Investment Philosophy

At The Flyfisher Group we believe there is something intrinsic in all of us that seeks escape, relaxation and a way to achieve excellence. For us, these values can be found in cascading streams of clear water running its course down a mountain valley. They are found in the anticipation of getting ready to set out for a day on the river. They are found in the smile of a loved one or colleague that foretells the adventure to come. They are found in an unforgettable experience. We are a private equity group that invests in companies that have the ability to provide their clients with unforgettable experiences and those companies that are complimentary in their ability to vertically integrate an experience. We are comprised of successful entrepreneurs, operations experts and experience provider professionals who enjoy building great companies.

The Flyfisher Group team partners with existing management and or brings in the talented professionals required to help drive growth and profitability. To us, being a part of a high performing team that competes and wins in the open market is the most satisfying unforgettable experience a professional management team can enjoy. We specifically look for those companies with enterprise values of $5 million and below. These companies represent a tremendous growth opportunity but have typically been under served by traditional private equity firms. We know that a talented and ambitious executive team, backed by growth capital and expertise, can have significant impact on these operations by taking it to the next level in terms of size, profitability and value. The vast majority of operations in this segment are owner operated. We recognize and understand the specific concerns of these leaders and are interested in working with them to craft "solutions" that will meet their needs. Business issues such as limited growth capital and expertise are often compounded by personal financial issues such as net worth concentration and the interest to balance a desire for liquidity now with enhanced business value tomorrow.

The Flyfisher Group is a leading U.S. private equity firm dedicated to investments in outdoor experience based businesses. Our investment philosophy is operationally based, rather than financial engineering. We specialize in operationally intensive businesses and strive to unlock "hidden value" by re-envisioning and repositioning these enterprises through targeted capital expenditures, software-on-demand operational efficiencies and enhanced marketing strategies. We employ a hands-on method of managing and improving our investments, including our capability to supervise and perform in-house key operational functions of our businesses, such as operations and operational software, finance and development in order to supplement management's existing resources. Our proven "Unforgettable Experience" strategy involves four-critical elements: (i) expanding each enterprise by enhancing the existing revenue base; (ii) creating new business opportunities; (iii) improving operating efficiencies; and (iv) optimizing the value of associated real estate. We invest exclusively in growth equity opportunities, simply defined as businesses that generate positive EBITDA or those that we believe have a clear path to positive EBITDA based on a proven recurring revenue stream and repeat clientele. Our investment ideals allow us to pursue a wide variety of investments, including direct equity financings, recapitalizations, control acquisitions, consolidations, restructurings, spin-outs and management buy-outs.

Since our founding The Flyfisher Group has grown to become one of the nations' largest outdoor experience based investment houses. We believe the ability to deliver long term performance is the real measure of success. We are experience based, value-oriented investors in private equity and real estate. We raise, invest and manage funds on behalf of family trusts, endowment funds and individual investors. Our principals are the largest single investor in each of our funds, which aligns the interests of the Group with our investors and the long-term objectives of the management teams. Our investment approach is value-oriented, focusing on industries in which we have considerable knowledge, and emphasizing downside protection and the preservation of capital.

We seek to transform experience companies into high-performing enterprises with predictable and growing recurring revenue streams. At the heart of our success is the performance of our portfolio companies and investments. Our Portfolio Operations Group — what we call the "Ops Group" — is dedicated to leading operational improvements at our investments. This capability enables The Flyfisher Group to pursue turnaround opportunities that others are unwilling to consider, to bid on companies based on a unique set of operating assumptions and to improve portfolio company performance through active partnership with management. The Flyfisher Group believes its in-house capabilities serve as a point of differentiation in the private equity marketplace.

The Flyfisher Group was founded in 2001 by Matthew Burkett, our Chairman and Chief Executive Officer. He began with a modest balance sheet of $115,000 but with a wealth of entrepreneurial ideas about creating a world class investment business based on sharing unforgettable experiences and built on a foundation of uncompromising commitment to excellence. His vision was to create a firm that put clients' needs and experiences first, that was independent, vertically integrated and conflict free, adhered to the highest ethical standards and sought to create long-term value for all stakeholders. It is this focus that makes The Flyfisher Group unlike any other company in the world.