Investment Focus
CMA concentrates on middle-market manufacturing and distribution companies that possess solid fundamentals yet are under-performing relative to their potential. Target company revenues will generally range between $20 million and $100 million, with valuations of $5 million to $50 million.

Most of CMA's opportunities will arise from the following situations:

• Sale of Private Companies. Owners confronting estate-planning issues
• Divestitures. Non-strategic subsidiaries or divisions of corporate parents
• Distressed Situations. Underperforming companies requiring strategic redirection
  and/or financial restructuring
• Going Private Transactions. Enabling owner/managers to capitalize on value not
  recognized by the public markets

Preferred target companies possess proprietary products, unique capabilities or technology that customers need and prefer. Attractive industries include:

• Engineered plastics, molding and extrusion
• Capital goods manufacturers
• Outsourced industrial services
• Metalworking/metal fabrication
• Packaging and containers
• Specialty chemicals and coatings
• Electrical components

Investment Strategy
CMA has an operating orientation, sponsoring acquisitions where productivity improvement is a primary source of value creation. CMA works with management to develop plans for operational improvement and revenue growth and actively supports execution of chosen strategies. CMA will augment the portfolio management team by assessing the needs of the business and either: i) fill the leadership role if vacant at time of closing and/or ii) fill a key operating management position where a hole in the management team exists and/or iii) lead the corporate development function which identifies and manages the transition/merger of add-on acquisitions to the base business.

The Principals desire to build through acquisition an attractive portfolio of autonomously managed businesses that continuously strive for better long-term operating performance. The equity appreciation resulting from improving performance will be shared with CMA's investors and portfolio company management teams. Acquiring middle-market manufacturing companies and enhancing the equity value of these companies over the long term through hands-on management and strategic tuck-in acquisitions align well with the accomplishments of the principals.

"Having known each of the founders for over twenty-five years in business and having successfully sold three businesses to Mike Felvey, I can tell you they work to their word and you can depend on their handshake."

Dan Gorey - EVP,CFO Quixote Corporation, (Nasdaq: QUIX) Chicago IL