PORTFOLIO COMPANY IS PURCHASED
International, a Dayton, Ohio-based provider of risk management tools for the gas and oil pipelines industry, was purchased by EUPEC Pipe Coating GMBH. EUPEC, headquartered in Germany, is one of the world's leading pipe coating companies.
The transaction saw EUPEC purchase one hundred percent of TransWave, while retaining all of the employees and maintaining the TransWave corporate headquarters in Dayton. Brian Hammond, who was the NCIC representative on the TransWave board, sees this purchase as a natural "next step" for the company. "EUPEC is committed to providing the capital and other resources necessary to grow TransWave," said Hammond.
The three former managing shareholders will also remain with the new company. Steven James, founder and former president, feels that the relationship between the two companies is a natural fit. "EUPEC's investment and additional support will help the Dayton team further develop its technology while the TransWave Risk Management System (TERMS) will enable EUPEC to offer its international customer base additional options in the monitoring and corrosion protection of their pipeline network."
NCIC CapitalFund made its first investment in TransWave in 1995. Although it has taken longer to exit than initially anticipated, NCIC CapitalFund is very pleased with the results of this acquisition and proud to have provided the early stage capital to this technology-based company.
NCIC CapitalFund's mission is to make sound early stage investments in technology companies that possess complete management teams and are penetrating large growing markets. NCIC tries to fill the financing gap that exists between angel investment and conventional venture capital.
TransWave is the fourth successful exit for NCIC CapitalFund in the past six months.
COHESIA CORPORATION RECEIVES ADDITIONAL VC FUNDING
Cohesia Corporation closed on the second half of a $16 million round of venture capital in December 2001. This company, based in downtown Dayton, develops and markets infrastructure software that helps to streamline the
manufacturing order fulfillment process. By addressing complex product definition issues, the Cohesia MASS (Management & Application of Specifications & Standards) platform is a key element in the use of e-business technologies to extend the capabilities of today's manufacturer's, supply chains, and trade exchanges.
NCIC first invested in Cohesia in 1996 and provided additional capital in subsequent rounds in 1997 and 2000. Other investors include Alpha Capital Partners, Arbor Partners, Blue Chip Venture Company, CityWide Development Corporation, Ohio Innovation Fund, and Pita Management. To date, Cohesia has raised a total of $22 million in venture funding.
NCIC SUPPORTS ENTREPRENEURIAL OPPORTUNITIES
NCIC's Latest Investment - A Commitment to Miami Valley Entrepreneurs - NCIC CapitalFund has invested $2 million in the Miami Valley Venture Fund II, which has raised
$25 million locally. The fund, created by the Miami Valley Economic Development Coalition, will invest primarily in early stage and growth stage companies in the Miami Valley Region.
In addition to making an investment in MVVF II, NCIC CapitalFund will serve as MVVF II's Fund Administrator, providing assistance in the performance of due diligence, and sharing deal flow with the Fund Managers. Assisting these Fund Managers leverages NCIC's experience in investing in seed and early stage companies, and helps to ensure access to capital for local entrepreneurs.
NCIC CapitalFund has been investing in seed and early stage businesses since 1995, making 38 rounds of investments
in 27 companies, totaling $13.0 million.
18th Annual INNOVEST Conference - This year's Innovest Venture Capital Conference will be held May 8 and 9 at the Crowne Plaza, Quaker Square in Akron, Ohio. The annual Conference affords entrepreneurs the opportunity to present their business plans to institutional and angel investors, and is recognized for its success in stimulating investment and growth for young companies.
The deadline for presenter applications has passed, but it's not too late to register to attend Innovest '02. Fees increase after April 26, as do hotel room charges. Register on-line at
NCIC OUT IN THE COMMUNITY
Winslow meets with Governor and participates in training program - Frank Winslow joined some of the other board members and tenants of The Entrepreneurs Center in a round table discussion with Governor Bob Taft on the State's initiative to move forward with the Third Frontier Project, a initiative to expand Ohio's high tech capabilities.
Frank also participated in Montgomery County's Business First training program for economic development professionals, and taped a segment on venture capital and CEO development for broadcast on the Dayton Chamber's TV program, "Miami Valley Focus."
We welcome your comments, suggestions or an addition or change to our
mailing list, please address correspondence to:
NCIC Capital Fund
Attn: Becky Ziehler
3155 Research Blvd, Suite 203
Dayton, OH 45420