Plymouth Management Company

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Plymouth Management Company

We are a general-purpose venture capital firm that finances and adds value to growth stage companies in Michigan and the Great Lakes region.

Plymouth Management Company is the manager of

Plymouth Venture Partners I and Plymouth Venture Partners II.

Philosophy

Philosophy PMCs objective is to realize superior returns through the long term appreciation of investments. Funds managed by PMC invest in growth-stage companies, a niche which is under served in the Great Lakes region, particularly in Michigan. We generally invest in revenue producing companies with the potential for significant growth through a defined, catalytic event or milestone whose achievement will be financed, at least in part, by PMC managed funds. It is critical that the companies have validated the functionality of their product or service. PMC managed funds investments are guided by the following criteria: 1. A strong management team 2. An established revenue stream; 3. Positive cash flow in the near future; and, 4. A clear catalyst for growth that requires funding.PMC takes a hand-on approach to managing its relationship with the companies in which its funds invest, starting at due diligence, through closing, to monitoring the investment. This includes having investor involvement in the company via board seat or board observer roles, and bringing in necessary expertise from the investor pool as issues or opportunities arise. This model has allowed for PMC managed funds to provide superior returns.PMC managed funds typically commit investments of $1.0 million to $2.0 million in each portfolio company. The investment structure will be tailored to each investee. Investments will typically take the form of preferred equity or subordinated debt, or a combination of the two. Initial entry by the funds may be in debt form to provide maximum downside protection and liquidity while preserving optimum entrepreneurial incentives. PMC managed funds provide follow-on financing as appropriate. In many situations, companion bank financing is arranged or facilitated. PMC also syndicates investments with regional investors and limited partners when a larger financing is needed. PMCs managers have been strong proponents of co-investing with other like minded firms to raise larger rounds of capital, balance risk, and ensure that various perspectives are considered during due diligence and post investment. It is the expectation of PMC that the funds' financing will allow investee management to develop sufficient value to support a liquidity event within two to five years of initial investment.

Funds Plymouth Venture Partners I (PVP I) PVP I is a $23 million pledge fund started investing in April 2003 and is currently in harvest mode. PVP I financed and adds value to emerging companies in Michigan and the Great Lakes region. PVP I investors are mainly highly experienced Midwest entrepreneurs who have successfully built and exited one or more companies. Many of the individual PVP I investors are actively involved in portfolio companies and serve as a unique “brains trust” and resource to PMC. PMC provided deal flow, deal structuring, due diligence, closing, and currently provides monitoring and exit management for the investor group. Each investor, however, made individual decisions on which companies he/she wished to fund.Plymouth Venture Partners II (PVP II) PVP II is a committed fund that focuses on growth stage companies in the Great Lakes Region with established revenue streams. PVP II had its final close for investors in September 2011. The fund size is over $40 million. To date, PVP II has made three investments.

Investment Process

PMC's General Investment Process

PMC follows a disciplined venture capital investment process, with particular attention to providing valuable services to potential investees including an unconventional combination of focus on speed, depth of due diligence, value-added input to management, and term sheet development that effectively mitigates downside risk while maximizing the potential for extra ordinary returns.A typical investment that comes into the PMC process may come to term sheet negotiation within two to four weeks of the deal being sourced. Due diligence may be complete four to five weeks thereafter, with closing after legal due diligence within two months of initial contact. This efficiency allows the team to effectively consider a number of potentially lucrative investments simultaneously – typically, PMC has 1-3 deals under due diligence at any one time during the year.
No Frame

Deal Flow PMC has a well developed network in Michigan and the Great Lakes region and its deal flow has grown dramatically since the inception of PVP I. For PVP I, in 2010 over 200 companies were reviewed. PMC attracts 200-300 opportunities annually, prioritizing 20-40 for serious consideration and committing to 6-8 new investments each year. Opportunities are sourced directly through PMC’s extensive relationships with entrepreneurs and their advisors. PMC also enjoys significant referral flow from bankers, investment bankers, venture capital firms, private equity firms, angel investor networks, non-bank lenders, lawyers, accountants, trust departments, money managers, insurance agents, and others serving the entrepreneurial community.PMC manages its pipeline via a New Investment Opportunity (“NIO”) database, in which potential investments are prioritized internally in weekly meetings and in monthly meetings with the Advisory Committee. A pipeline of opportunities, typically ranging from in number from 70 to 100, is generally maintained of development. PMC monitors, on a frequent basis, numerous companies at an earlier stage. As part of this monitoring PMC adds value to pre-growth stage companies through advice, recruiting and strategic suggestions with a view to developing relationships that naturally lead toward investments when they reach revenue stage.

