Dec, 2005 - Windjammer Exits Shari's Management Corporation, American Fire Protection Group and Skilled Healthcare
Windjammer announced that the firm had successfully exited three investments during December to include Shari's Management Corporation, American Fire Protection Group and Skilled Healthcare Group. Together with an earlier full realization from Windjammer's investment in Symmetry Medical, Inc. (NYSE: SMA) in 2005, the firm's investors realized a total return of $122.7 million vs. $52.6 million of invested capital.
By year end, Windjammer had fully exited its investment in Symmetry, which completed an IPO in December 2004 and a secondary offering in July 2005. Windjammer generated a gross IRR of 49.8% on its investment in Symmetry. During 2005, Windjammer's portfolio companies, McKenzie Sports Group and The RETEC Group Inc., also completed recapitalizations increasing the distributions made during 2005 to Windjammer's investors.
A summary description of the Windjammer portfolio companies fully exited in 2005 is shown below:
Shari's Management Corporation, headquartered in Beaverton, OR, operates a 97-unit chain of family-style restaurants throughout the Pacific Northwest. The company offers 24-hour sit-down dining and a broad selection of value-oriented breakfast, lunch and dinner entrees similar to a Denny's or IHOP.
American Fire Protection Group, headquartered in Monroe, LA, is a specialty contractor that designs, fabricates, installs, retrofits and repairs fire protection (sprinkler) systems throughout the southern United States. The company conducts its operations through several independent sales and installation offices, each with a particular geographic focus, and one centralized fabrication plant.
Skilled Healthcare Group, headquartered in Foothill Ranch, CA, is a leading operator of long-term care facilities and provider of a full continuum of post-acute care services with 58 skilled nursing and 13 assisted-living facilities in California, Texas, Kansas, and Nevada. Formerly known as Fountain View, the company also provides a variety of high-quality ancillary services such as physical, occupational and speech therapy.
Symmetry Medical, Inc., headquartered in Warsaw, IN, is a leading manufacturer and supplier of forged hip and knee implant components, surgical instruments, and customized delivery case systems used in the global orthopedic reconstructive market. The company sells to all the major orthopedic device companies through manufacturing facilities located both in the U.S. and Europe.
Windjammer's portfolio company, Corrections Corporation of America (NYSE: CXW) closed at a new year-end high of $44.97 per share. The total value of Windjammer's investment in CCA was $180 million vs. $45 million of invested capital at December 31, 2005.