Lakewood Capital was formed in 2007 to team with operating management to make control investments in private companies active in the lower middle market. Lakewood targets businesses that have developed a strong position in their core markets and are facing opportunities/challenges/transition as they move toward the next stage of their developments. Lower middle market businesses often reach a point where their existing resources, be they financial, operational or human, need to be expanded, adjusted and/or reallocated to continue to prosper. These times often occur when founding management seeks less active involvement, new market opportunities arise, growth outstrips current capacity, and/or the competitive landscape changes. Lakewood prides itself on partnering with existing management to capitalize on these times of transition, with the mutual goal of building stronger, more dynamic, more competitive operations in the process. As such, we will not be focused on any particular industry but will look for opportunities where we have the ability to work with management, collectively, drawing on resources and experiences each party has developed over many years. Our strategic influence coupled with management’s operational expertise, brought together in a collaborative environment, has served us extremely well over the years, and we believe it will be even more critical over the next several years as the private equity market matures.