Crescent Capital Partners III is managed by Sydney based Crescent Capital Partners (www.crescentcap.com.au). Founded in 2000 Crescent is owned and controlled by its executives whose interests are closely aligned with the long term return on investors funds through performance fees and their own investments in each of their funds.

Crescent’s previous funds, Crescent Capital Partners Growth Fund ($25 million, raised 2001) and Crescent Capital Partners II ($100 million, raised 2004) have each achieved top quartile performance for their respective vintage years.

In 2003 Crescent won AVCAL’s Buyout of the Year Award for their management buyout investment in the James Hardie Industries windows business, Trend / Breezeway, which achieved a return of 375% per annum for the Crescent Capital Partners Growth Fund.

The Crescent Capital Partners III fund is focused on investing in small to mid market sized expansion and buyout opportunities in Australia and New Zealand with enterprise value in the range of $50 million to $250million.

Investments completed to date by Crescent Capital Partners III include Steel-Line Garage Doors, Australian Music Group, National Hearing Care, Metro Glass, CoverMore and GroundProbe.

Steel-Line Garage Doors manufactures, distributes and installs garage doors and associated remote control units under the brands “Steel-Line” and “BOSS”. The company is Australia’s second largest player in the domestic garage door market and employs over 250 staff and 160 installation contractors.

The company has recently invested in new plant and equipment which Crescent expects will deliver significant cost savings in 2008 and future years. Crescent plans to grow the business both organically and through the acquisition of attractive businesses in the same and/or similar market segments, to enhance earnings prior to an exit.

Australian Music Group (AMG) is the largest wholesaler and retailer of musical instruments (including orchestral) and accessories in Australia.

In mid July 2010, Crescent completed the merger between AMG and Allans Music, the number two retailer of musical instruments in Australia. The merged retail business is now comprised of 26 stores nationally.

AMG’s wholesale business represents a wide range of suppliers of musical instruments, often under exclusive arrangements and supplies both Allans Music + Billy Hyde and third party retail stores. Examples of the products represented include Pearl Drums, D’Addario instrument strings and Korg electrical instruments.

National Hearing Care

During April 2008 Crescent Capital Partners III participated in a capital raising by Crescent Capital Partners II investee company Life Audiology and vended in its interest in Abano Healthcare Group, in exchange for a significant minority share of Life Audiology which was subsequently named National Hearing Care (NHC).

NHC is the leading independent hearing aid distribution company in Australia. The company acquires customers via outbound direct marketing to one of the more than 190 owned audiology clinics across Australia, New Zealand & New Delhi, India for testing and ultimate sale of hearing aids. The Acquisition of the Abano stake allowed NHC to position itself to influence the make-up of the audiology market in the Asia-Pacific region in the future.

During November 2010 Cescent sold NHC to the Italian listed audiology business Amplifon. NHC had posted $41m in earnings before interest, tax and amortisation for the June 2010 financial year from $144m in revenue. The reported sale price for the company was AUD$460m, representing 11.2 times FY10 EBITA.

Metro Glass

In June 2008 Crescent Capital Partners III purchased mezzanine debt in NZ Glass Investment Company Limited (Metro Glass), the leading value added processer of glass in New Zealand.

Metro sells a full range of glass products including glazed windows, toughened glass and cut to size glass, to more than 300 customers including fabricators, glass merchants, contractors and bathroom suppliers. Metro purchases “raw glass” or float glass from overseas suppliers and produces a finished product through specialised value add processes conducted locally in New Zealand.

Metro, which holds an approximate 51% share of the New Zealand glass market, distributes through 21 decentralised sites and operates on a “just in time” basis, managing logistics in house, with a fleet of 50 trucks.

CoverMore

During September 2009, Crescent Capital Partners III acquired an approximate 80% equity interest in the CoverMore Group.

The CoverMore Group, established in 1986, is the largest integrated Australian based provider of travel insurance with operations in Australia, New Zealand and the United Kingdom. CoverMore employs more than 210 people in Australia and insures and assists more than 1 million travellers each year

The CoverMore Group consists of two businesses “CoverMore” as well as a 24 hour emergency care business “CustomerCare”.

CoverMore Insurance engages in the sales, marketing and processing of travel insurance, predominantly for the holiday travel market. CoverMore’s sales are made primarily through the travel agency channel and it has long term contracts to exclusively provide insurance with three of the four top travel agents in Australia; Flight Centre, Stella Group and STA travel.

Customer Care provides 24 hour telephone based medical and logistical assistance to CoverMore Insurance policyholders and a number of external insurance providers. In effect it is an emergency medical response and crisis business.

GroundProbe

During October 2010, Crescent Capital Partners III invested in GroundProbe, a technology company that provides specialist measurement systems and geotechnical services to the mining industry. These services focus on measuring movement in mine structures utilising a radar-based technology called the Slope Stability Radar (SSR), therefore enabling its customers to manage risk, improve safety and lift productivity.

GroundProbe was the first company worldwide to commercialise and launch radar for this application and remains one of only three companies offering this technology globally.

The head office and manufacturing/assembly facility is located in Brisbane with sales distribution offices located in most of the world’s major mining markets including Perth, Beijing, Johannesburg, Santiago/Antofagasta and Tuscon.