| Linc Capital, Inc. | |||
| Ticker: | LNCC | 303 East Wacker Drive | |
| Exchange: | NASDAQ-National Market | Chicago, IL 60601 | |
| Industry: | Financial (SIC Code 6159) | (312) 946-1000 | |
| # of Employees: | 72 | ||
| Type of Shares: | Common Shares | Filing Date: | 8/29/97 | |
| U.S. Shares: | 2,000,000 | Offer Date: | 11/5/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $13.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.91 | |
| Offering Amount: | $30,000,000 | Selling: | $0.55 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 4,824,326 |
| Manager | Tier | Phone |
| Furman Selz Incorporated | Lead Manager | (212) 309-8285 |
| Everen Securities, Inc. | Co-manager | (312) 574-6859 |
| Issuer's Law Firm: | Kirkland & Ellis |
| Bank's Law Firm: | Willkie Farr & Gallagher |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | LaSalle National Trust, N.A. |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $22.59 | $10.25 | $9.96 | Assets: | $78.84 |
| Net Income: | $1.06 | $0.71 | $0.55 | Curr Assets: | |
| EPS: | $0.34 | $0.24 | $0.18 | Liabilities: | $66.81 |
| Prior EPS: | $0.17 | $7.47 | $11.89 | Curr Liabilities: | |
| Cash Flow/Oper: | $21.70 | $15.12 | $0.40 | Equity: | $12.03 |
| Cash Flow/Fin: | $6.30 | -$22.59 | -$13.96 | Cash: | |
| Cash Flow/Inv: | -$29.67 | -$22.59 | |||
| Business Description |
| The company is a finance company specializing in the origination, acquisition, securitization and servicing of equipment leases and in the rental and distribution of analytical instruments. The Company's principal businesses are (i) the direct origination of leases of a broad range of equipment to emerging growth companies primarily serving the healthcare and information technology industries ("Select Growth Leasing" activities) and (ii) the rental and distribution of analytical instruments to companies serving the environmental, chemical, pharmaceutical and biotechnology industries ("Instrument Rental & Distribution" activities). The Company believes that its position as a leading provider of equipment leasing, rental and other services to its specialized markets provides significant opportunities for internal growth, as well as growth through the acquisition and financing of lease portfolios originated by other lessors and the acquisition of leasing companies which can capitalize on the existing capabilities and significant management experience of the Company ("Portfolio Finance & Lessor Acquisition" activities). The Company believes that its extensive experience in these markets and its flexibility in structuring transactions to meet the needs of both its leasing and rental customers provide it with a competitive advantage over other sources of such services. |
| Competition |
| The Company competes with leasing companies, commercial banks and other financial institutions to provide lease financing to clients and to acquire other leasing portfolios and leasing companies. In addition, the Company's competitors in its Instrument Rental & Distribution activities include manufacturers of analytical instruments. A substantial number of the Company's competitors are significantly larger and have greater resources than the Company. |
| Business Plan |
| The Company's goal is to be the leading specialty finance company in its targeted markets by taking advantage of its significant management experience and existing operating systems and capabilities. From September 1994 to September 1997 the Non-Compete Agreement restricted the Company's Portfolio Finance & Lessor Acquisition and Select Growth Leasing activities. Upon the expiration of the Non-Compete Agreement, the Company will once again pursue the substantial opportunities in these areas. The Company's strategy for growth is based on the following key elements: (I) Select Growth Leasing, (ii) Instrument Rental & Distribution and (iii) Portfolio Finance & Lessor Acquisition. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay indebtedness under the company's Senior Credit Facility. |
| Name of Shareholder | % Owned Before | % Owned After |
| Martin E. Zimmerman | 92.20% | 54.00% |
| Allen P. Palles | 9.70% | 5.70% |
| Robert E. Laing | 6.80% | 4.00% |
| Officer Name | Title | Age |
| Martin E. Zimmerman | Chairman of the Board and Chief Executive Officer | 59 |
| Allen P. Palles | Executive Vice President, Chief Financial Officer and Director | 56 |
| Robert E. Laing | President, Chief Operating Officer and Director | 52 |
| WilliamJ. Erbes | Senior Vice President--Business Development and Director | 47 |
| Cameron Krueger | Senior Vice President--Information Systems and Portfolio Services | 35 |
| Gerard M. Farren | Senior Vice President--Instrument Rental and Distribution | 56 |
| M. Eileen O'Brien | Vice President and Treasurer | 34 |
| Steven Byrnes | Vice President--Operations | 36 |