Investing

Greenstone Partners Private Capital represents the principal investing activity of Greenstone Partners. Leveraging the firm's corporate finance capabilities and relationships, Greenstone Partners Private Capital invests the firm's own money as well as capital committed by third parties.

Greenstone Partners' principal investing strategy is to provide capital to established small-cap businesses with strong growth

opportunities and the ability to generate sustainable cash flow. The investment focus is on management buy-out, management buy-in and growth capital type transactions. Greenstone Partners Private Capital aims to achieve long-term capital appreciation with investments across a number of targeted industries.

Greenstone Partners Private Capital may co-invest with Greenstone Partners' corporate advisory clients as a part of a transaction, but will not compete for an investment opportunity against a client of the firm.

Current Investments

	Amber Group Australia is one of Australia's largest specialty franchises of premium quality pavers, tiles and natural stone. Management buy-out was completed in August 2007. www.ambertiles.com.au
	TransLogix is one of the leading providers of transport and warehouse Enterprise Resource Planning management systems in Australia and New Zealand. Management buy-out was completed in November 2007. www.translogix.com.au
	APC Group is a West Australian based manufacturer and distributor of industrial racking and storage solutions. Management buy-out was completed in June 2008. www.apcgroup.com.au
	Atlas Steels is the largest supplier of stainless steel and specialty steel products in Australia and New Zealand. www.atlassteels.com.au

Divested Investments

Transaction Services, which trades as DebitSuccess, Adfit and FFA PaySmart, is the largest provider of third party billing services to the fitness industry in Australasia.

Divested in January 2010 for a money multiple of 4.1 times and an internal rate of return of 70.1%.
www.adfit.co.nz
www.debitsuccess.com
www.ffapaysmart.com