Start-up of Merisant Company
www.merisant.com

Company Description
Merisant Company ("Merisant"), formerly the tabletop sweetener division of Monsanto Company, is the global leader in the high intensity tabletop sweetener business, with a global market share of approximately 36%. The Company's two largest brands, Equal® and Canderel®, are sold in over 100 countries and are among the most recognized branded food products in the world. Both Equal® and Canderel® have 95% brand awareness in their respective markets. In addition, the Company has exclusive rights to the Nutrasweet® brand for the tabletop sweetener category.

Nature of Opportunity
Under pressure from the financial community to de-lever its balance sheet, Monsanto Company divested a number of non-core business to generate cash proceeds.

	Leading branded consumer products company with strong brand equity and worldwide infrastructure and presence; category leader with a global market share of approximately 40%.
	Attractive financial characteristics, with stable cash flows, superior operating margins and minimal capital expenditures.
	High levels of free cash flow allow for accelerated debt reduction; opportunities to drive growth, leveraging existing market position.
	Experienced management team led by Mr. Arnold Donald.

Operating Partners
Arnold Donald: Former President, Monsanto Agricultural Chemicals

Start-up of National Guardian Corporation
Company Description:
The National Guardian Corporation (“National Guardian”, “NGC” or the “Company”) was founded by Andrew Bursky and Interlaken Capital in 1983 with the mission of becoming a leading provider of electronic security to commercial, industrial, institutional and residential clients.

Nature of Opportunity
The electronic security sector was large and fragmented in the early 1980’s. The principals saw an opportunity to generate substantial value and economies of scale through consolidation.

History and Results
National Guardian grew rapidly, both internally and through an aggressive acquisition program, to become the second largest alarm services company in the United States. In 1985, National Guardian became a public company with a market capitalization of approximately $200 million and in 1988, the Company was purchased and became a wholly-owned subsidiary of Lep Group plc. At the time of its sale to Lep, National Guardian has about 180,000 customers in the United States and Canada and was generating EBITDA of approximately $60 million on revenue of about $230 million. In 1996, National Guardian was sold to Ameritech Corporation and in 1999, it was sold to the ADT subsidiary of Tyco, Inc.

Start-up of Strategic Distribution, Inc.

Acquisition of Master Protection Corporation

Financing of Arnox Inc.

Financing of Deltown Chemurgic Corporation

Acquisition of Pioneer Chemicals

Acquisition of ICI Canada chloralkali assets

Acquisition of Tacoma chloralkali plant of Occidental Chemical

Financing of First Marblehead
www.firstmarblehead.com

Company Description
First Marblehead is an industry leader in providing services for private, non-governmental, education lending in the United States. The Company offers its clients a fully integrated suite of outsourcing services in connection with their private student loan programs. In providing its services, First Marblehead does not serve as a lender, guarantor or loan servicer, but instead receives fees for the services provided in connection with processing and securitizing client loans. First Marblehead focuses primarily on loan programs for undergraduate, graduate and professional education, and, to a lesser degree, on the primary and secondary school market. Private education loans are not guaranteed by the U.S. government and are funded by private sector lenders. In fiscal 2003, First Marblehead facilitated more than $1.0 billion in loan disbursements. During the first six months of fiscal 2004, the Company facilitated approximately $981 million in loan disbursements for students at over 4,000 schools.

Nature of Opportunity
The principals of Atlas and their partners recognized the uniqueness and power of First Marblehead’s offering to educational clients as an alternative to Sallie Mae. Recognizing that the concept would take time to develop, the principals of Atlas and their partners committed to funding the early stages of the business, despite several years of underperformance.

History and Results
The principals of Atlas Holdings and partners provided equity and debt financing to First Marblehead beginning in 1994 and throughout the development of the Company’s business. The Company successfully completed its IPO in October 2003 at a pre-money equity capitalization of $1 billion. First Marblehead trades on the New York Stock Exchange (FMD) and, as of June 30, 2004, the Company had a market capitalization of $2.5 billion.

Acquisition of National Farmers Union Life Insurance

Acquisition of American Merchants Life Insurance

Acquisition of Loyalty Life Insurance

Start-up of Greenwich Bank and Trust

Financing of Americana Financial Services

Acquisition of Genesis Worldwide

	Atlas Holdings had experience in the capital equipment sector and steel processing industry.
	Company was recognized for excellence in engineering and production of capital equipment for the steel and non-ferrous metals industries.
	Significant upside was embedded in the investment from market improvement.
	Conservative capital structure recognized the cyclical nature of the business.
	Downside protection was structured through the investment in the form of a Senior Secured Note with a 12.5% interest rate, together with low cost equity.

Acquisition of Michigan Seamless Tube

Purchase of RISI

Acquisition of Olympic Panel Products