Exits/Prior Portfolio Companies

AFS Technologies is the leading provider of Enterprise and On Demand software solutions to the Food & Beverage industries, and serving over 1,200 customers across North America.  AFS Solutions are designed to improve profitability, grow revenue, and assist in regulatory compliance. AFS Profile® offers the food industry’s largest single source for product information and data synchronization with GS1. All AFS solutions utilize service-oriented architecture (SOA) built with Microsoft .NET Framework technology. AFS was acquired by Goldman Sachs in August 2011.

Applied Data Systems, Inc. (ADS) designs, develops and produces "application-ready" embedded computer systems, typically running on a wide variety of state-of-the-art processors and operating systems.  Its products stand out for their sophisticated interface graphics, low power consumption and robust functionality.  ADS specializes in helping customers connect their application to the latest available wireless technologies.  ADS was acquired by Eurotech in January 2007. 

Beacon Energy Holdings, Inc. (OTCBB: BCOE) is engaged in the production and marketing of biodiesel. Beacon's biodiesel efforts are centered around the utilization and processing of lower grade feedstocks, primarily animal fats such as beef tallow, choice white grease and poultry fat. Since its formation in 2006, Beacon has successfully completed strategic investments in three companies dedicated to the production of biodiesel and one company dedicated to the collection of low cost waste products that may serve as the raw materials for biodiesel. The facilities in which Beacon has invested currently have the capacity to produce more than 15 million gallons of biodiesel per year, and once construction of the St. Joseph, MO facility is completed in Q1 2009, the annual capacity will increase to over 30 million gallons.  Beacon merged with Environmental Quality Management, Inc. in February 2011. 

Continental Waste Industries Inc. went public in November 1994 and, prior to its acquisition by Republic Industries Inc. (a predecessor company of Republic Services Inc. - Nyse: RSG) in 1996, provided integrated waste management services to more than 175,000 residential, commercial, and industrial customers in concentrated, regional markets mainly in the midwestern and midsouthern United States. 

CrossMedia Services is a leading provider of Web-based marketing solutions for national and local retailers. Through its award-winning SmartCircular and SmartCatalog services, CrossMedia transforms traditional print-based retail promotions (such as sales circulars, catalogs, run-of-press ads, direct mail, etc.) into compelling search-based interactive formats. CrossMedia's clients include many leading national retailers. In May 2004, CrossMedia was acquired by a joint venture of Gannet, Knight Ridder, and Tribune, three preeminent national newspaper companies. 

Cyclone Commerce is an enterprise software company which provides solutions that allow companies to connect, manage and collaborate with their business partners over the Internet. Cyclone Commerce solves a unique and urgent problem for global 2000 businesses: the need to extend their enterprises "outside the four walls" to dynamically exchange and manage business critical information and commerce transactions with suppliers, customers and other partners.  Cyclone Commerce was acquired by Axway Software in January 2006.

Dynamic Healthcare Technologies was a leading provider of mission critical health care information systems for clinical services departments and facilities. It developed, marketed, and supported a broad line of image-, voice-, and web-enabled information systems solutions for anatomic pathology, radiology, laboratory, surgery, and health information management. DHTI's information systems were installed in more than 650 customer locations across the U.S. and Canada. DHTI became publicly traded on Nasdaq prior to its acquisition by Cerner Corp. (Nasdaq: CERN) in 2001. 

Eastern Environmental was a regional solid waste management company, based in Florida. The company was acquired by Waste Management (NYSE:WMI) in January 2009. 

ExpertPlan, Inc., headquartered near Princeton, NJ, is the premier provider of private-labeled recordkeeping solutions to asset management firms, TPAs, RIAs, broker dealers, insurance companies, CPAs, payroll companies, accountants and banks that serve 401(k) and other defined contribution plans. The Company's scalable recordkeeping solution can be customized to fully integrate with a client's business and distribution models.  ExpertPlan was acquired by Ascensus in December 2012.

