Our Portfolio of Investments

We have invested in 44 companies since our founding, investing in partnership with high-quality management teams, financial institutions, and private equity investors.

We do not invest in startups, turnarounds, real estate, or project finance. Please review our Investment Criteria for more detail.

Current Investments

Can-Do National Tape

Nashville, TN · Current · Sub Debt and Common Stock

Converter and distributor of pressure-sensitive adhesive tapes, foams, films, foils, and related products.



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Consolidated Lumber Company

Stillwater, MN · Current · Sub Debt and Preferred Stock

Provider of retail and commercial building and construction materials from 14 lumber yards in eastern Minnesota and northwest Wisconsin.



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Dynamic Tube, Inc

Maquoketa, IA · Current · Sub Debt with Preferred and Common Stock

Manufacturer of tube and pipe assemblies used in the assembly of diesel/gas engines, hydraulic systems, cooling systems, and air systems.



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Eclipse Advantage

Orlando, FL · Current · Sub Debt and Common Stock

Third-party logistics company that provides managed on-site services at its customer and partner distribution centers.



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Indigo Signworks

Fargo, ND · Current · Sub Debt and Preferred Stock

Manufacturer and servicer of commercial signs



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Inland Metal Technologies

Hayward, CA · Current · Sub Debt with Preferred and Common Stock

Provider of precision metal fabrication, contract manufacturing, mechanical assembly, and engineering to a variety of OEMs.



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Kent Lubrication Centers

Odessa, TX · Current · Sub Debt

Largest quick lube operator in the Midland and Odessa area that provides a superior level of quality and customer service.



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Market Fresh Produce

Nixa, MO · Current · Sub Debt and Preferred Stock

Value-added supply chain manager of branded fresh fruit and vegetables to grocery retailers, grocery wholesalers and foodservice providers nationwide.



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Quintet (d.b.a. Five Guys)

South Carolina, · Current · Sub Debt

Five Guys Franchisee serving burgers, fries and hot dogs to customers in the South Carolina market.



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TLC Companies

Brooklyn Center, MN · Current · Sub Debt and Common Stock

Professional Employer Organization (PEO) that specializes in the trucking industry with more than 550 trucking company customers in 38 states.



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Exited Investments

AbleConn

New Hope, MN · Exited · Sub Debt and Common Stock

Manufacturer of backplane assemblies and interconnect products for the aerospace and military markets.



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Ahlstrom Lantor

Bellingham, MA · Exited · Sub Debt with Warrants and Preferred Stock

Specialty non-woven materials for medical, filtration, military, and industrial applications.



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AJ Manufacturing

Bloomer, WI · Exited · Sub Debt with Warrants

Specialty doors and windows for the commercial, HVAC, and post-frame building industries.



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Allison Payment Systems

Indianapolis, IN · Exited · Sub Debt with Warrants

Provider of outsourced solutions for statement processing and electronic document delivery and management.



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Arena (Karl’s Event Services)

Oak Creek, WI · Exited · Sub Debt with Warrants and Preferred Stock

Full-service event rental provider, specializing in large temporary structures and infrastructure equipment.



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Astrex Electronics

Plainview, NY · Exited · Sub Debt and Common Stock

Electronic components distributor that serves the military and aerospace markets.



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Atrenne, LLC

New Hope, MN · Exited · Sub Debt and Common Stock

Manufacturer of low volume/high mix customized products that are primarily used in aerospace and military markets.



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Biffs

Shakopee, MN · Exited · Sub Debt with Warrants

Leading regional provider of portable sanitation services.



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Bolger

Minneapolis, MN · Exited · Preferred and Common Stock

Printer that offers cutting-edge customized printing solutions.



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Border Foods

New Hope, MN · Exited · Sub Debt with Warrants

Largest Taco Bell and Pizza Hut franchisor in the Upper Midwest.



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Climax Portable Machining and Welding Systems

Newberg, OR · Exited · Sub Debt with Warrants and Preferred Stock

Designer, manufacturer, seller, and renter of portable machine tools that allow customers to repair and fabricate metal onsite.



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CNW

Cincinnati, OH · Exited · Sub Debt with Warrants and Preferred Stock

Manufacturer of engraved roto-gravure cylinders for the printing industry.



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Consolidated Distribution Corporation

Lemont, IL · Exited · Sub Debt and Preferred Stock

Redistributor that serves the quick service and casual restaurant industry.



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Diamond Marketing Solutions

St. Charles, IL · Exited · Sub Debt without Warrants

Full-service direct marketer with focus on direct mail fulfillment.



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Diversified Graphics Incorporated

Minneapolis, MN · Exited · Sub Debt with Warrants

Commercial printer with fulfillment capabilities and proprietary social stationery products.



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Girard Environmental Services

Sanford, FL · Exited · Sub Debt and Common Stock

Fifth largest private provider of commercial landscape services



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MackayMitchell Envelope Company

Minneapolis, MN · Exited · Sub Debt with Warrants

Manufacturer of specialty envelopes for the direct-mail (Commercial Division) and photo envelope (Photo Division) markets.



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Majestic 360

Indianapolis, IN · Exited · Sub Debt with Warrants and Preferred Stock

Provider of embroidery, screen printing, and fulfillment services to the licensed apparel, corporate, and educational markets.



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Name Withheld

· Exited · Sub Debt

Energy software services company specializing in mission critical software solutions with a nationwide client base.



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Natural American Foods

Onsted, MI · Exited · Sub Debt with Warrants and Preferred Stock

Largest industrial and food service honey packager in the US.



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Paramount Building Solutions

Phoenix, AZ · Exited · Sub Debt and Preferred Stock

Provider of commercial contract janitorial services to retailers across eight states in the Southwest.



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Schaefer Ventilation Equipment

Sauk Rapids, MN · Exited · Sub Debt without Warrants

Provider of ventilation, cooling, and heating solutions for the agricultural, horticultural, and commercial markets



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Spectrum Plastics Group

Minneapolis, MN · Exited · Sub Debt without Warrants

Manufacturer of specialty injection molded plastic components for the medical and military/aerospace markets.



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Starkey Labs

Eden Prairie, MN · Exited · Sub Debt

Manufacturer of hearing aids



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Stringer Business Systems

Saint Paul, MN · Exited · Sub Debt

Manufacturer of multifunctional copier, fax and network printers



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TechSkills

Austin, TX · Exited · Sub Debt with Warrants and Preferred Stock

Provider of technical and professional education focused on IT, healthcare, and business services in over 30 locations.



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Trio Video

Chicago, IL · Exited · Sub Debt with Warrants

Provider of mobile HDTV production services, primarily for live national sports and entertainment events.



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United American Security

Raleigh, NC · Exited · Sub Debt with Preferred and Common Stock

Provider of security guard service with operations in Ohio, Kentucky, Pennsylvania, and Virginia.



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Universal Blanchers

College Park, GA · Exited · Sub Debt with Warrants and Preferred Stock

Manufacturer of peanut processing services for candy and baked goods.



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UVC

Roseville, MN · Exited · Sub Debt with Warrants

Gift card manufacturer and specialty printer focused on plastic and foil applications.



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Wisconsin Film & Bag

Shawano, WI · Exited · Sub Debt with Preferred and Common Stock

Custom manufacturer of mono-layer polyethylene bags and film.



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XL Specialized Trailers

Manchester, IA · Exited · Sub Debt and Preferred Stock

Manufacturer of custom low-bed trailers for heavy haul applications



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