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At A Glance

Windjammer Capital Investors has been awarded "Middle Market Firm of the Year: North America" in two consecutive years, 2011 and 2012, by DealMakers Monthly magazine.

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Feb, 2007 - Windjammer Exits its Investment in The Retec Group

Windjammer Capital Investors is pleased to announce the successful sale and exit of its investment in The RETEC Group, Inc. ("RETEC"). Windjammer led the management buyout of RETEC in February 2001, investing a total of $19.5 million in a combination of equity and subordinated debt for a controlling interest in the company.

Based in Concord, MA, RETEC is a leading high-end environmental consulting and engineering firm offering a comprehensive range of services including site remediation, sediments management, brownfield redevelopment and waterfront development through a network of 23 offices across the United States. RETEC was acquired by AECOM Technology Corp., a leading global provider of professional technical and management support services for government and commercial clients around the world.

Windjammer's original investment thesis centered on RETEC's leadership position in a number of attractive market sectors. The company had an established position as a specialty firm providing highly technical and differentiated service offerings to long-standing customers in several industrial sectors. The operating model with low capital requirements and high free cash flow generation offered attractive de-leveraging characteristics. Also as a people business, having broad participation in the original investment by the company's employee base was an important component of the investment's capital structure.

"The environmental consulting and engineering industry has undergone significant change over the years," stated Ben Genes, CEO and a co-founder of RETEC, "and Windjammer proved instrumental in working with executive management to guide the company through a strategic and organizational evolution to solidify its leading position in several key niche end-markets." RETEC's CFO, Dan Donovan, reiterated that "Windjammer's consistent focus on improving the company's operations and strategic approach to the market left the business in a stronger state and ultimately as an attractive strategic acquisition partner."

"We were very fortunate to have Windjammer as our partner. Their expertise in working with niche-oriented, leading companies in the middle market, as well as their strategic guidance and resources were valuable to us as we expanded the business."

Dale Schulz, CEO
ST Specialty Foods