Current Engagements

Our Client (the “Company”) is a founder-led organization that rents and sells industrial assets across North America, with over 30,000 customers since 2014. Each month, it rents over 6,500 assets and sells over 500 assets. Rental terms are month-to-month, and the average duration is 8-9 months. Due to its scale of operations, the Company is a market leader and market maker in the industry. Business conditions support growth, and our Client is seeking to expand its highly profitable rental portfolio. The business operates in four segments: sales, modified assets for sale, rentals, and transportation services. Sales and modifications generate ~65% of annual revenue, and modification work is based on a purchase order. Our Client has a reputation for delivering defect-free products. The company’s rental segment contributes ~25%. Assets are rented monthly to meet the needs of various industries, including construction, commercial, agricultural, retail, and more. Rental utilization is steady, with 70% of inventory rented each month, generating a predictable revenue stream. Transportation services represent the balance of revenues and complement each segment by delivering and picking up the Company’s assets for customers, a function that requires specialized vehicles and trailers. The Company’s most profitable segment is its rental business, which has a ~12-month ROI and a 100% gross margin. It has grown this rental fleet substantially over the past few years, but due to limited working capital, it has had to sell product, decreasing its rental fleet in 2026 to generate cash at a strong margin. The product sales and rent roll proceeds have been used to decrease the incumbent bank’s exposure by ~$9MM YTD.

Our Client (the “Company”) is an established premium hydrofoil and electric watersports platform that has operated since 2010 and was an early commercial participant in the eFoil category. The Company designs and assembles premium electric hydrofoil systems, non-motorized foil products, batteries and accessories, with manufacturing and assembly centered in Puerto Rico and sales through both direct-to-consumer eCommerce and a global dealer / wholesale network. The business has demonstrated meaningful historical scale, reaching $57.6MM of audited revenue in 2022 and generating positive net income in each year from 2019 through 2022. Following a 2023–2025 product, sourcing and cost-structure reset, 2026 represents the first full season on the Company’s current product platform and supplier base. Actual results demonstrate a significant operating inflection, with Jan–Aug 2026 revenue increasing 11% to $26.1MM, gross margin improving to 40.9% from 23.9%, and EBITDA improving by ~$6.8MM to +$1.5MM. Current-platform economics have strengthened further during the primary selling season. From May through August 2026, the Company generated ~$18.0MM of revenue, ~$3.1MM of EBITDA and monthly gross margins of 47–49%, providing tangible evidence of the economics management expects to carry into 2027.

Our Client (the “Company”) is a nationally distributed, premium dairy-free platform with a differentiated nutrient-dense product portfolio of over six highly-targeted growth product categories. The Company has established blue-chip retail relationships and national brand recognition supported by distribution across leading grocery, natural, specialty, and e-commerce channels. The product categories are highlighted by yogurt, cream cheese, dips, and others. In Q4 2024, the Company began a significant operational transformation, moving from a higher-fixed-cost manufacturing model to a more efficient co-manufacturing structure that materially improves gross margin potential, simplifies the operating model, and positions the business to scale with lower capital intensity. This transition was completed in Q4 2025. The Company’s financial profile has improved significantly, as the historical results reflect the burden of a legacy manufacturing footprint and one-time costs associated with transition-related constraints. With improved operating efficiency, actual financials and forecasts reflect higher gross margins, lower fixed costs, and tighter trade spend as management has focused on profitability. The Company’s products continue to experience rising levels of repeat/recurring sales, capitalizing on macro trends related to protein and clean ingredients. The Company has experienced increased margin and profitability as the management team has focused on efficiency and velocity. Higher sales, coupled with cost reductions and streamlined operations, are expected to lead to profitability within 12 months. The Company is addressing liquidity needs by seeking a new $2MM line of credit secured by Accounts Receivable and Inventory, and a $11MM term loan to support inventory and operational cash flow. Breakeven is anticipated by Q4 2026.

Our Client (the “Company”) is a long-tenured, family-owned specialty rebar contractor providing estimating, detailing, fabrication, delivery, and installation of reinforcing steel for construction projects across the Western United States. Operating since 1954 from fabrication yards across Northern California, Southern California, the Pacific Northwest, and Arizona, the Company serves commercial, public-works, infrastructure, institutional, and large private projects. Revenue was ~$146MM in FY2024 and ~$172MM in FY2025; through May 2026, revenue was ~$74MM with monthly billings ramping into peak season. Revenue mix is approximately 75% furnish-and-install (F&I) work performed with union field crews and 25% material-only (FOB) sales, serving general contractors, concrete contractors, placing companies, and public agencies. The FY2025 operating loss was tied to identifiable, substantially completed projects and margin issues; the responsible project manager has departed, and FY2026 bidding reflects improved discipline and a higher-margin mix. Monthly borrowing base reporting is in place under the incumbent facility, supported by detailed AR agings, inventory reporting by yard, and job-level WIP schedules.

The Company is a privately held United States-domiciled research and diagnostic instruments manufacturer and biotechnology company that develops and sells its cutting-edge product to laboratories, universities, and medical centers across the globe. The Company has a vast portfolio of intellectual property that places it at the forefront of its industry and has established itself as a major global player in their field for over two decades. The Company has particularly differentiated itself by providing high-quality products at a lower cost-to-run than all competitors. This has allowed it to develop significant international market share, despite domestic sales being impacted by geopolitical factors. Under new ownership, the Company is poised to launch its latest technology in the United States and execute on a rapidly growing sales pipeline post funding.