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catecapital.com

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Investments

2

Portfolio Exits

1

Partners & Customers

1

About Cate Street Capital

Cate Street Capital, with offices in Portland, ME, Portsmouth, NH and Salida, CO, focuses on finding and supporting green technologies and environmentally sustainable projects for a better world.

Cate Street Capital Headquarter Location

1 Cate Street Suite 100

Portsmouth, New Hampshire, 03801,

United States

603-319-4400

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Latest Cate Street Capital News

Investors Bilk Maine Out Of $16 Million

Apr 20, 2015

Tweet 4540617 The state of Maine will pay out $16 million in tax credits over the next three years for an investment that turned out to be largely illusory. “This payout of taxpayer dollars through 2019 will make whole a commitment the state made in December 2012 to encourage what was—on paper—touted as a $40 million investment in the resurgence of the Great Northern Paper mill,” even though “most of that $40 million was a mirage,” according to an investigation by the Maine Sunday Telegram . Roughly a year after the investment was received, the mill was shut down by its owner, private equity firm Cate Street Capital, and more than 200 workers were laid off. Shortly thereafter, Great Northern filed for bankruptcy with more than $20 million in outstanding debt. (RELATED: These Billionaires Make Bank When Taxpayers Subsidize Business) After a 5-month investigation into the deal, the Telegram concluded that, “Most of the investment was an illusion, in which one Cate Street subsidiary used roughly $31.8 million of the investment to buy the mill’s paper machines and equipment from another Cate Street subsidiary, after which that $31.8 million was returned to the original lenders the same day.” The true value of the investment, therefore, was only $8.2 million, “most of which [Cate Street] used to reduce existing debt.” In fact, the paper claims, “none of the money was invested in the mill.” (RELATED: GAO: Investors Double-Dipping on Tax Credits) If the $40 million figure had been accurate, the credits would have been worth about 39 percent of the total investment. In reality, however, the rebate is closer to double the amount that was actually invested. The credits are being paid out through Maine’s New Markets Tax Credits program, which is modeled on a federal program of the same name that has itself been criticized as a subsidy for wealthy investors and large corporations. (RELATED: Coburn Blasts Tax Credit as Subsidy for Large Corporations) According to The Bangor Daily News , the NMTC credits came under attack during Maine’s 2014 gubernatorial campaign, with candidate Eliot Cutler referring to the program as “corporate welfare and crony capitalism at its worst.” Despite such complaints, though, “Legislators in Augusta are considering a bill to raise a limit of $250 million to $500 million for the program,” the article claims.

Cate Street Capital Investments

2 Investments

Cate Street Capital has made 2 investments. Their latest investment was in Clean Runner as part of their Unattributed on July 7, 2012.

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Cate Street Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/12/2012

Unattributed

Clean Runner

$60M

Yes

1

9/7/2011

Unattributed

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$99M

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10

Date

7/12/2012

9/7/2011

Round

Unattributed

Unattributed

Company

Clean Runner

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Amount

$60M

$99M

New?

Yes

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Co-Investors

Sources

1

10

Cate Street Capital Portfolio Exits

1 Portfolio Exit

Cate Street Capital has 1 portfolio exit. Their latest portfolio exit was Great Northern Paper Mill on December 03, 2014.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

12/3/2014

Acq - Fin

$99M

1

Date

12/3/2014

Exit

Acq - Fin

Companies

Valuation

$99M

Acquirer

Sources

1

Cate Street Capital Acquisitions

6 Acquisitions

Cate Street Capital acquired 6 companies. Their latest acquisition was Purified Plastics on October 02, 2011.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/2/2011

$99M

Acquired

8/31/2011

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$99M

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10

3/2/2011

Other

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$99M

$99M

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0

3/2/2010

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$99M

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0

2/2/2010

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$99M

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10

Date

10/2/2011

8/31/2011

3/2/2011

3/2/2010

2/2/2010

Investment Stage

Other

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$99M

Note

Acquired

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Sources

10

0

0

10

Cate Street Capital Partners & Customers

1 Partners and customers

Cate Street Capital has 1 strategic partners and customers. Cate Street Capital recently partnered with Zilkha Biomass Energy on March 3, 2014.

Date

Type

Business Partner

Country

News Snippet

Sources

3/10/2014

Licensor

United States

Cate Street Capital and Zilkha Biomass Energy Announce Agreement to Produce Advanced Pellets - Zilkha Biomass Fuels

Cate Street Capital , Inc. and Zilkha Biomass Energy LLC announce agreement to produce advanced black pellets .

1

Date

3/10/2014

Type

Licensor

Business Partner

Country

United States

News Snippet

Cate Street Capital and Zilkha Biomass Energy Announce Agreement to Produce Advanced Pellets - Zilkha Biomass Fuels

Cate Street Capital , Inc. and Zilkha Biomass Energy LLC announce agreement to produce advanced black pellets .

Sources

1

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