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Andy Graham began his private equity career in 1987 with Narragansett Capital, Inc. Since 1992, when Mr. Graham and a small group of professionals separated from Narragansett Capital, he has operated primarily as an unfunded sponsor focused on small, middle market management buyouts. His investments have included:
In 1997, Andy Graham led the acquisition of Upstate Dental Management (subsequently re-named Aspen Dental Management) from its founder. Upstate offered dental practice management services to 10 dental offices located in the northeast.
The founder of Upstate Dental had created an unusual business model, combining practice management with in-house lab services, focused on serving "non-compliant" patients. APG perceived the business model as unique and addressing an unmet need. By upgrading and scaling the operations, APG believed the company had the opportunity to become the dominant dental service provider in its region.
By 2006, Aspen Dental was considered one of the largest and most successful dental practice management businesses in the country. The company had developed a high quality leadership team, a proven model for providing valuable practice management services and a comprehensive set of unique long term incentive programs. Executing a steady growth strategy, the company's value grew appreciably over an eight year period. In 2006, the company was sold to Ares Management.
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In 2008, Andy Graham joined Casper Zublin to establish Asterisk Financial Group. In early 2009, Mark Ricciardelli joined Asterisk Financial as its President and Chief Executive Officer. Asterisk Financial has created a new insurance product - Personal Guarantee Insurance.
Personal guarantees are a ubiquitous and emotional burdensome liability for virtually all private business owners. However, guarantors have never had a systemic ability to offset their risk. APG Partners believes a large market exists for Personal Guarantee Insurance and that Asterisk Financial has the opportunity to become the market leader in this new insurance category.
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In 1994, Andy Graham led the acquisition of Cushcraft Corporation. Cushcraft was a manufacturer of ham radio and RFID antennas.
Cushcraft was the leading manufacturer of ham radio antennas in the country. The ham radio market was profitable, yet declining. The company had recently developed a commercial product line and APG believed the company was poised to benefit from the greater use of wireless communication devices.
The market for the company's commercial products developed more slowly than anticipated and did not meet forecast expectations during the APG investment period. In 1998, Cushcraft was sold to a private equity investor. Within a few years of its sale, Cushcraft became one of the leading providers of wireless antennae and is now owned by Laird Technologies.
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In 1992, Andy Graham led the management buyout of Monaco Coach Corporation. Monaco was small, innovative manufacturer of Class A motor homes.
Monaco's controlling shareholder was experiencing financial difficulty which was creating cash flow and strategic challenges for the company. Monaco's President and Chief Executive Officer was interested in acquiring the company. The company had developed a unique chassis design, which improved vehicle handling and created a distinct marketing advantage. Management had also proven its ability to segment the market, develop new products to meet segment demand and steadily grow its revenue. APG believed that, through a combination of strong leadership skills and product design/manufacturing capabilities, the company had the opportunity to become one of the dominant manufacturers of motor homes in the country.
By 1997, when Andy Graham left the Board of Directors, the company was traded on the New York Stock Exchange and had become one of the leading manufacturers of motor homes in the country.
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In 1996, Andy Graham partnered with Tom Gleason to acquire Deluxe Ice Cream Company (subsequently re-named as Oregon Ice Cream Company). Deluxe was a 75 year old manufacturer of ice cream and frozen novelties.
The company was a well established manufacturer of "value-priced" ice cream in Oregon and Washington states. Management perceived an opportunity to develop unique, branded products by upgrading its product line and expanding its distribution channels.
The company successfully developed higher quality products, re-branded and expanded its operations and distribution. However, higher than anticipated costs, increased operating complexities and unprecedented increases in raw material prices led to lower than forecast profitability and investment returns. The company is currently a leading manufacturer of branded and private label ice cream and novelties on the West Coast. In 1999, Tom Gleason re-capitalized the company and re-purchased the equity interests represented by APG.
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