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CRP in the News
June 2006


CRP Completes the Sale of Aspen Dental

In June, Capital Resource Partners completed the sale of Aspen Dental Management, Inc. to a financial buyer. Aspen is the premier Dental Practice Management Company in the Northeast, providing comprehensive dental and lab services. The Company has successfully grown from 45 to 90 retail offices since CRP first invested in February 2004. Over the same period, revenue and EBITDA have grown 94% and 120%, respectively. CRP invested $18.7 million in Aspen to finance a recapitalization of earlier stage investors and to provide expansion capital for retail store growth.

 


School Districts in New York, Pennsylvania, Maine & Kentucky Begin Deploying Ardence Software-Streaming Platform

Ardence Inc., the leader in developing software platforms for the on-demand world, today announced that Robert M. Lapides has been named Executive Vice President and General Manager and will head its Enterprise Division world-wide.

Mr. Lapides, who has more than two decades of executive-level experience and success in high technology sales and marketing, strategic alliances, business development, and mergers and acquisitions will lead global Sales, Marketing, Engineering, Customer Service, Product Management and Business/Channel Development initiatives for the Ardence Software-Streaming Platform. The platform delivers both operating systems and applications on-demand from networked storage and has widespread enterprise applicability in the data center and on the desktop.

Mr. Lapides has held leadership sales and management positions in a number of successful high technology companies during the last 26 years. Most recently he was senior vice president of world-wide sales and customer service at EnvoyWorldWide of Bedford, MA, a leading provider of enterprise notification services. At EnvoyWorldWide, Mr. Lapides led sales growth of nearly 300% in a three-year period. In late 2005, Seattle-based Par3 Communications acquired the company in a highly successful transaction that achieved EnvoyWorldWide's strategic goal.

Prior to joining EnvoyWorldWide, Mr. Lapides was senior vice president of market development at Razorfish of Cambridge, MA and was a member of the company's North American executive management team that increased revenue to more than $200 million annually at the publicly traded business and technology consulting services and solutions provider.

In announcing Mr. Lapides' appointment, Richard J. Davis, Ardence Chairman, CEO and President, said "In order for us to take full advantage of the global potential our Software-Streaming Platform presents, we must execute with great precision even as we respond with agility and speed to the significant market opportunities that are coming our way. Bob knows the software business and he has both the sales experience and management expertise that will enable us to do this."

Mr. Lapides said "It's very clear that our Software-Streaming Platform delivers the IT value and the business value that corporations, government agencies and educational institutions are demanding - greater manageability, increased security, more flexibility, and responsiveness to changes in business needs. That's a very good position to be in, but to succeed we have to execute skillfully across our internal organization and in concert with our channel partners globally. It's an exciting challenge for all of us."

Mr. Lapides had joined Razorfish from i-Cube of Cambridge, which Razorfish acquired in 1999. Mr. Lapides was vice president of global business development and a member of the executive management team that took i-Cube public in 1998 in one of Massachusetts' most successful initial public offerings.

Mr. Lapides has also held sales and management positions at Liant Software of Framingham and NCR Corporation.

 


eCollege® Provides Notice of Debt Prepayment

CHICAGO, June 29 /PRNewswire-FirstCall/ -- eCollege(R), a leading provider of value-added information services to the post-secondary education industry, today announced that it has notified the holders of its seller notes that it will prepay $1.5 million aggregate principal amount of such notes on June 30, 2006. The payment will reduce eCollege's long-term debt to approximately $20.5 million.

The Company is electing to pay $1.5 million of the $2 million that remains outstanding under seller notes issued in connection with the October 2003 acquisition of Datamark, Inc. The prepayment will include $436 thousand of accrued interest in addition to the $1.5 million of principal and will result in a one time, non-cash interest charge of $226 thousand in the second quarter of 2006 and a corresponding reduction in net income of approximately $132 thousand, or $0.01 per fully diluted share, that was not contemplated in the second quarter financial guidance provided by the Company on May 9, 2006. The prepayment of the notes will reduce the Company's interest charges in the second half of 2006 by approximately $131 thousand, which consists of approximately $94 thousand of cash interest savings and $37 thousand of non-cash interest savings.

"We are very pleased to be able to prepay another portion of the seller notes," said Oakleigh Thorne, chairman and CEO of eCollege. "With this payment we will have prepaid $14.5 million of the $35 million of indebtedness resulting from our acquisition of Datamark. Consistent with our original objectives, these prepayments demonstrate the continued business success and strong cash flow of the combined enterprise." The Company intends to repay its remaining long-term debt later this year.

