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80416778.Pdf PRIVATE EQUITY AND VENTURE CAPITAL FOR GROWTH COMPANIES Summit Partners seeks outstanding management teams that have self-financed their companies to profitability and market leadership. These successful companies have strong business models, records of revenue and earnings growth, and the leadership capacity to sustain that growth. Since our founding in 1984, Summit Partners has raised more than $11 billion in capital, and has invested in more than 320 profitable, rapidly growing businesses across North America, Europe, and Asia. These companies have completed 125 successful public offerings and more than 130 strategic sales or mergers. Whether Summit takes a minority or majority ownership position, our approach is the same. We view ourselves as a hands-off investor that provides strategic guidance to help proven, existing management teams reach their companies’ full growth potential. Our Value to Your Growing Company 2 Summit Partners offers equity and subordinated debt financing to meet your company’s capital needs. Our investment team brings you considerable depth and proven experience in growing businesses. Substantial Capital to Invest Summit Partners employs more than 90 investment We have raised more than $11 billion in capital professionals in our Boston, Palo Alto, and to invest in growing businesses. In 1984, we London offices. In addition, our managing introduced our first equity fund totaling $160 directors collectively bring more than 200 years million. Since then, we have added nine funds of private equity and venture capital experience, focused on private equity and venture capital, and individually average more than 14 years. and four subordinated debt funds. International Presence Track Record in Driving Growth With portfolio companies headquartered across Summit Partners has more than 25 years of North America, Europe, and Asia—along with proven experience in helping companies increase major operations around the world—we are the value of their growing businesses. As board ideally positioned to help your company expand members, we support management teams with internationally. Our London office is staffed strategic guidance to enhance infrastructure, with European nationals who collectively speak assist in executive and board recruiting, and more than a dozen languages. provide financial advice. In the pages that follow, we provide insights into Large, Experienced Team companies’ rationales for raising capital, explain Led by one of the largest teams in the business, the investment profile we seek, and introduce we offer considerable depth and expertise. Today, business owners with whom we have worked. PRIVATE EQUITY, VENTURE CAPITAL, AND SUBORDINATED DEBT FUNDS 1984 $160M Summit Ventures 1988 $230M Summit Ventures II 1992 $280M Summit Ventures III 1994 $140M Summit Subordinated Debt Fund 1995 $610M Summit Ventures IV 1997 $335M Summit Subordinated Debt Fund II Size and structure of investments We can invest as little as $5 million to more than 1998 $1.12B Summit Ventures V $500 million per company from our combined equity 1999 $170M Summit Accelerator Fund and subordinated debt funds. To meet your capital 2001 $2.08B Summit Ventures VI needs, we offer three financing vehicles: 2004 $465M Summit Subordinated Debt Fund III Private Equity Funds: Growth equity, shareholder 2006 $3.10B Summit Partners Private Equity Fund VII liquidity, recapitalization, and management buyout investments of $30 million to more than $500 million 2006 $310M Summit Partners Venture Capital Fund II 2008 € 1.05B Summit Partners Europe Private Equity Fund Venture Capital Funds: Growth equity and shareholder liquidity investments of $5 million to $30 million 2008 $840M Summit Partners Subordinated Debt Fund IV Subordinated Debt Funds: Mezzanine debt financing of up to $125 million, available in conjunction with a CUMULATIVE CAPITAL RAISED Summit Partners equity investment Since 1984, Summit Partners has raised more than $11 billion to meet the capital needs of entrepreneurs. $ in billions $12 billion $11 billion $10 billion $9 billion $8 billion $7 billion $6 billion $5 billion $4 billion $3 billion $2 billion $1 billion $0 2008 1986 1988 1990 1992 1994 2000 2002 2006 1996 1998 2004 1984 Reasons Companies Take Capital “Many firms can provide you with money, but Summit Partners offers more. Summit is different because they will help you formulate ideas without trying to run your business. They talk you through what you are trying to accomplish with your organization and then provide the expertise, contacts, and resources to make it happen.” — TOM FAY, FORMER PRESIDENT, EMED CO., INC. 4 4 We provide flexible financing options to help you achieve your immediate and long-term goals. Uses of Capital position in your