Philosophy
Funds
Investment Process
Deal Flow

Team

Team Ian Bund – Chairman [ibund_plymouthvc.com]Ian has been active in venture capital investing and building companies since 1969 and brings deep financial and technology expertise to Plymouth Venture Partners. He has been involved with building over 350 companies and has served on the Board of more than twenty companies. Successful exits include 36 IPOs and numerous strategic sales such as Ventana Medical Systems, Promega, Lifescan, Birtcher, Stratacom, and Neogen. He formed the first institutional venture capital firms in Michigan and has led or co-led 13funds. He received a Bachelor of Economics degree from the University of Sydney and an MBA from Harvard University and is an Australian Chartered Accountant. Mark Horne – CEO [mhorne_plymouthvc.com]Mark brings over 20 years of business and financial expertise to the Fund. His career began with Price Waterhouse, and has included senior financial management positions with several large, privately-held technology and manufacturing companies. Mark is a former New Jersey licenced CPA with a Bachelors of Arts - Business Administration degree from Cedarville University and an MBA from Widener University. Mark became an Investor in PVP I in 2005 and an Advisor for PMC in 2006. Mark led several of Fund I’s best performing investments.In 2007 Mark became Managing Partner, and developed a strong in-house approach to leading and monitoring investments from term sheet to closing to ultimate exit. Mark helped refine the growth stage strategy adopted in PVP II, and narrowed the deal structures to maximize returns while protecting the downside risk. Mark brings a philosophy of “win win” to term sheet negotiating, and strives to ensure that the relationship with Plymouth is one of true partnership and trusted advisor. Mark also ensured the integrity of Plymouth’'s financial reporting by strengthening the back office to meet the standards of an institutional investor.Jeff Barry – Partner [jbarry_plymouthvc.com]Jeff is an experienced finance professional with over 15 years of experience working in investments and banking. Prior to joining PMC, Jeff was a Senior Economist at the Overseas Private Investment Corporation (OPIC) in Washington, DC where he was responsible for evaluating financing proposals from small- and medium-sized businesses, as well as Fortune 500 companies, Prior to his work with OPIC, Jeff was a consultant for ten years with PricewaterhouseCoopers and Stone & Webster Management Consultants. He holds an MBA in Finance from Vanderbilt University and a BA from Trinity College in Economics.Jeff led Plymouth Venture Partners II'’s first deal, an investment in IDV Solutions out of Lansing, Michigan. He also led the due diligence effort on one of Plymouth Venture Partners I’'s most successful exits to date, Pump Engineering. He is currently on IDV'’s Board and is a Board Observer for PVP I'’s investment in VIO out of Marquette, Michigan.Bob Savage – Partner [bsavage_plymouthvc.com]For the past 15 years, Bob Savage has primarily focused on developing management and financing strategy for early-stage and high tech companies. Some of Savage’s current and former projects include:• CoreNetwork, Northwest Ohio’s angel network, which was founded by Savage and has the best financial track record of any angel network in the region. CoreNetwork has an excellent exit track record; investors have made money on 75% of CoreNetwork’s exits.• Savage served on the corporate board of Hilgraeve (Monroe, Michigan), which was sold to Compuware (NASDAQ: CPWR) in early 2008. Savage sourced the investment banker that completed the transaction.• Former client Xunlight Corporation is an emerging Thin-Film Solar company that has raised over $40 million in venture equity in addition to debt and grant financing. Savage currently serves on the boards of American Broadband & Telecommunications (Sylvania, Ohio), Image Integration Systems (Perrysburg, Ohio) and Mithridion (Madison, Wisconsin). Savage previously worked for Monoky Associates, a strategic sales management and strategic planning consulting firm serving the Fortune 1000 market. At the inception of New Waste Concepts, Savage served as General Manager; later running the International Sales Division. Savage previously worked in mergers and acquisitions at Libbey-Owens-Ford and Seagate Venture Management (venture capital) while earning his degree from The Wharton School of Business at the University of Pennsylvania. A few of the many other regional community organizations with which Savage is a member include the Investment Committee of the Toledo Community Foundation and the University of Toledo College of Medicine Advisory Council.Kevin Terrasi Executive in Residence [kterrasi_plymouthvc.com]Kevin Terrasi is an Executive in Residence at Plymouth Management Company. Prior to joining PMC, Kevin spent more than 15 years in progressively responsible management positions in both technical and business development areas. As Vice President of the Turbo Machine Division he was also a member of the executive team at Energy Recovery Incorporated (ERI). Prior to ERI he spent his entire career at Pump Engineering INC or LLC (PEI) growing the business from 1 to 17 million in annual sales. As Vice President of Engineering-PEI and a member of the Board of Directors he developed and executed business plans that resulted in the company growth. He was an active member of the divestiture team that sold PEI to ERI in December of 2009. Mr. Terrasi was the key to developing a unique custom design and manufacturing process utilizing state of the art computer aided software which established PEI as an industry leader in high efficiency pumps and energy recovery equipment. He was instrumental in building the international sales network that gave Pump Engineering a local presence in 12 countries on five continents. Earlier in his career, Mr. Terrasi as the Director of Manufacturing was responsible for quality assurance, manufacturing, assembly and the IT departments of the business. Mr. Terrasi holds a Bachelor of Science degree in Civil and Environmental Engineering from Michigan State University. Dana Sutton – Office Manager [dsutton_plymouthvc.com]Since 2005, Dana Sutton has managed a variety of portfolio, investor relations, treasury, accounting & communications and administration functions, including first-cut assessment of investment opportunities, logging deal flow and ensuring that feedback is provided to entrepreneurs in a timely manner. Since inception, administration of the PVPI portfolio has been managed by Dana. A graduate of Eastern Michigan University, Ms. Sutton is also the co-founder and Associate Artistic Director of Ann Arbor’s award winning Blackbird Theater.

