Hillcrest Capital Partners

Premier Restaurant Equipment Company, LLC.

Premier Restaurant Equipment was a dealer of food service equipment based in Minneapolis, MN. In September 2012, Premier founder, owner, and CEO, Jim Hara, decided he wanted to achieve some liquidity from his equity, but he needed to close a transaction prior to year end 2012 due to forthcoming changes in tax policy. HCP and its partners acquired 75% of the equity of Premier and Jim retained 25% in a transaction that HCP was able to close in 90 days from its initial contact with Premier (very few acquirers could have closed a transaction this quickly). Over the next three years, Jim and his team nearly doubled EBITDA by growing revenue and improving gross margins. In June of 2016, the Boelter Companies, Inc. acquired Premier.

“I was looking for a partner who could close a transaction quickly and who would let me continue to run the business my way post-closing. Hillcrest was the perfect fit. They were able to close the deal within 90 days of when we first contacted them and they did not insist on changes to our day to day operations once the deal was done.”

– Jim Hara, founder and former CEO, Premier Restaurant Equipment Company, LLC

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Forsythe Appraisals, LLC

In 2002, Forsythe Appraisals was a residential real estate appraisal company headquartered in St. Paul, MN and owned by John and Tim Forsythe whose grandfather had founded the company in 1940. The Company had 12 offices in Minnesota, Colorado, Massachusetts, Ohio, Wisconsin, and Illinois. Tim and John were looking for a partner to help them dramatically accelerate growth of the business while also providing some liquidity for their investment. In May of 2003, HCP acquired 75% of the Company and Tim and John retained the remaining 25%. Forsythe then embarked on an aggressive growth strategy, opening 25 offices across the United States over the next five years and completing an add-on acquisition of a complementary appraisal management company. Over the course of HCP’s ownership, Forsythe’s revenue more than doubled, and in April of 2016, Forsythe was acquired by First American Mortgage Solutions, LLC.

“We wanted a partner who could provide capital and strategic advice in support of our growth plan. Hillcrest Capital Partners provided all of that and more. Many of our employees had great tenure and were like family, Hillcrest consistently reinforced the importance of the culture and treating employees with dignity. We shared our vision for growth, Hillcrest believed in us and together we executed on a plan that had never before been accomplished in our industry. I can’t imagine finding a better long-term partner than HCP.”

– John Forsythe, former CEO, Forsythe Appraisals, LLC

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Bedford Technology, LLC.

Bedford Technology was a manufacturer of plastic lumber (an alternative to traditional wood lumber) based in Worthington, MN and owned by founder and CEO, Brian Larsen. Brian was looking for a partner who could help him achieve some liquidity and ultimately transition leadership of the Company to a successor while also providing capital to support the long term growth of the business. In June of 2010, HCP acquired approximately 60% of the Company and Brian retained the remaining 40%. In the subsequent years, HCP has helped Bedford complete an add-on acquisition, introduce a new business unit, expand its manufacturing facilities, add new products, and expand the management team.

In 2016, Brian transitioned the CEO role to his successor, Jeff Breitzman, while remaining involved in the business as a Board Member. During HCP’s ownership, Bedford’s revenue has more than doubled, and Bedford is well positioned to continue to grow significantly over the next several years.

Learn more about Bedford Technology.

“Hillcrest showed great patience and flexibility as we negotiated their original investment in our company. Over the course of the investment, they have been a great partner helping us focus on doing the right things that have enabled us to significantly grow the business over the long term.”

– Brian Larsen, founder and former CEO, Bedford Technology, LLC

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Shock Doctor

Shock Doctor Inc. was a provider of mouth guards for youth sports. Shock Doctor’s two primary shareholders were seeking liquidity while the Company’s CEO, Steve Washburn, was looking for a partner to help him grow the business significantly. In June of 2003, HCP acquired 80% of the Company and the remaining 20% was retained by one of the two primary shareholders and the CEO. With HCP’s support, Steve and his management team tripled the Company’s revenue over the next five years by introducing new products, establishing new distribution channels, and building the Shock Doctor brand. In April of 2008, Norwest Equity Partners acquired Shock Doctor from HCP.

“HCP was a great partner for me and my management team. They trusted our judgment on how to grow the business and provided sound advice when we needed it…and we really enjoyed working with them.”

– Steve Washburn, former CEO, Shock Doctor, Inc.

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60 South Sixth Street
Suite 3750
Minneapolis, MN 55402
PH: (612) 333-9922