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Investments

11

Portfolio Exits

4

Funds

4

Service Providers

2

About L Squared Capital Partners

L Squared Capital Partners (L Squared) is an investment firm with offices in Newport Beach, CA and Chicago, IL that seeks to make long-term investments in growth companies that operate in targeted sectors: Technology-Enabled Services, Industrial Technology, and Education. The firm's unique investor base of family offices enables them to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 50 years of combined experience investing in growing private companies.

L Squared Capital Partners Headquarter Location

3434 Via Lido Suite 300

Newport Beach, California, 92663,

United States

949-398-0168

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Latest L Squared Capital Partners News

Sandvik to acquire US-based round tools manufacturer GWS Tool Group

Dec 10, 2021

Sandvik to acquire US-based round tools manufacturer GWS Tool Group Sandvik agrees to acquire 100% of the equity interests of the US-based company GWS Tool Intermediate Holdings LLC from L Squared Capital Partners and GWS management. GWS Sandvik agrees to acquire 100% of the equity interests of the US-based company GWS Tool Intermediate Holdings LLC from L Squared Capital Partners and GWS management. GWS is an established and fast-growing provider of made-to-order round tools with a large exposure to the general engineering and aerospace segments. GWS will be reported in Walter, a division within the business area Sandvik Manufacturing and Machining Solutions. “With the acquisition of GWS, we take an important step in our shift to growth strategy where we have a clear ambition for our machining solutions business to increase market share in round tools and to enhance our presence in the North American market”, says Stefan Widing, CEO and President of Sandvik . GWS primarily sells made-to-order products, such as polycrystalline diamond tools and taps, which are complementary to Walter’s standard product offering. GWS’ strong operational presence in the US and speed to market capabilities improves Walter’s value proposition and position in the manufacturing of advanced components and light-weight materials, while strengthening and complementing Walter’s current customer end-market exposure. “We are pleased to add the GWS product portfolio to our existing US offering and become a one-stop shop for round tools for our North American customers. GWS brings us complementary production capabilities and strengthens our foothold within general engineering and aerospace, while having only a limited, low-single digit exposure to internal combustion engines. With its solid position within custom round tools and strong customer focus, GWS is a great fit for Sandvik Machining Solutions”, says Nadine Crauwels, President of Sandvik Machining Solutions. GWS is headquartered in Florida, USA, and has around 490 employees. For 2021, GWS is expected to have revenues of more than $96 million. GWS had strong revenue growth and is expected to grow at a high single digit organic growth rate in the medium term. The impact on Sandvik’s EBITA margin and earnings per share will initially be neutral. The parties have agreed not to disclose the purchase price. The transaction is expected to close during the fourth quarter of 2021 and is subject to relevant regulatory approvals. Grainger and Worrall is a UK-­based, family-owned company that provides a range of complex manufac­turing processes, including small series, high integrity structural castings. In operation since 1946, the com­pany has earned a reputation for outstanding quality and as a result works with some of the world’s most prestigious companies in the automotive, aerospace, motorsport, and defense sectors. Grainger and Worrall remains at the forefront of its dis­cipline through a combination of knowl­edge, expertise, and experience while offering customer service. The company has strived for continuous growth and innovation in all its manufacturing processes to maintain and improve the high quality of its castings as new technologies emerge. OVERVIEW Grainger and Worrall required an optimal aluminum alloy for the development and production of a large cast engine block with demanding specifications, in­cluding improving the strength of the material, while maintaining the ductility (elongation). Identifying and developing new alloy materials is traditionally a time and cost-­intensive endeavor, even when working within validated constraints. However, by collaborating with the team from Alloyed and utilizing the Alloys­-By-­Design (ABD) optimization platform, it was possible to meet the project goals in a time­ and cost-­efficient way that has produced some remarkable results for a key auto­ motive application. PROJECT REQUIREMENTS To improve the performance of a complex cast aluminum engine block for Grainger and Worrall. The specifications for this application also align with a wider, global push for lighter and ever more efficient propulsion systems identified by Grainger and Wor­rall. Key specifications: • Maintaining the ductility (elongation) • Excellent castability at production scale The existing aluminum alloys used for this application — designated GW133 and GW116 — have been through extensive approvals and validation of the ma­terial. The aim was to improve on the specified prop­erties of these alloys within the existing validation framework. SOLUTION Grainger and Worrall collaborated closely with a team from Alloyed , who developed the ABD platform based on a decade of research and engineering at Ox ford University in the UK. Creating algorithms using the latest science, proprietary software and comput­ing horsepower, the ABD platform has the capability and the capacity to predict the performance of millions of different alloys simultaneously and then to recommend the best optimization and heat treat­ment/s according to the specifications of any given application. The ABD platform can greatly reduce the traditional R&D cycle for new alloy compositions, eliminating months or even years of expensive trial­ and ­error physical processes. RESULTS The results from the ABD multi­-objective optimization were delivered to Grainger and Worrall and identified three optimal alloy compositions in line with the targets. Designated ABD GWA3.4, ABD­ GWA3.9 and ABD GWA3.11, the ABD models for these compositions predicted that the strength and elongation would hit the target requirement for the en­gine block application. Grainger and Worrall took these results and tested the new alloy compositions under full casting produc­tion conditions. Alloyed de­veloped new, optimized heat treatment cycles utilizing ABD’s simulation and empirical validation capabilities to further improve strength and elongation in the cur­rent alloy while balancing additional manufacturing costs. CONCLUSION A proprietary alloy, ABD GWA3 coupled with a unique heat treatment provided a 30% improvement in yield strength without sacrificing elongation. The ABD platform successfully modelled the elonga­tion trade-­off against the strength improvement target outlined by Grainger and Worrall in advance and pro­vided a very accurate prediction for three new alloy compositions within a short period. These new compositions have since been validated to operate very successfully within the approved manufacturing tolerances and greatly exceeding the performance of the GW133 and GW116 alloys. With such improved strength properties, this is un­precedented and greatly demonstrates the power and accuracy of the ABD platform. The results achieved with the ABD ­GWA3 alloy were able to instill much greater levels of confidence and provided a cost-­effective and time-­efficient way of de­veloping new alloy material solutions for a complex casting application without materially adding cost to Grainger and Worrall’s existing compositions. Parts cleaning has become a quality critical manufacturing step in all industry sectors. It takes great effort to reproducibly meet particulate and film-type cleanliness specifications. Cleaning needs to be done at the lowest possible cost and highly sustainable. These contradictory requirements imperatively call for processes and machines tailored to specific needs. From machine and plant engineering, electrical and power engineering to connecting elements, the industry contains a multitude of sectors. Components of the most diverse materials like metals, plastics, ceramic, and composite materials are manufactured and processed using very different manufacturing technologies. Products include cast and machined parts, stamped, bent, pressed and deep-drawn parts, hydraulic parts, and additively manufactured components. Although the parts are manifold, they have one thing in common: to ensure the quality of downstream processes such as machining, heat treatment, coating, bonding, and assembly and to guarantee lasting functionality, they necessitate cleanliness levels in line with requirements. In many areas, ever higher requirements concerning particulate and film-type cleanliness must be met. There are often added challenges such as high throughput rates and weights, a strongly varying range of parts to be cleaned, short delivery times, and small margins. Adapting cleaning processes to tasks on hand This means there are different requirements for part cleaning. As supplier of complete future-oriented, flexible, and energy-efficient solutions for industrial parts cleaning, Ecoclean covers the complete range of wet-chemical procedures. Cleaning processes and systems for batch or single-part cleaning can be optimally adapted to the respective specifications. Consider material, size, geometry and weight of the part, type and quantity of contaminants, downstream process and the resulting cleanliness specifications and throughput requirements. It can be determined whether the contaminants can be removed most effectively with a water-based detergent, an environment-friendly solvent, or a modified alcohol with lipophilic and hydrophilic properties, enabling engineers to define the best suited process and drying technology. A matching process technology minimizes cleaning cost To minimize the cost per cleaned part, it’s necessary that the existing cleanliness specification isn’t only reliable, but also quickly reached. The systems are equipped with various application-specific treatment technologies such as spray, high-pressure, immersion, ultrasonic and plasma cleaning, vapor