PVP I Advisory Board Harry Cendrowski - Managing Officer, Cendrowski SeleckyHarry Cendrowski, CPA ABV CFF CFE CVA CFD CFFA, is a founding member of Cendrowski Selecky PC, Cendrowski Corporate Advisors and the Prosperitas Group. Over his 30 year career, Harry has worked hand-in-hand with private equity funds, attorneys, businesses, and nonprofit organizations to address their needs. He is a veteran of the private equity and venture capital industries, where he has implemented back and middle office operations for private equity funds and performed due diligence and operational assessments of potential portfolio companies. He is the co-author of three textbooks, including "Private Equity: History, Governance, and Operations", published by John Wiley & Sons. Michael T. Coghlan - Managing Member, KHK Ventures LLCMichael was a co-founder and Chief Operating Officer of a leading proprietary derivatives trading firm which was acquired by Goldman Sachs & Company in 2001. During his tenure, he served as Chairman of the Business Conduct Committee as well as served on various other committees at the Chicago Board Options Exchange (CBOE). Currently, Michael serves on the Board of Janeeva Inc, a software and services company based in Ann Arbor, Michigan.Michael O’Brien - Entrepreneur/InvestorMike O’Brien brings more than three decades of experience in the areas of organizational development, business strategy, and mergers and acquisitions for consumer-oriented companies such as Pulte Homes and PepsiCo. He is also a founding member of Saxon Motorcycles, which builds and distributes a line of semi custom v-twin motorcycles. Mike received his BA degree from the State University College at Fredonia and his MBA from the State University of New York at Buffalo. He is a member of University of Detroit’s Business Advisory Board, a member of the Detroit Executive Service Corps and Board member for several privately held businesses. Dan McEnroe - Sr. Managing Director, Azimuth Capital ManagementDan McEnroe possesses more than twenty years of experience in financial and investment management roles. He was previously managing director of Sundance Capital Partners LLC, a private advisory and investment firm. Dan has previously held executive positions with the Penske Corporation, including treasurer of Detroit Diesel Corporation, a publicly held subsidiary with $2.4 billion in revenues. His responsibilities included debt, equity and lease financing-related activities, management of strategic investments and joint ventures, strategic planning, merger and acquisition activities, cost reduction initiatives, investor relations as well as cash and risk management. Prior to his tenure with the Penske organization, Dan served as portfolio manager for an institutional investment management firm where he was responsible for funds with an asset value of more than $400 million. Dan received a BBA with distinction from the University of Michigan and earned a MBA degree with distinction from the J.L. Kellogg Graduate School of Management at Northwestern University. Dan has attained the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute. Walt Young- Former Chairman and CEO, Champion EnterprisesWalt Young held senior positions with Champion Enterprises, The Henley Group, the Budd Company and BFGoodrich. During 35 years with those four entities, he successfully completed 23 different turnarounds and over 75 mergers and acquisitions. During the past 2 years, Walt has completed 16 start-up and early stage transactions, in several cases as the lead investor.

