Investment Strategy & Criteria

Many private equity firms have a bad reputation for setting deal terms and then trying to use the trans.action process towards to exact further concessions. We think it's a waste of everybody's time to do that, and as such we operate in exactly the opposite way.

We provide a detailed letter of intent that sets forth in very clear terms the conditions and terms under which we will close. The transaction process after that is a very quick and efficient one. Our focus is to confirm the accuracy of the data and then get a better knowledge of the people that we will be working with after the deal closes. Thereafter, we deliver fair and balanced transaction documents and avoid the usual pitfalls that lead to fights. For example, we don't have a working capital adjustment mechanism in our documents. We feel that usually leads to fights between the parties, doesn't change the economics in any material way, and is a waste of everybody's time and emotional energy, Our focus is to determine that we want to close, get it done, and start a positivepartnership with you and/or your management team.

Post-Investment Collaboration

Ashland's investment approach is predicated on investing our own capital and providing strategic guidance to management teams to generate long-term growth in revenues and earnings. We are dedicated to enterprise development by partnering with strong management teams to build stable companies that produce reliable, growing earnings. We work together with management to help each investment reach its fullest potential.

Ashland's partnership includes former executives and expert investors across industries who collectively offer considerable insight into operating and growing healthy businesses. When it's time for our portfolio companies to take the next step, whether via organic growth or through follow-on acquisition, Ashland is there to help management teams harness and navigate key opportunities.

Key Aspects Of This Collaboration Include:

• Developing and implementing strategic plans

• Professionalizing each organization

• Providing a prudent capital structure

• Financing growth initiatives

• Identifying, negotiating and financing acquisitions

• Sharing operational insights

• Providing strong corporate governance

• Identifying and mitigating business risks