Based in Hunt Valley, Maryland, FutureHealth is a population health management company offering employers solutions to help them better manage the cost and complexity of health care. Founded in 1992, FutureHealth provides URAC accredited disease, case, utilization and maternity management services, as well as health and wellness offerings and a nurse advice and triage line, to individuals nationwide.  FutureHealth was acquired by Nationwide Insurance in January 2006.  

Global Employment Solutions is a leading provider of professional and commercial staffing services, including but not limited to temporary and contract staffing, permanent placement, executive search and human resource consulting. The Company serves a diverse cross-section of companies and employees who demand the personal attention of a local business, while valuing access to a wide range of global resources under one roof, including administrative/clerical, customer service, light industrial, among others. In March 2006, the Company consummated a majority recapitalization involving a merger with a publicly-traded company. Argentum sold substantially all of its interest in Global Employment Solutions in connection with this transaction.

ImageCafe.com was a website superstore selling pre-created, semi-custom, professionally designed Websites for image-conscious small business owners seeking a professional looking Web presence without the high costs associated with hiring a Website design firm. It also offered content management tools enabling purchasers to easily customize and update the content (pictures and text) without the user having to know HTML or FTP. The company was acquired by Network Solutions (NASDAQ:NSOL) in 1999. 

LifeStar, through its two divisions, provides logistical nationwide services, including specialized transportation, language translation, and coordination services, to the healthcare industry. LifeStar Response provides emergency and non-emergency ambulance and wheelchair-van transportation services to public and private sector healthcare programs, healthcare facilities, and HMOs. AccessOnTime provides logistical and transportation services to private and public sector workers' compensation insurance companies, larger self-insuring organizations, case management companies, third party administrators and large service providers.  LifeStar was acquired by Falck A/S, a global provider of assistance, emergency, healthcare, and training services, in March 2011.

M Cubed Technologies is a leading provider of innovative products developed and manufactured from the Company’s proprietary, technologically-advanced ceramic and metal-matrix composite (“MMC”) materials for mission critical applications in defense, precision, and industrial markets.  Within the Defense market, MCubed is one of the leading providers of ceramic body armor tiles for the U.S. military as well as monolithic helicopter seat tiles and aircraft armor panels.  Within its Precision technologies business, MCubed targets applications requiring extremely tight atomic-level tolerances, lightweight, complex geometries, specific thermal properties, and high degrees of stiffness.  Within its technologies for Industrial applications, MCubed provides high temperature, wear-resistant components for refractory and coal-fired power plant applications.  M Cubed was acquired by II-VI Incorporated (NASDAQ: IIVI) in November 2012.

Medsite is a leading online marketing company, providing educational and value-based interactions with over 50% of US physicians. The company offers its clients innovative solutions and services through its two sales divisions: Physician Access Solutions (PAS) which focuses on providing solutions directly to pharmaceutical and biotech companies and Medsite Partnership Services (MPS) which focuses on providing services to pharmaceutical marketing and communications companies.  Medsite was acquired by WebMD (Nasdaq: WBMD) in September 2006.

Metalico, Inc. (AMEX: MEA)is a holding company with operations in two business segments: ferrous and non-ferrous scrap metal recycling, and fabrication of lead-based products. The Company operates five recycling facilities and six lead fabrication plants in six states. 

Micro Focus International plc provides software that allows companies to develop, test, deploy, assess and modernize business-critical enterprise applications.  The company has more than 30 years of expertise, more than 18,000 customers and over two million licensed users, including 91 of the Fortune Global 100 companies.  Argentum acquired an interest in Micro Focus through its investment in Parallax Capital Partners.  Micro Focus completed its initial public offering in May 2005 and is currently a member of the FTSE 250 (LSE: MCRO).