decreasing, injection flood washing, deburring, pulsated pressure cleaning (PPC), and a passivation/preservation process. By combining these cleaning procedures, the cleaning result and duration for the specific parts can be influenced in a pinpointed manner. The PPC procedure in combination with an aqueous or solvent-based immersion cleaning, reliably and quickly removes contaminations from small cavities. In case of complex and bulk parts, spray processes and injection flood washing with adjustable nozzles between 10 and 16 bar also deliver markedly improved cleaning results and shorter process times in solvent cleaning processes. Quality and cost can be optimized by combining processes that required several machines in one single cleaning system such as chamber machines designed for solvent-based or aqueous batch cleaning with a subsequent low-pressure plasma process. This method effectively and efficiently prepares the part surface for a subsequent coating or bonding. Ecoclean 's extensive product range also offers respective solutions for pinpointed deburring and cleaning of single parts, for example hydraulic and motor components in one system. Dry-cleaning - selective or whole surfaces Cleaning tasks also change along with changing manufacturing and joining technologies. The focus lies more and more on dry-cleaning processes, be it for removing film-type contaminations from joint surfaces in a pinpointed manner, cleaning electronic components and assemblies, removing powder residues from additively manufactured components or cleaning integrated in assembly. For this and many more applications, the equipment manufacturer has developed a special toolbox for cleaning processes with atmospheric pressure plasma, laser, CO2 snow, conditioned vacuum air as well as saturated and dry water vapor. Depending on the specific application, these 'tools' too are applied alone or combined. Schunk is proud to announce the opening of its new CoLab at its US headquarters in Morrisville, NC. The customer CoLab is designed to be a working space for technicians and engineers to collaborate with the Schunk team and partners on their specific applications. The CoLab design allows their processes to be fully tested and adjustments made, before moving forward with installing expensive equipment in their own facility. The kick-off event took place on Tuesday November 9th as a live online event. Schunk ’s Managing Partner, Kristina Schunk, and Schunk’s USA President, Milton Guerry, opened the event. They were joined by Jake Hall, better known as LinkedIn content creator “The Manufacturing Millennial”, with the purpose to help people in the industry understand how a collaborative working space can benefit them. Milton Guerry, Schunk USA President is proud to be able to help customers better understand how their process will work during the initial stages of design. He says “Automating processes increases worker safety, grows efficiency and frees human operator capacity to do more valuable tasks. Manufacturers, distribution and logistics specialists, agriculture and food service professionals are looking for expertise, and for places to bring their challenges. Our expert engineering staff coupled with the new CoLab workspace are looking forward to meeting those needs.” Ramco Specialties purchased a third building, adjacent to its two existing buildings at its Michigan facility. The addition provides 10,000 square feet of production space, creating a total of 45,000 square feet in Ramco’s Michigan location. The expansion is a part of Ramco ’s ongoing goal of increasing production in the United States. With the national supply chain problems and lack of timely delivery created by international trade, Ramco has made a commitment to help alleviate these issues by boosting its manufacturing capacity and ability to get product to market quicker. This addition to its Michigan production space will continue to bolster turnaround time of machining and all turned products. New machinery will be added to the third building to support growth in CNC mill and lathe production, screw machine capabilities and grinding requests. Ramco Michigan will continue to focus on machining for precision applications, particularly for the automotive and aerospace industries. “Ramco is always interested in providing solutions. The difficulty facing so many US manufacturers to be able to source product is a serious economic issue. Our company is well positioned to improve the quantity, quality and speed for filling the manufacturing pipeline,” says Jeff Melick, Director of Sales Marketing at Ramco Specialties. Ramco Michigan can machine multiple grades of aluminum, stainless steel, cast iron, copper, brass, bronze, and nylon. Common applications include hydraulic couplings, adapters with O-ring and screens, quick disconnects, spark plugs, compression tubes, fittings, plugs with assembled magnets, bushings, drive and pop shafts, nozzles, and shear pins. Ramco Michigan is certified for IATF 16949:2016 and AS9100D. In addition to IATF 16949:2016, Ramco Ohio and Europe are also certified for ISO-14001:2015 and ISO 9001:2015. With engineering support and manufacturing capability, the company is ready and able to support the Tier 1 automotive market.