PVP II Advisory Board Jim Barrett - Chairman, was President and Chief Executive Officer of the Michigan Chamber of Commerce since 1976 until his retirement in 2008. He now serves on a number of public and private Boards, including current service as Chairman, Board of Trustees, for Ingham Regional Medical Center and Director and Secretary, McLaren Health Care Corporation.Harry Cendrowski - Managing Officer, Cendrowski SeleckyHarry Cendrowski, CPA ABV CFF CFE CVA CFD CFFA, is a founding member of Cendrowski Selecky PC, Cendrowski Corporate Advisors and the Prosperitas Group. Over his 30 year career, Harry has worked hand-in-hand with private equity funds, attorneys, businesses, and nonprofit organizations to address their needs. He is a veteran of the private equity and venture capital industries, where he has implemented back and middle office operations for private equity funds and performed due diligence and operational assessments of potential portfolio companies. He is the co-author of three textbooks, including "Private Equity: History, Governance, and Operations", published by John Wiley & Sons. Ron Thompson serves as the non-executive Chairman of the Board of Trustees of Teachers Insurance and Annuity Association (TIAA) and as a Director of the new Chrysler Group LLC. He retired as Chairman and CEO of Midwest Stamping and Manufacturing Company and is a former member of the Board of Directors of McDonnell Douglas Corporation, Ralston Purina, RyersonTull, Commerce Bank of St. Louis, Illinova, Interstate Bakeries, and the National Association of Manufacturers. Ron has received numerous awards and recognitions, including recognition by President George H. Bush as the National Minority Entrepreneur of the Year in 1989.Paul Zlotoff – Chairman, Uniprop, a real estate equity investment firm involved in commercial and residential properties. Uniprop is one of the largest owners of manufactured home communities in the nation with 34 communities in 11 states. He also serves as Chairman of Wingspan Capital, a buy-out firm investing in manufacturing companies throughout the Midwest, most recently leading the investor group in the acquisition of the Calvin Klein furniture licenses for North America.