National Recovery Systems Inc. specialized in blending, agglomerating, and recycling waste materials and by-products for heavy industry. NRS used its proprietary binder technology to manufacture a briquette, comprised primarily of steel-mill waste, that is suitable for recharging back into the steel-making process. The company owned and operated National Briquette Corp., which processed blended and packaged products and high-volume by-products for both integrated and mini-mills. The company also owned and operated on-site waste-recycling/agglomerating facilities at three integrated steel mills in East Chicago, Detroit, and Pittsburgh. Brambles Industries acquired NRS in 2000. 

netBOA (formerly Cobra Administrative Services Inc.) outsourced COBRA benefits administration, HIPAA (Health Insurance Portability and Accountability Act) administration, and retiree benefits transaction processing for large corporations. The Company distinguished itself by offering more custom service than most of its competitors. Its clients included a large airline, utilities, and a regional telephone company. netBOA was acquired by Automatic Data Processing Inc.'s Major Accounts Services (NYSE: ADP) in January 2000. 

NuCO2 is the only national provider of certified, beverage-grade carbon dioxide and draft-grade nitrogen gas solutions to the restaurant and hospitality industry. With service locations within reach of virtually all beverage users in the U.S., its experienced professionals comprise the largest network of sales and support specialists in the industry. NuCO2 serves national chain and local restaurants, convenience stores, theme parks and sports/entertainment venues by delivering the most reliable, economical and convenient beverage carbonation solutions. Headquartered in Stuart, Fla., NuCO2 services more than 130,000 customers and 30 million consumers every day. NuCO2 was acquired by Aurora Capital Group in May 2008.

Omnipoint Corporation was a leader in commercializing PCS and a leading developer and supplier of wireless communication technologies. As a pioneer in the industry, Omnipoint was at the forefront of developing advanced wireless technologies including GSM, GPRS packet data, EDGE, positioning, and Internet access. Omnipoint was the fourth-largest PCS licensee in the United States based on pops, having had licenses to serve areas covering nearly 100 million people in the eastern half of the United States. Omnipoint was acquired by VoiceStream Wireless Corporation in 2000. VoiceStream was subsequently acquired by Deutsche Telekom (NYSE: DT), now T-Mobile.  

Paciolan is a leading ticketing enabler, providing ticketing, fundraising and marketing technology solutions for top venues across North America. Paciolan provides a wholly integrated infrastructure that puts venues in direct control of their customer relationships, brands and revenue potential. Primary markets include performing arts, college athletics, professional sports, museums, and arenas. Paciolan was acquired by TicketMaster in January 2008.

ReSearch Pharmaceutical Services, Inc. (RPS) is a global, next-generation clinical research organization, or CRO, providing clinical development services to the biopharmaceutical industry. The Company’s services support the design, initiation and management of its clients’ clinical trials programs that are required to obtain regulatory approval to market biopharmaceutical products. RPS provides these services either as integrated solutions, embedded within the client’s internal clinical development operations and supporting the entire breadth of the client’s drug development pipeline, or on a more traditional project-by-project basis. RPS’s innovative, next-generation business model allows it to leverage its clients’ existing processes to improve quality, increase the speed of product development and reduce overall development costs while allowing its clients to maintain control of their development portfolio. RPS offers its services on a global basis, including in North America, Latin America, Europe and Asia, and has developed a diverse client mix including 14 of the 15 largest pharmaceutical companies in the world. RPS was acquired by affiliates of Warburg Pincus in February 2011.

SPI Manufacturing was the largest designer, manufacturer and wholesaler of commercial and light industrial modular building structures. In 1998, the Company merged with Modtech Holdings Inc. (Nasdaq: MODT), the largest manufacturer of modular, relocatable classrooms.  

Specialty Healthcare Management was a leading provider of behavioral and physical rehabilitation clinical services within the acute care hospitals. Argentum provided the equity capital to support a management buy-out of this division of national Medical Enterprises (now Tenet). After operating successfully as an independent company for 2.5 years, the Company was acquired by industry leader, Horizon Health Corporation (now a unit of Universal Health Services - NYSE "UHS"). 

TCI Solutions provides software solutions and services that enable in-store automation of inventory tracking, accounting, and other functions to help retailers improve operational efficiency. TCI integrates workforce, financial, and customer information at both the headquarter and individual store levels. In 2005, TCI was acquired by Retalix Ltd. (Nasdaq: RTLX), a provider of enterprise-wide software solutions for the global food and fuel retail industries.  

