ELB Capital Management

A Leading Investor in Middle Market Companies

ELB currently manages $500 million invested in a portfolio of middle market companies. The following companies, among others, represent the current portfolio of ELB investments:

UniTek USA, LLC

Headquartered in Blue Bell, PA has grown to become the premier outsourced service provider to the satellite, cable and telecommunication industries. Mr. Kestenbaum was co-founder and Chairman of UniTek USA, LLC. In January 2006, Mr. Kestenbaum purchased the remaining shares of UniTek and Mr. Blum, acting as sole owner of all general partner interests, purchased a 15% membership interest and provided a $19MM Senior Secured and Junior Subordinated debt facility. Mr. Kestenbaum guided the Company from inception to over a $200MM run-rate in less than three years with EBITDA margins 92% greater than the average of its’ public company counterparts. In September 2007, Messrs. Kestenbaum and Blum sold the Company to a leading private equity firm resulting in 383% IRR to Mr. Kestenbaum and a 233% IRR to Mr. Blum and his investors, net of a $24MM membership phantom plan payout to management. In September 2007, Messrs. Kestenbaum and Blum provided a $25MM Junior Subordinated Debt investment to support UniTek's future growth. In September 2008, ELB Capital Management, LLC provided an additional $8MM subordinated loan to Unitek. ELB Capital Management, LLC is the sole general partner of this investment.
http://www.unitekusa.net Back

Pitcairn Properties Holdings

Based in Jenkintown, Pennsylvania, operates a full service national real estate company that acquires, develops, manages and sells real estate. The Company is controlled by the Pitcairn Family, a prominent name in business and philanthropic circles for more than 100 years. Since 1946, family real estate companies have developed more than 40 million square feet of Class A office space and multi-family housing. The current business model emphasizes value-added investments in real estate through acquisitions and development. The Company presently holds interests in, and manages, 24 properties and land parcels located in Pennsylvania, New Jersey, New York, Connecticut, Georgia, Massachusetts, Delaware, Arkansas and Michigan. Mr. Blum sourced, negotiated and completed this transaction prior to the formation of FB Capital. ELB Capital Management, LLC is the managing partner for this $50MM investment.
http://www.pitcairnproperties.com Back

Wausau-Everest L.P.

Wausau Everest L.P. manufactures a comprehensive range of innovative, high-quality, heavy-duty snow plows, snow blowers and ice control equipment to enable its customers to maintain safe, efficient roads and runways. Its customers include the City of New York, Chicago O’Hare Airport and over 1,500 other municipalities, airports and dealers across the U.S. and Canada. In addition, the Company provides high-quality construction forms that are used in the building of underground tunnels. The Company utilizes state-of-the-art production and design technologies in modern manufacturing facilities in New Berlin, WI and Quebec, Canada. Mr. Blum sourced, negotiated and completed this transaction prior to the formation of FB Capital. ELB Capital Management, LLC is the sole general partner for this $24MM investment.
http://www.wausau-everest.com Back

HP Fairfield, LLC

HP Fairfield, LLC, a value-added distributor of heavy-duty road and ground maintenance equipment, such as snowplows, dump bodies, spreaders, snow blowers, mowers, street sweepers and specialty trucks to over 1,500 municipalities, state departments of transportation and airports throughout northern New England. It distributes top brands manufactured by Wausau-Everest, Oshkosh Truck, Hendersen, Swenson, Trackless, Super Products, Allianz Sweeper and diamond Mower. Fairfield specializes in "uplifting" basic commercial truck chassis with customized snow removal and road maintenance equipment. Mr. Blum sourced, negotiated and completed this transaction. ELB Capital Management, LLC is the sole general partner for this $12MM investment.
http://www.hpfairfield.com Back

Super Products, LLC

Super Products, LLC is recognized as a leading manufacturer of truck mounted industrial vacuum loaders, municipal and contractor combination sewer cleaners and high pressure jetters and hydroexcavators. The Company has a broad patent portfolio that has enabled it to maintain a leadership position over its competitors. In addition, the Company maintains aggressive R and D programs, modern manufacturing techniques, high quality standards and an experienced sales organization known for its dedication and support to the customer. Incorporated in 1972, Super Products is located in New Berlin, WI. Mr. Blum sourced, negotiated and completed this transaction prior to the formation of FB Capital. ELB Capital Management, LLC is the sole general partner for this $16MM investment.
http://www.superproductscorp.com Back

