective pants, gloves, aprons,
collars, leashes, toys, books, videos, kennels and
specialized training products.
SIC Codes: 3100, 5961
NAICS Codes: 316999, 922120, 454390
www.rayallen.com
 Space
Electronics LLCis the world leader in
high-precision mass properties test & measurement
instruments and services. The company’s products
are sold primarily to the aerospace, defense and
military markets. Space Electronics’ instruments
measure center of gravity, moment of inertia, product
of inertia, moment weight and dynamic balance. The
company also manufactures igniter circuit testers
and precision ohmmeters.
Space Electronics is actively seeking
add-on acquisitions of manufacturers of test &
measurement products as well as providers of test,
measurement and calibration services.
SIC codes: 3829,
3825, 3826, 3596, 8734, 8711, 3562, 3569, 3812,
3821
NAICS codes: 333997, 334515, 334519,
335999
www.space-electronics.com
 U.S.
Underwater Services, LLC is a leading
provider of underwater inspection and maintenance
& repair services. The company serves inland
and offshore markets. Inland customers include municipalities,
government facilities, nuclear power plants and
industrial facilities. The offshore business is
focused on oil drilling rigs, oil platforms and
pipelines in the Gulf of Mexico.
U.S. Underwater focuses on the shallow
water inspection market, which is defined as 0 to
200 feet in depth. The company’s customers
are required by local, state and federal authorities
to conduct periodic inspections by accredited third
party providers. Benford Capital, in partnership with Management and Coppermine Capital, reacquired the company in February 2012 after successfully exiting the business in 2007.
SIC codes: 9631, 9651, 1629
NAICS codes: 926150, 561990
www.usunderwaterservices.com
PRIOR PORTFOLIO COMPANIES
 Imperial
Laundry Systems, LLC is a leading regional
commercial laundry services provider servicing the
Chicago and Milwaukee metropolitan markets. The
company provides laundry services primarily for
hospitals. Imperial has an outstanding reputation
in its served markets for quality, service and reliability.
SIC Codes: 4950, 7380
NAICS Codes: 812332
www.imperiallaundrysystems.com
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