L Squared Capital Partners Investments

11 Investments

L Squared Capital Partners has made 11 investments. Their latest investment was in Tripod GLP as part of their Private Equity on November 11, 2021.

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L Squared Capital Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/5/2021

Private Equity

Tripod GLP

$158.28M

Yes

3

9/29/2021

Recap

Heggerty

Yes

4

7/28/2021

PIPE - II

MicroPort Scientific Corporation

$150M

Yes

1

7/26/2021

Series C

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$99M

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10

9/18/2019

Recap

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10

Date

11/5/2021

9/29/2021

7/28/2021

7/26/2021

9/18/2019

Round

Private Equity

Recap

PIPE - II

Series C

Recap

Company

Tripod GLP

Heggerty

MicroPort Scientific Corporation

Subscribe to see more

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Amount

$158.28M

$150M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

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Co-Investors

Sources

3

4

1

10

10

L Squared Capital Partners Portfolio Exits

4 Portfolio Exits

L Squared Capital Partners has 4 portfolio exits. Their latest portfolio exit was GWS Tool Group on November 22, 2021.

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

11/22/2021

Acquired

2

7/21/2021

Acq - Fin - II

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10

6/9/2021

Acquired

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10

12/11/2020

Acq - Fin - III

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10

Date

11/22/2021

7/21/2021

6/9/2021

12/11/2020

Exit

Acquired

Acq - Fin - II

Acquired

Acq - Fin - III

Companies

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Valuation

Acquirer

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Sources

2

10

10

10

L Squared Capital Partners Acquisitions

5 Acquisitions

L Squared Capital Partners acquired 5 companies. Their latest acquisition was Sterling Trading Tech on September 08, 2021.

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

9/8/2021

$99M

Acq - Fin

1

8/16/2021

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$99M

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10

2/27/2018

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$99M

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10

9/15/2016

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$99M

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10

10/1/2014

Other Venture Capital

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$99M

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10

Date

9/8/2021

8/16/2021

2/27/2018

9/15/2016

10/1/2014

Investment Stage

Other Venture Capital

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

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Sources

1

10

10

10

10

L Squared Capital Partners Fund History

4 Fund Histories

L Squared Capital Partners has 4 funds, including L Squared Capital Partners III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

10/14/2020

L Squared Capital Partners III

$505M

3

9/10/2019

Raptor Labs Holdco

$99M

10

12/14/2018

L Squared Capital Partners II

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$99M

10

8/20/2014

L Squared Capital Fund

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$99M

10

Closing Date

10/14/2020

9/10/2019

12/14/2018

8/20/2014

Fund

L Squared Capital Partners III

Raptor Labs Holdco

L Squared Capital Partners II

L Squared Capital Fund

Fund Type

Subscribe to see more

Subscribe to see more

Status

Subscribe to see more

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Amount

$505M

$99M

$99M

$99M

Sources

3

10

10

10

L Squared Capital Partners Service Providers

2 Service Providers

L Squared Capital Partners has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Recap

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Recap

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Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

L Squared Capital Partners Team

2 Team Members

L Squared Capital Partners has 2 team members, including current Managing Partner, Jeffery Farrero.

Name

Work History

Title

Status

Jeffery Farrero

William Blair & Company, Chicago Growth Partners, and Credit Suisse First Boston

Managing Partner

Current

Robert Healy

Managing Partner

Current

Name

Jeffery Farrero

Robert Healy

Work History

William Blair & Company, Chicago Growth Partners, and Credit Suisse First Boston

Title

Managing Partner

Managing Partner

Status

Current

Current

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