Established in 1991, TransForce is the nation’s leading specialty staffing firm devoted exclusively to the transportation industry. The Company is committed to a culture of DOT compliance and safe driving. TransForce operates through a branch network of 33 offices across the nation.

Tut Systems Inc. (Nasdaq: TUTS) is a leader in high-speed data connectivity over public and private copper wire. Tut Systems provides reliable, low-cost, high-speed data connectivity solutions for LAN extension, xDSL Internet access, and home networking. Tut Systems completed its initial public offering in January 1999, after which Argentum sold its position in Tut Systems in the public market.

USA Waste Services, which acquired Waste Management in a transaction valued at $13.5 billion and changed its name to Waste Management, Inc. (NYSE: WMI), became the largest solid waste management company in the world. Argentum's investment in USA Waste Services came through Envirofil Inc., a solid waste management firm that merged with USA Waste.  Subsequent to this merger, USA Waste acquired Waste Management and assumed the Waste Management name.

VPNet Inc. designed, developed, and marketed solutions that allowed corporations to cost-effectively use virtual private networks while preserving network and application scalability, performance, and security. The company specialized in dedicated hardware network security products that performed at high-speed levels not attainable in software-only solutions. VPNet was acquired by Avaya Inc. (NYSE: AV) in February 2000. 

White Cap Holdings, Inc. is a leading wholesale distribution company, providing a broad range of products and services to professional customers in the infrastructure & energy, maintenance, repair & improvement and specialty construction markets. With a diverse portfolio of industry-leading businesses, White Cap is one of the largest diversified wholesale distributors in North America. White Cap had an initial public offering in 1997 and was subsequently acquired by Home Depot, Inc. (NYSE: HD) in May 2004.  

Wimba (fka HorizonWimba) is a leading provider of collaborative learning software applications and services to the education industry. Its collaborative software applications for the online and blended education market enable institutions to bridge technology and pedagogy by supplementing course management systems with many of the proven disciplines of in-person learning environments. Wimba's intuitive solutions enable educators and students to quickly and easily teach and learn live online, engage in live chat and instant message exchanges, benefit from oral content being added to text-based course content, and more. Instructors can also use Wimba solutions to convert Microsoft Word documents into accessible web pages and to create and administer tests, quizzes, and exams.  Wimba was acquired by Blackboard Inc. (Nasdaq: BBBB) in August 2010.

Zemex (NYSE:ZMX) is a producer of industrial minerals, specialty materials and metal powders and, through its Alumitech division, reprocesses aluminum drosses with patented zero discharge technology. Zemex operates facilities across the United States and Canada. Its products are used in a variety of commercial applications and are sold throughout the United States, Canada and Europe.  Argentum sold its shares in Zemex on the public market.

The Zond Group->GE Wind Energy is a leader in the wind-powered energy-generating industry. GE Wind Energy develops and constructs wind-powered electric generating facilities both for itself and for sale to utilities and independent power producers. The company also operates and manages its own wind power projects and those sold to others. Argentum invested in the predecessor company of GE Wind Energy, Zond Group Inc., which was purchased by Enron Renewable Energy Corp. in 1996 and was subsequently acquired by GE Wind Energy. 

Community Education Centers (CEC) is a leading provider of offender reentry and in-prison treatment services in America, operating in 17 states, with nearly 30,000 individuals in its daily care. CEC provides a full range of therapeutic residential and non-residential reentry services with a record of reducing recidivism.

Trustwave is a leading provider of on-demand data security compliance solutions that enable businesses and other organizations of all sizes to efficiently achieve and maintain compliance with regulatory requirements and industry standards. Trustwave’s compliance management solutions (including TrustKeeper) and a broad suite of compliance enablement solutions, assist their customers to comprehensively secure their network infrastructure, data communications and sensitive information assets, protecting them against the increasing threats of unauthorized access, fraudulent activity and other intrusions or breaches.