2022 Year-End Review

Despite an uncertain economic environment, Corbel Capital Partners stayed the course by continuing to invest in attractive lower market businesses, successfully raising capital for three new funds, and welcoming five new members to the team.

During 2022, Corbel completed seven new platform investments and two successful realizations for our limited partners. The team also completed fundraising for the Corbel Distressed and Special Opportunities Fund, LP ("DSOF"), Corbel Capital Partners SBIC II, LP ("SBIC II") and held a first close for Corbel Equity Partners II, LP ("CEP II").

We look forward to carrying the positive momentum into the 10 year anniversary of the firm and as always, we appreciate the support and partnership of our investors, portfolio companies and members of the deal community.

IcyBreeze (CEP II)- December 12, 2022

Corbel completed a structured investment into IcyBreeze Cooling LLC (“IcyBreeze, or the “Company”). Headquartered in Sweetwater, Texas, IcyBreeze markets, manufactures and sells high-end recreational coolers with patent-protected battery power technology that allows its coolers to also function as portable air conditioning units. The transaction marks the second investment of Corbel’s recently launched equity fund, Corbel Equity Partners II, L.P.

Northern Plains Distributing (SBIC I)- November 7, 2022

Corbel completed a structured investment into Northern Plains Distributing, Inc. (“NPD” or “Company”). Headquartered in Fargo, North Dakota, NPD has been a trusted distributor of home appliances to independent dealers since 1976 and has had 15+ years of exclusive distribution rights for a number of top OEM brands in the Midwest.

Tennyson (DSOF)- September 30, 2022

Corbel completed a structured investment into Tennyson Electric Inc. (“Tennyson” or the “Company”) in the form of preferred equity to support the continued growth of the Company. Headquartered in Livermore, California, Tennyson Electric Inc. (“Tennyson”) is an electrical contractor operating in the Bay Area with significant experience in executing projects for public and private sector customers.

Nivagen (SBIC I)- July 28, 2022

Corbel completed a structured investment into Nivagen Pharmaceuticals (“Nivagen” or the “Company”). Headquartered in Sacramento, California, Nivagen is a specialty pharmaceuticals business that develops and sells generic and branded prescription drugs for the North American market, with an in-house R&D team and laboratory that has built a wide portfolio of complex injectable generics and 505(b)(2) programs.

Good Clean Love (CEP II)- June 24, 2022

Corbel completed a structured investment into Good Clean Love, Inc. (“GCL”) and Vaginal Biome Science (“VBS”, or together with GCL, the “Company”). Founded in 2003 and headquartered in Eugene, Oregon, the Company is a leading provider of better-for-you feminine hygiene and sexual wellness products. The transaction marks the first investment of Corbel’s recently launched equity fund, Corbel Equity Partners II, L.P.

Leading Credit Management Company (SBIC I)- May 20, 2022

Corbel completed a structured investment into a leading personal credit management business (the “Company”). Headquartered on the East Coast, the Company supports customers with credit challenges through a differentiated subscription offering that provides credit repair services, as well as credit, dark web, and social media monitoring. 

LML Estate Management (SBIC I)- January 7, 2022

Corbel completed a structured investment into L.M.L. Estate Management (“LML” or the “Company”). Headquartered in the Fort Wayne, Indiana, LML provides its customers with comprehensive estate management services, including landscape and hardscape design, installation and maintenance, flower and seasonal planning, holiday decorating, snow removal, project management, and event planning. 

LML Estate Management (SBIC I)- December 13, 2022

Corbel successfully realized its investment in the L.M.L. Estate Management (“LML” or the “Company”), which was sold to a family-owned investment holding and management company based in the Midwest. Since Corbel’s investment in January 2022, the Company expanded its geographic reach into three new regions via add-on acquisitions, which significantly grew revenue and profitability. The exit represents an exceptional outcome for both the Company and Corbel, and substantially validates Corbel’s ability to act as a strategic partner and capital provider beyond Corbel’s initial investment.

FiscalNote (SBIC I)- July 29, 2022

Corbel successfully realized its investment in FiscalNote Holdings, Inc. (“FiscalNote” or the “Company”). Corbel’s initial investment, made in October 2020, was used to refinance an existing lender and fund add-on acquisitions for the Company which created substantial equity value throughout the tenure of Corbel’s investment. The Company trades on the New York Stock Exchange under the ticker symbol “NOTE” after completing a merger with Duddell Street Acquisition Corp., a Special Purpose Acquisition Vehicle, at a valuation of approximately $1.2 billion.

Fundraising

Corbel Capital Partners SBIC II, LP ("SBIC II")

On December 14, 2022, Corbel completed fundraising for its second SBIC fund. Together in partnership with the U.S. Small Business Administration and our network of institutional investors, SBIC II has total capital commitments of $350 million to make predominantly debt investments into profitable lower market businesses.

Corbel Distressed and Special Opportunities Fund, LP ("DSOF")

On July 6, 2022, Corbel completed fundraising for its inaugural distressed and special situations fund. Together with affiliated special purpose vehicles, DSOF has total capital commitments of approximately $200 million. DSOF targets lower market businesses and focuses on turnaround or special situations which can be resolved with flexible capital and sponsorship.

Corbel Equity Partners II, LP ("CEP II")

On June 20, 2022, Corbel held its first closing for its latest equity fund. With a target fund size of $200 million, CEP II will build upon and leverage the broader Corbel platform to provide structured equity capital for growth investments and buyouts in lower market businesses.

Evan Munsing

Director

Portfolio Operations

Angela Peters

Director

Business Development

Sanjay Achar

Associate

Jackie Mellin

Associate

MacKenzie Jeffrey

Executive Assistant

Corbel became a proud signatory of Principles of Responsible Investment (“PRI”) to further its commitment to responsible investing and gain a better understanding of the implications of environmental, social and governance (“ESG”) factors.

Corbel participated in the Small Business Investing Scholars ("SBIS") program, intended to create an inclusive industry by promoting gender, racial, and ethnic diversity in private equity. This program offers top undergraduate students interested in a career in finance or private equity the opportunity to work in a participating firm across the nation. 

Coming in 2023:

Corbel Community Lending Foundation (“CCLF”) will aim to support local small businesses that have been impacted by current economic conditions and may not qualify for loans from traditional banks or aid through government agencies or other philanthropic organizations. Interest-free loans, rather than charity, fill a crucial gap in our social system by promoting self-sufficiency with dignity. CCFL will be the first fund of its kind at Corbel, offering much needed, interest-free, rescue capital, operational expertise, and unique resources for challenged businesses; many of which are operating in under-served populations. Special attention will be paid to such businesses owned by minorities and women.

Jeffrey Schwartz

Managing Partner & CEO

Brian Yoon

Managing Director

Angela Peters

Director of Business Development

About Corbel Capital Partners

Founded in 2013, Corbel Capital Partners is a Los Angeles-based independent investment firm that makes non-control investments in the form of creatively tailored structured debt or equity securities in lower market businesses. Corbel manages approximately $1 billion of institutional capital across multiple funds on behalf of its network of investors. Corbel invests its capital to facilitate growth, buyout minority partners, consummate strategic acquisitions, provide existing owners with near-term liquidity, creatively finance independent sponsor buyouts, provide rescue financing for turnaround situations, and make secondary purchases of existing securities. Corbel supports owners and senior management of businesses in retaining control equity positions and the potential for later monetization events. Corbel also offers differentiated strategic and operational value-added partnership traditionally not offered by non-control investors. Corbel’s unique experience and expertise in the lower market results in speed and certainty of execution. For more information, please visit www.corbelcap.com.