SAN DIEGO, CALIF (April 25, 2012) – Huntington Capital, Fund II L.P (“Huntington”), a San Diego based lower-middle market mezzanine fund, has announced the exits of two portfolio companies, Anabi Oil Corporation (“Anabi”), one of the largest Shell branded retail operators and fuel distributors in California, and Lifemodeler, Inc (“LMI”), a biomechanical software company acquired by Smith & Nephew.
Huntington co-invested $4.25 million into Anabi on a pari passu basis with The Central Valley Fund (“CVF”), a private investment fund focused on middle market Central Valley Companies. The investment helped the company to acquire certain assets divested by Shell Corp allowing Anabi to become one of the largest Shell branded wholesale fuel distributors and owner operators of retail gas stations and convenience stores within California. Today Anabi owns and operates or distributes across a portfolio of 100+ retail fuel locations. Morgan Miller, Managing Partner, and Joel Gragg, Principal, led the transaction for Huntington.
“Anabi is a successful example of Huntington’s value proposition, which is to provide funding and expertise to help a company expand to a higher level of revenues, financial and strategic sophistication which were accomplished in a short time by the Anabi team” commented Morgan Miller, Managing Partner for Huntington Capital.
Lifemodeler, a leading provider of biomechanical human body simulation tools and services, was acquired by Smith & Nephew (LSE:SN NYSE:SNN), the global medical technology business. LMI’s groundbreaking software shortens the time taken to develop new products by enabling the evaluation of innovations in a virtual model of the human body. New orthopeadic products can be tested and validated faster, further and more cost effectively prior to the production of a physical prototype. Smith & Nephew has worked with LMI for more than 10 years and has used LMI’s LifeMOD© human simulation tool in developing several key products. Terms of the transaction were not disclosed.
Anabi Oil Corporation:
Anabi Oil Corporation and its affiliates operate as a diversified distributor, retailer, and owner of motor gasoline products and properties throughout California. Beginning in 1991 with a single property in Baldwin Park, CA, the Company now owns and operates or distributes to 100+ retail fuel locations throughout California. For more information, visit their website at www.anabioil.com.
LifeModeler is a pioneer in human simulation software and biomechanics modeling for the world’s leading orthopedic device manufacturers. For more information, visit their website at www.lifemodeler.com.
Based in San Diego, CA, Huntington Capital is a leading mezzanine capital provider to lower-middle market companies throughout California and the Western United States. Founded in 2000, Huntington is currently operating out of its second fund, Huntington Capital Fund II, which it raised in 2008, with capital commitments from a group of leading institutional investors. Huntington seeks to invest in established lower-middle market businesses generating between $10 million and $75 million in revenues across a broad range of industries; investments are typically structured in the form of growth capital, buyout or acquisition financing ranging between $2.0 million and $7.0 million. The firm has invested in approximately 45 companies since its founding. For more information, please visit the company website at www.huntingtoncapital.com. Managing Partners for Huntington are Morgan Miller, Jr. and Tim Bubnack.