Gichner Holdings, Inc. Exit

On May 19, 2010, Argosy Investment Partners III, L.P. exited its investment in Gichner Holdings, Inc. (www.gichner.us). Headquartered in Dallastown, Pennsylvania, Gichner is a leading designer, manufacturer and integrator of tactical and specialty shelters, products, solutions, modular containers, subsystems and support equipment for the U.S. military, its allies, and leading defense prime contractors. During Argosy’s hold period, Gichner developed and implemented a strategic plan that successfully grew the business both organically and through an important strategic acquisition. From 2007 through 12-months ended December 31, 2009, Gichner grew its revenue from $48.6 million to $147.1 million (74% compound annual growth rate) and EBITDA from $5.5 million to $16.9 million (75% CAGR). The Company was sold to Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a national defense, information technology, assurance and security solutions provider for $133 million in cash, or approximately 7.5 times trailing twelve months EBITDA at the time of closing.