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New York | June 2011
NEW YORK — June 30, 2011 — Praesidian Capital (�Praesidian� or �the Firm�), a leading provider of mezzanine capital for small and mid-sized companies, has successfully exited its investment in CODi, Inc. (�CODi�). CODi is a leading manufacturer and supplier of laptop bags and cases, mobile security devices and other IT accessories to major corporations.
In 2006, Praesidian provided $5.0 million of subordinated debt financing for the recapitalization of CODi, Inc. led by Pennsylvania-based private equity fund Milestone Partners and management. Praesidian exited its investment when CODi recently obtained financing from new senior and mezzanine debt providers.
�We are pleased to have supported CODi during this important time in its growth and development," said Neil Marks at Praesidian. �As a profitable, middle-market company with a talented management team and strong equity partner � CODi is just the type of company that we target for mezzanine financing. We enjoyed working with Milestone Partners and the CODi team to facilitate the success of the company while achieving attractive returns for our investors."
About Milestone Partners
Milestone Partners is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of lower middle market businesses. Milestone pursues successful niche-market leaders that provide high-margin products or services. Milestone�s transactions typically provide liquidity to shareholders of privately-owned businesses, facilitate the transition of ownership to key managers, and allow management to capitalize on growth opportunities, while maintaining the legacy of the founders. Milestone is currently making new platform and add-on investments through Milestone Partners III, L.P., a $240 million fund, as well as making add-on investments through Milestone Partners II, L.P., a $120 million fund.
About CODi, Inc.
Founded in 1992 on the virtues of true entrepreneurial spirit, CODi has grown from a two person operation to one of the leading providers of laptop cases and mobile accessories. CODi�s unique go-to-market strategy and innovative product development efforts have contributed to the Company�s longevity and should drive growth as mobile computing trends continue to evolve. Since 2005,
CODi has been privately owned by Milestone Partners out of Radnor, PA. CODi is currently operated under the leadership of James Bland, CEO, a strong executive team and an appointed board of directors.
About Praesidian Capital
Praesidian Capital partners with small and mid-sized businesses by providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages more than $700 million in committed capital. For more information, visit www.praesidian.com.
The Abernathy MacGregor Group, Inc.
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