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Hunter, Chris - one off investment opportunity has come up. See overview below. I thought there might be people in your network who like doing direct one-offs. We are looking for people who can do 250-500k, like the sector, can move quickly. We'd create a one off vehicle to do it. If one of your guys ended up the capital we could figure out a partnering arrangement. Let me know. Its moving pretty quickly and assessment to-date looks compelling.
Thanks... Devin

Situation: A fundless sponsor has approached Enlightenment Capital about supporting its acquisition of Project Simon. The deal is under LOI and moving towards a mid-July close. RSA is supporting the diligence. Enlightenment's diligence and assessment to-date has been positive.
Opportunity: Enlightenment has the opportunity to invest $250-500k in a $3-4mm mezzanine tranche. The deal should be priced at approximately 13% with a 2% up front fee, plus warrant coverage of 10-13%. This appears to be an attractive opportunity to make a low-leverage mezzanine investment with solid equity upside, projecting a 20-30% all-in return; Company is in a growing Intelligence, Surveillance & Reconnaissance (ISR) segment; well-positioned with a key DoD customer; ability to penetrate new customers would drive growth; strong margins and cash generation should de-lever the business.
Business: The Company provides a data fusion and battlespace analysis software suite that supports overseas ISR operations. The product supports situational awareness and real-time battlespace management.
Financials: The Company generates approximately $5mm in revenue and produces attractive margins and cash flow. Leverage at close would be sub 3x.


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Devin Talbott
Managing Partner
Enlightenment Capital
Office: 240-343-5358
Mobile: 202-251-5547
DLTalbott@enlightencap.com
www.enlightencap.com