Midwestern Orientation

We prefer to invest in businesses located in the Midwestern U.S., particularly in the Upper Midwest. Our Minneapolis location affords us an excellent vantage point for investing in the dynamic and resilient economy of the Upper Midwest, which is home to many outstanding companies and relatively few well-established private equity firms. Approximately 50% of our investments have been in companies based in the five states of the Upper Midwest (Minnesota, Iowa, Wisconsin, North Dakota, and South Dakota), while another 30% of our investments have been in companies based in other parts of the broader Midwest. While location does matter to us, we will consider investment in a business based anywhere in the U.S. or Canada to the extent such business fits with our industry expertise and other investment criteria. As a general rule, the greater our depth of experience in a particular industry sector, the further we will venture from our home base. Also, we are generally less location-sensitive with respect to add-on acquisitions for existing portfolio companies.