Raising Private Capital Case Studies

Noteworthy Medical Systems, Inc.
Noteworthy Medical Systems, Inc., Cleveland, Ohio, is a leading provider of connected healthcare technology solutions for the ambulatory market including electronic health records, practice management, and health information exchange applications. BCC worked closely with Noteworthy to define the Company’s capital requirements to implement its growth and acquisition strategies. Over a period of twelve months, BCC served as financial advisor to Noteworthy for two acquisitions, structured a recapitalization, and arranged two financings.

In 2008, BCC arranged debt and equity financing consisting of senior credit facilities and Convertible Preferred Stock in connection with the recapitalization of Noteworthy and its acquisition of MARS Medical Systems, Inc. The recapitalization provided liquidity for working capital growth and strengthened the Company’s financial position. BCC’s strong market knowledge and relationships with a variety of capital sources enabled Noteworthy to complete the financing on attractive terms and with financial flexibility.

In 2009, Noteworthy arranged equity financing in the form of common stock from CompuGROUP Holding AG, a leading European eHealth service provider. BCC initiated, structured, and arranged this financing on behalf of Noteworthy to achieve its objectives which included the simultaneous acquisition of ChartConnect, Inc. BCC’s extensive transaction and capital raising experience allowed the Company to successfully close both transactions.

BCC’s relationship with Noteworthy demonstrates the depth of the firm’s capabilities, knowledge of financing sources and solutions, and commitment to its clients. With BCC’s assistance, the growth capital financings have enabled Noteworthy to partner with a global leader in healthcare technology, expand its product offering, and continue to grow its market share.

I.D. Images, LLC
I.D. Images, LLC is one of the largest producers of thermal transfer labels in the United States. I.D. Images, LLC provides thermal transfer, direct thermal and laser labels for variable information applications. In 2006, IDI's principal owner elected to retire and studied his exit strategies including the possibility of a management buyout led by IDI's President.

Bruml Capital Corporation initiated, structured and arranged senior, mezzanine and equity financing to facilitate the management buyout of IDI. BCC's strong relationships with capital providers and extensive label industry knowledge provided IDI's management with a variety of options to complete the transaction with attractive financing terms and in a timely manner.

Boyd Watterson Asset Management, LLC – M&A Business Acquisition and Exclusive Sale
Boyd Watterson Asset Management is one of the oldest and largest independent asset management firms in Cleveland, Ohio. Bruml Capital Corporation recently served as the investment banker and financial advisor to BWAM in management’s recent acquisition from PNC Financial Services Group.

In 2007, BWAM Holdings, LLC was organized by the management of Boyd Watterson Asset Management to reacquire the company from PNC Financial Services Group, Inc. BCC was engaged as the exclusive investment banker and financial advisor to initiate, structure, and arrange acquisition financing in connection with the management buyout of the company. BCC led the negotiation with PNC and arranged acquisition financing that resulted in a very positive outcome for the management team led by Brian Gevry, Clyde Bartter, and Tim Hyland.

In 2003, BCC initiated and served as the financial advisor to Boyd Watterson Asset Management in connection with its sale to Mercantile Capital Advisors, Inc., a subsidiary of Mercantile Bankshares Corporation. In 2000, recognizing a unique management buyout opportunity, BCC served as financial advisor to the management team of Boyd Watterson Asset Management and arranged the financing to facilitate management's acquisition of the company from Duff & Phelps Management Co., a subsidiary of Phoenix Investment Partners, Ltd.