About eCollege

eCollege is a leading provider of value-added information services to the post-secondary and K-12 education industries. The Company's eLearning Division designs, builds and supports some of the most successful, fully online degree, certificate/diploma and professional development programs in the country. The Company's Enrollment Division, Datamark, Inc. helps institutions build new enrollments and increase student retention. Customers include publicly traded for-profit institutions, community colleges, public and private universities, school districts and state departments of education. eCollege was founded in 1996 and is headquartered in Chicago, with the eLearning Division headquartered in Denver. Datamark was founded in 1987 and is headquartered in Salt Lake City. For more information, visit http://www.ecollege.com/ and http://www.datamark.com.

 


Softbrands Partners with Coastal Range Systems to Resell Fourth Shift Edition for SAP Business One

MINNEAPOLIS -- SoftBrands Inc. , a global leader in enterprise software for manufacturers and ISV partner of SAP America, Inc., has formed a partnership with Coastal Range Systems, a Canadian reseller of business IT solutions, to sell SoftBrands' Fourth Shift Edition for SAP Business One to Canadian manufacturers.

Coastal Range Systems, which has 50 employees and four offices across Canada, was named the 2005 SAP Business One Partner of the Year in Canada. Most of Coastal Range's customers are growing significantly, and the firm's consultants strive to foster that growth.

"Our goal is to partner with strong brands to provide powerful software our customers can use to achieve their business objectives," said Stephen Loyd, president and CEO of Coastal Range Systems. "We look to provide enterprise resource planning systems that are flexible, reliable and powerful. Fourth Shift Edition for SAP Business One is a natural fit for us and for the market we serve."

With this further expansion into the Canadian market, SoftBrands continues to build its global network of partners that make up a powerful distribution channel for Fourth Shift Edition. Fourth Shift Edition is the result of a partnership between SAP and SoftBrands that combines the strength and security of SAP with the mid-market manufacturing expertise of SoftBrands in a flexible, affordable package.

"Our partners are a critical part of our strategy for Fourth Shift Edition," said Ralf Suerken, senior vice president and general manager of manufacturing for SoftBrands. "Coastal Range is a leader in Canada for business management solutions for small and midsize firms and has demonstrated high customer satisfaction across the country. Our relationship with Coastal Range will help us reach further into the market of small and midsize manufacturers."


Softbrands Appoints Gregg A. Waldon Chief Financial Officer

MINNEAPOLIS, Minn. -- SoftBrands, Inc. today announced the appointment of Gregg A. Waldon as senior vice president and chief financial officer. Waldon's employment is effective immediately. Most recently, Waldon was chief financial officer, secretary and treasurer of Stellent, Inc. , a provider of content management software solutions.

"SoftBrands is very pleased to have someone of Gregg's caliber join our company," said Randy Tofteland, SoftBrands president and chief executive officer. "Gregg is an excellent match for our needs, given his fourteen years as chief financial officer for two publicly traded companies, seven of them at a high-growth software company. In addition, Gregg has extensive international experience. We believe Gregg will provide strong leadership for the finance function and help it become more efficient and effective in helping SoftBrands achieve its business goals."

Waldon joined Stellent in April 1999, playing a key role in its follow-on stock offerings, multiple acquisitions and operations. Prior to Stellent, Waldon was with GalaGen Inc., a bio-pharmaceutical company, serving as chief financial officer from 1994 to 1999. He also held positions at GalaGen as treasurer; vice president finance and controller. Earlier in his career Waldon was with Price Waterhouse LLP for more than six years as an audit manager in its middle market and emerging growth practice in Minneapolis, and as a senior staff accountant. He holds a bachelor of science degree in accounting from Bemidji State University and a master's of science degree in finance from Colorado State University.

"I am very enthusiastic about joining SoftBrands at this point in its history," said Waldon. "I believe there is enormous upside potential in the company and I am looking forward to making a meaningful contribution as part of the leadership team."

In March 2006, SoftBrands announced that David Latzke, senior vice president and chief financial officer, would be leaving the company. Consistent with his agreement in March, Latzke remained chief financial officer of SoftBrands until Waldon was retained, and will continue to assist with the transition process through June 30, 2006.


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