Team
PVP I Advisory Board
PVP II Advisory Board

Portfolio Companies

Portfolio Companies PVP II Portfolio CompaniesIDV SolutionsA business intelligence software company committed to helping organizations gain more insight from data. By repeatedly solving key problems for the Global 2000 and government agencies, IDV and its products have earned a reputation for innovation, speed, and the highest quality user experience. IDV’s Visual Fusion software unites data sources in a unique visual, interactive context for better analysis and faster response. Key applications of Visual Fusion include Asset Management, Supply Chain Visibility, Security Monitoring, Sales & Marketing Analysis, Risk Assessment, Business Continuity, Common Operating Pictures, and Emergency Planning & Response.Initial investment date: September, 2010Image Integration SystemsImage Integration Systems (IIS) specializes in the automation of the accounts payable process and cash management solutions. DocuSphere All-in-One for AP, the company’s flagship product, provides this functionality, which electronically routes invoices for approval, enables general ledger coding and tightly integrates with ERP software to ensure timely payment. This software provides customers a variety of key benefits, including: •The ability to reduce A/P staff, or increase the staff’s productivity •Improved cash/working capital management •Increased use of early-pay discountsThe company’s product line also includes software that enables clients to better automate and control workflow between business activities and to more intuitively manage business documents. Currently, the company is focused on A/P automation solutions.Initial Investment Date: December 2010Lynx Network GroupLYNX Network Group (Lynx) is a Kalamazoo, MI based telecom company that provides wholesale intrastate data services to major wireless and wireline (fiber based) carriers in the Midwest. Lynx is a premier provider of wholesale and retail telecommunication services in the Midwest. As a commercial participant in the REACH 3MC network, Lynx Network Group provides a broad range of end-to-end communications solutions to Businesses, CLECs, ILECS, Resellers, and Wireline/Wireless Carriers. The company's network scalability and depth of services is coupled with a service management team that enables businesses to advance. Initial investment date: April, 2011PVP I Portfolio CompaniesCleveX Creates and markets innovative and proprietary skin biopsy, closure and repair solutions for dermatology, cosmetic surgery and primary care physicians.Initial investment date: July 2008Eagle River HomesManufactured housing assembly company focused on the affordable housing market.Initial investment date: August 2006Environmental Risk SolutionsManages the transfer of environmental risk and remediation for large companies and governmental units.Initial investment date: May 2005JaneevaOffers comprehensive functionality for managing outsourcing in performance and financial management, SLA and Compliance Management, Change Control Management, Issue Management and Analysis and Reporting.Initial investment date: December 2004NeuromonicsProvides the only FDA approved treatment for tinnitus, a neurological condition evidenced by a chronic ringing in the ears.Initial investment date: December 2004 PODS/Westrock Portable StorageA New York-based franchise of PODS portable storage units.Initial investment date: May 2007 RedPath Integrated PathologyA provider of specialized cancer diagnostic testing which integrates comprehensive molecular/genetic analysis with traditional microscopic cellular analysis.Initial investment date: October 2006SenexA purchaser of charged-off hospital self-pay receivables. Senex is focused on providing healthcare providers with a comprehensive range of solutions to manage self-pay receivables.Initial investment date: September 2005SolulinkProvides unique powerful and proprietary cross linking products and services used for the proprietary conjungation of biomolecules to each other or to a solid surface.Initial investment date: June 2006VIOThe innovator of helmet camera technology for sports/extreme sports, aviation, television production, military and law enforcement.Initial investment date: December 2006WeathershieldCleans exterior masonry brick work and caulks the exterior of new housing and existing commercial buildings.Initial investment date: January 2006Zebra MobileDeveloped a platform that allows mobile users to access online newspapers, general publications and local information via any mobile device with any network.Initial investment date: May 2008

Exited Companies Accuri CytometersDeveloping a low cost, high performance, easy to use analytical flow cytometer used by universities, research institutes, and pharmaceutical and biotech companies.Initial investment date: February 2005, Exit Date: March 2011American Broadband & Telecommunications Co (AB&T)Licensed telecommunications utility. AB&T provides a full suite of residential and small business broadband and telecommunications services from its own network. Services include DSL2+, local phone service, long distance, business class Voice over IP (VoIP), web hosting and other advanced telecom features.Initial investment date: October 2008, Exit Date: December 2010American Roller CompanyA leading manufacturer and coater of industrial rollers used primarily in four markets: converting (paper and plastic), metals (coil coatings), graphic arts (printing and packaging) and business and office machines. Initial investment date: December 2003, Exit date: March 2006Automotive Franchise SystemsA multi-brand franchisor of auto aftermarket appearance and protection services, with mobile delivery.Initial investment date: December 2003, Exit date: January 2006 (subordinated debt portion)Cap-XX LimitedProduces high surface area, thin film carbon super capacitors for wireless handheld and portable devices and digital cameras. CAP-XX exited by IPO on the AIM market in London. Initial investment date: September 2004, Exit date: April 2007Eagle Rotary SystemsDeveloped an innovative and efficient way to cut cardboard for the convertingindustry using high speed rotary technology.Initial investment date: August 2008, Exit Date: November 2010Excel Staffing ServicesA staffing agency which focuses on placing people into light industry, particularly warehousing and distribution.Initial investment date: October 2006, Exit date: March 2007Guidepoint SystemsDevelops and markets telematics solutions for the automotive aftermarket. Guidepoint draws on more than three decades of management experience supplying mobile electronics to the automotive aftermarket & vehicle tracking. Initial investment date: September 2006, Exit date: June 2007 (subordinated debt portion)IEI Financial ServicesProvides customer relationship management services for the utility industry. IEI was acquired by UK based BPO vendor Vertex.Initial investment date: November 2005, Exit date: April 2007Incept BiosystemsLeading the way to develop new IVF technologies that can produce highly viable embryos, leading to fewer cycles necessary to achieve pregnancy.Initial investment date: December 2006, Exit Date: December 2010Ischemia TechnologiesDevelops, manufactures and markets diagnostic tests for ischemia modified albumin. Ischemia was acquired by Inverness Medical Innovations (AMEX:IMA).Initial investment date: March 2003, Exit date: May 2006Opto GlobalAn ocular products development and distribution company focused on the commercialization of technologies for the diagnosis and treatment of eye diseases.Initial investment date: October 2007, Exit Date: December 2010PancelWas an early-stage cellular therapy company that was developing technology to genetically engineer pancreatic cell lines for the eventual cure of Type I diabetes. Initial investment date: November 2002, The company wound down in 2007 and the investment was written off.Pump EngineeringSpecializes in the design and manufacture of centrifugal pumps and turbo chargers for reverse osmosis based water desalinization plants.Initial investment date: January 2009, Exit Date: December 2009QRx PharmaA clinical stage specialty pharmaceutical company focused on the development and commercialization of therapies for disorders of the central nervous system (CNS). The company had an IPO on the Australian Securities Exchange.Initial investment date: April 2003, Exit date: May 2007Specialty TransportationProvides specialized transportation solutions.Initial investment company: February 2005, Exit date: October 2005