Stokes Land Group, LLLP

Stokes Land Group, LLLP and its predecessors have a 30 year track record of financial success and are widely regarded as the premier land developer in the Southeastern United States. The Company is in the business of acquiring tracts of real property, obtaining pre-development entitlements and marketing such real property as residential (and occasionally commercial) lots and parcels to purchasers, primarily national and regional homebuilders. Stokes has developed more than 65 projects from enclave neighborhoods to 15,000 acre master planned communities, including the Ritz Carlton of Amelia Island, FL, Marsh Landing Country Club in Ponte Vedra Beach, FL and the World Golf Village in St. Augustine, FL. ELB Capital Management, LLC is the sole general partner for this $200MM investment.
http://www.stokeslandgroup.com Back

1706 Rittenhouse Square Street

1706 Rittenhouse Square Street will be the most exclusive luxury condominium building in Philadelphia. Upon completion, this spectacular 31-story tower will feature 29 units, most of which will be full-floor units with over 4,000 square foot of living space, 360° views of the City, 10’ high ceilings, private gardens, two terraces and an underground robotic parking system. The project is being developed by 1706 Rittenhouse Associates, L.P. in concert with Scannapieco Development Corporation and The Parkway Corporation. This $145MM project will make 1706 nothing short of urban living at its finest. ELB Capital Management, LLC is the sole general partner for this $16MM investment.
http://www.1706rittenhouse.com/ Back

Seagrave Fire Apparatus, LLC

Seagrave Fire Apparatus, LLC, founded in 1881, is the oldest continuous manufacturer of fire apparatus. The Company produces a full range of custom chassis, pumper, tanker, rescue and aerial fire trucks for municipal and volunteer fire departments and commercial pumper and tanker fire trucks for rural markets. Seagrave has manufacturing and assembly facilities in Clintonville, Wisconsin; Ottawa, Ontario; Rock Hill, South Carolina and operates a company sales/service facility in East Brunswick, New Jersey. Seagrave’s major customers include the cities of New York, Los Angeles and Washington, DC. ELB Capital Management, LLC is the sole general partner for this $53MM investment.
http://www.seagrave.com Back

Marconi Broadcasting LLC

Marconi Broadcasting Company, LLC, located in Philadelphia, Pennsylvania, is the owner/operator of WHAT radio 1340 on the AM frequency band. WHAT represents the cornerstone of what is ultimately expected to be a cluster of several radio stations offering niche broadcast formats that are not generally available in its targeted markets. The business includes an FCC license, radio broadcast tower and modern studio broadcast hardware and software. ELB Capital Management, LLC. is the sole general partner for this $7MM investment.
http://www.martiniloungeradio.com Back

Energex Pellet Fuel, Inc.

Energex Pellet Fuel, Inc. - The company produces residential and industrial wood pellet fuel for customers throughout North America. Wood pellet fuel provides an inexpensive, renewable and environmentally friendly alternative to oil and natural gas as a source of energy. The company is the largest producer of wood pellet fuel in North America. In its primary market, the Northeast U.S., the Company has captured a 25% share. ELB Capital Management, LLC. is the sole general partner for this $20MM investment.
http://www.energex.com Back

Aqua Finance

Aqua Finance is an independent, licensed finance company located in Wausau, Wisconsin, engaged principally in the origination, acquisition and servicing of direct financing for the purchase of personal home water treatment systems. Aqua conducts business through an established network of more than 1,000 independent dealers of water treatment equipment systems located in all 50 States and Puerto Rico. Mr. Blum originated, negotiated and completed this $15 million preferred equity transaction prior to the formation of FB Capital Management. Mr. Blum negotiated an exit in June 2006 after an 18 month holding period resulting in an IRR net to investors, of 26%.
http://www.aquafinance.com Back

1601 Vine Street

1601 Vine Street was a $3.5 million one-off equity investment in a luxury mixed use real estate development sponsored by a prominent Philadelphia-based developer. Mr. Blum negotiated an exit for Ballamor investors after a 19 month holding period. The exit resulted in an IRR net to investors of 80%. Back

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