ACMI is a leading designer, manufacturer, marketer and servicer of medical endoscopy systems. ACMI was a wholly-owned subsidiary of Maxxim Medical, Inc., an independent publicly-traded company subject to one of the longest hostile takeovers in the history of the NYSE.

At the time Fox Paine acquired ACMI, the company was being managed as a cash cow by Maxxim to fund other business units and continue its defense against a hostile takeover. Fox Paine saw an opportunity to accelerate revenue and earnings growth by reinvigorating the new product pipeline in the company.

After completing the spin-out and separate capitalization of ACMI in a $239 million transaction in November 1999, Fox Paine invested $75 million in R&D to build ACMI's new product pipeline. Yet, from 2000–2004, EBITDA was essentially flat despite a 5% annual revenue growth rate.

Fox Paine executives assumed the management positions of CEO and head of finance to facilitate execution of key strategic and tactical initiatives, including a realignment of the company's organizational structure. Revenue grew 7% and EBITDA increased 33%.

On the back of renewed growth and a strong new product pipeline, Fox Paine negotiated a $500 million 80% cash and 20% stock sale of ACMI to Gyrus PLC in June 2005.

At the time of acquisition, Advanta was the fifth largest agronomic seed company in the world and the largest independent company in the industry with approximately $290 million in revenue.

Fox Paine was attracted to Advanta's stable diversified revenue stream, leading market share positions in key crop variety in certain geographic regions, leading R&D capabilities and technology positions. Their high EBITDA margins and excellent cash flow generation characteristics were also highly desirable.

Through a focused, proactive agribusiness search, Fox Paine identified Advanta as an attractive target more than two years prior to acquisition. Working under premise that no other single strategic was likely to or capable of buying the whole business, we partnered with Syngenta, the world's leading agricultural chemical company, to facilitate our acquisition. Fox Paine and Syngenta split control of Advanta's various global business units in a transaction structured to address antitrust and technology licensing issues faced by Syngenta. We invested $75 million to complete the transaction in September 2004.

In addition to growing various core business lines and geographies, Fox Paine undertook a comprehensive legal reorganization of 27 Advanta entities in 17 different countries in order to to position them for tax-efficient divestiture. In less than 18 months, Fox Paine realized 4.1x its initial investment through four strategic divestitures.

Seminis is the global market leader in the development, production and marketing of vegetable and fruit seeds in approximately 150 countries.

Prior to Fox Paine's acquisition, Seminis was owned by several Mexican holding companies controlled by a single shareholder, Mr. Alfonso Romo Garza. Seminis held valuable intellectual property including valuable, proprietary seed technologies and was strategically positioned to experience strong growth. Additionally, Seminis generated attractive EBITDA margins and high returns on capital given its limited capital requirements.

Beginning in 1999, liquidity challenges and credit issues led Mr. Romo Garza to call on Fox Paine. Our acquisition required settlement agreements with more than 100 foreign creditors of Seminis' Mexican holding companies, as well as highly-structured success-based equity securities, and the privatization of Seminis through a long-form merger process. Fox Paine acquired majority control of Seminis in a $606 million transaction that closed in September 2003.

In 2004, Fox Paine executed an add-on high yield debt offering to enhance financial and operating flexibility, and to invest in substantial expansion of research and development facilities. During our 16-month ownership period, Seminis' EBITDA increased from $95 million per annum to $110 million per annum. Seminis was sold to the Monsanto Company in March 2005 for $1.5 billion.

Global Indemnity Group, LLC (NASDAQ: GBLI), is one of the leading excess and surplus lines insurers in the specialty property and casualty industry. In early 2003, Global Indemnity Groups LLC's management requested Fox Paine's help in averting an imminent ratings agency downgrade, which led to Fox Paine investing in and acquiring Global Indemnity Groups LLC’s predecessor.

Fox Paine worked exclusively with management to structure the transaction to secure required regulatory approval and ratings agency support as well as position the company for an immediate IPO. We filed a registration statement just 12 days after completion of the acquisition.