Portfolio Companies
Exited Companies

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PVP II Investment Criteria

PVP II Investment Criteria Plymouth Venture Partners II (PVP II) is a growth stage venture capital fund that is actively investing $1 million to $3 million in companies throughout the Great Lakes Region. The fund invests in revenue producing companies with the potential for significant growth through a defined, catalytic event or milestone. PVP II is focused on funding small to mid-sized companies, a niche that is underserved in the Great Lakes region, particularly in Michigan and Ohio. It is critical that the companies have validated the functionality of their product or service prior to taking on an investment from the fund. PVP II applies a first filter of the following in order to determine whether to consider a deal further:1. Location in Great Lakes Region.2. Scalable product or services with strong IP and/or barriers to entry.3. Revenue run rate in excess of $1 million.4. Plan to achieve positive cash flow within 6 to 12 months of the investment (if not already).5. Total capital raise of less than $5 million.6. Reasonable valuation and structure.If companies meet the above criteria, we will have an initial phone conversation, visit them at their facility, and/or ask them to present to us at our offices in Ann Arbor. These contacts are to determine:1. Capability of management team.2. Whether there is a defined catalyst for growth.3. Appropriate use of funding.4. Alignment of exit timing in the next 2 to 4 years.Plymouth Ventures II has four principals and is located in Ann Arbor, Michigan and Toledo, Ohio. If you are a company that exhibits the characteristics outlined above, or you have a referral, please contact:Mark Horne CEO 734-747-9401 x4 mhorne_plymouthvc.com Ian Bund Chairman 734-747-9401 x3 ibund_plymouthvc.comJeff Barry Senior Vice President 734-747-9401 x2 jbarry_plymouthvc.com Bob Savage Senior Vice President 419-205-9000 bsavage_plymouthvc.com

PVP II Investment Criteria

Media and Links News

MVCA 2010 Annual Report.pdf

PVPII First Advisory Meeting.pdf

PVP II_Lynx Press Release.pdf

PressRelease PVP II IIS Investment.1-3-10.pdf

PressRelease PVP II IDV Investment.pdf

Press Release MVCA Two EIR Awards Dec 2011.pdf

PR PVPII Completes Fundraising.pdf

Contact Us

Plymouth Management Company

717 E. Huron St, Ste. 2E

Ann Arbor, MI 48104

T: 734.747.9401

F: 734.929.1811

100 Main Street

Toledo, OH 43605

T: 419.205.9000

F: 866.696.1492

717 E. Huron St, Ste. 2E • Ann Arbor, MI 48104 • 734.747.9401 101 Main Street • Toledo, OH 43605 • 419.205.9000