company. That way, your Whether we invest as a minority or majority management team can retain strategic and partner, entrepreneurs and management teams operational control of the business, while can use our equity and subordinated debt tapping new resources that can take your financing to achieve a variety of objectives. company to the next level. Growth equity Shareholder liquidity Growth equity allows a business to expand Shareholder liquidity provides cash for more rapidly or take advantage of opportunities founders and other shareholders seeking to that require immediate capital. Your company sell a minority stake in a business and diversify can use growth capital to finance product their financial holdings, while remaining at the development, operations upgrades, new sales or helm of the business. With this liquidity, you marketing initiatives, geographic expansion, can reap the rewards of your hard work and and other growth objectives. Furthermore, you diversify your personal wealth—without giving can use this capital to strengthen your balance up control of the business. Shareholder liquidity sheet, pay down debt, or finance organic and financing often is used in conjunction with acquisition-based growth strategies. Typically, other objectives, such as growth capital and Summit Partners will take a minority ownership acquisition financing. 5 Recapitalizations Management buyouts Recapitalizations provide liquidity for Management buyouts allow a management shareholders seeking to sell the majority of team to buy the business, while creating a business, while allowing them to retain ownership incentives for new shareholders. operational leadership or work with Summit In buyouts, Summit works with management to bring in a new management team. Business to purchase a majority of the business— owners may use recapitalization financing to generally combining equity, subordinated fund ownership transitions in their companies debt, and senior debt financing. Management or to sell a majority interest in their firms. A buyouts can be useful in transferring ownership recapitalization transaction also may be viewed from retiring or inactive founders, a corporate as an alternative to an initial public offering parent, or other significant shareholders (IPO) or merger. Through recapitalizations, to the current management team and Summit Partners has helped many business Summit Partners. To ensure that cash flow owners sell a significant portion of their is available to fund future growth initiatives, holdings and diversify their personal wealth, we structure transactions with modest debt. while continuing to manage and retain ownership of the company. Our Approach “Summit provided the capital and strategic advice that helped my business evolve from a small physician’s office into a leading management organization for neonatal and perinatal physicians.” — ROGER MEDEL, MD, CEO, PEDIATRIX MEDICAL GROUP, INC. 6 We believe that great companies are built by great management teams—not by investors. Building Long-Term Value you apply these insights to build on your We identify exceptional companies with great company’s strengths, fill management gaps, management teams and support them as they and expand your competitive position. grow. At Summit, we believe that our investor Summit Partners can help you strengthen your role has three key components: core business and provide advice on long-term Driving growth growth strategy in a number of key areas, We provide entrepreneurs and management including: teams with strategic guidance to help deliver • Entering new distribution channels, markets, continued profitability and increased earnings. or geographies Enhancing infrastructure • Expanding through acquisitions We help you build a valuable infrastructure of systems, processes, controls, and reporting • Recruiting experienced management and mechanisms. This not only provides you with board candidates valuable feedback on drivers of success, but also helps you focus on the most critical challenges. • Establishing stock option, compensation, and incentive programs Fortifying your leadership position We offer you a broad perspective of the market • Laying the groundwork for an eventual environment—identifying trends, opportunities, initial public offering or merger challenges, and competitive issues. We then help Summit helped optionsXpress, an online stock and options brokerage, build an infrastructure for growth and prepare for a successful IPO. OPTIONSXPRESS HOLDINGS, INC. 7 CHICAGO, ILLINOIS “Summit Partners allowed us to do what we do best—manage our business—while adding important insight into the issues that growing companies face.” In 2000, Ned Bennett, David Kalt, and Jim Gray founded optionsXpress in Chicago. The company was created
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