H.I.G. Advantage Fund Sep19

H.I.G.
Advantage Buyout Fund

January 2018
Not For Distribution – Highly Confidential

Notice
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and as such, is very limited in scope and not meant to provide comprehensive descriptions or discussions of the topics mentioned
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investment, and is not intended to be relied upon as the basis for a decision to invest in a newly formed entity which will be
managed by H.I.G. (the “Fund”).
You may not rely on this Presentation as the basis upon which to make an investment decision. This Presentation does not
purport to be complete with respect to any topic addressed. The information in this Presentation is provided to you as of January
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information contained herein and the views and opinions set forth herein are subject to change without notice. Any offering of
interests will occur only in accordance with the terms and conditions set forth in a formal offering memorandum of the Fund, which
such memorandum shall supersede the information contained herein. Prior to making an investment, investors are strongly urged
to (a) carefully review the entire offering memorandum of the Fund, including the information about risks associated with an
investment in the Fund and the material terms of the Fund’s constituent documents, the subscription agreement and all other
documents pertaining to the Fund and (b) ask additional questions in H.I.G., in its capacity as investment manager of the Fund, as
they deem appropriate. Any past or targeted performance set forth herein is not necessarily indicative of future results and there
can be no assurance that the Fund will achieve comparable results, that targeted results will be met or that the Fund will be able to
implement its strategy or achieve its investment objectives. Any investment in the Fund is highly speculative and involves a high
degree of risk of loss of some or all amounts involved. Each potential investor should consult with its independent financial
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determination of the suitability and consequences of such an investment.
2
CONFIDENTIAL - FOR DISCUSSION PURPOSES ONLY; NOT PART OF ANY OFFERING OR SOLICITATION
Table of Contents
 Executive Summary
 H.I.G. Capital Overview
 H.I.G. Advantage Buyout Fund Investment Strategy
 H.I.G. Buyout Funds - Track Record
 Case Studies / Illustrative Transactions
 Middle Market Value-Add Case Studies
 Sample H.I.G. Advantage Illustrative Transactions
 Appendix
3
Executive Summary
 H.I.G. Capital is raising $2.25bn for H.I.G. Advantage Buyout Fund (“H.I.G. Advantage” or the “Fund”), to make
primarily control equity investments in stable, high quality U.S. companies with $25mm-$100mm of EBITDA
 Create value through growth, performance improvement and synergistic add-on acquisitions by leveraging
Investment operational and strategic expertise of H.I.G.’s private equity teams
Strategy  Positioned lower down the risk/return spectrum than existing H.I.G. buyout funds, which focus on more complex
companies and/or complicated transaction dynamics
 Compelling risk-adjusted target returns of gross IRR and MOIC of 20-22% and 2.5x+, respectively1
A
 Derive significant benefits from existing H.I.G. deal sourcing and portfolio management infrastructure
 Deep, experienced team that has successfully evaluated and executed over 300 control transactions over
multiple cycles since the Firm’s inception
Investment  Unparalleled sourcing infrastructure that has successfully generated robust deal flow in the middle markets
Highlights  Disciplined underwriting process assigns appropriate valuation to generate attractive risk-adjusted returns
 Large network of portfolio companies and industry contacts offers proprietary knowledge base
 Proven organic and inorganic strategies, creating levers across investment cycles and varying market conditions
 Seasoned and large team of approximately 185 global buyout professionals with rich experience in sourcing,
negotiating, structuring, managing and exiting investments
H.I.G. Private  Dedicated sector expertise of senior buyout professionals ensures differentiated coverage of all industries
Equity Platform  Broad infrastructure and integrated business model facilitates information sharing and sourcing leverage across
sectors and geographies
 Consistent and time tested track record of H.I.G. U.S. Buyout Funds2
Superior Track  Gross IRR and MOIC of 46% and 4.0x, respectively3
Record  Net IRR and MOIC of 29% and 3.1x, respectively4
 Realized investments5 generated net IRR and MOIC of 37% and 3.9x, respectively4
Note: Realized investments include partially realized investments, (i.e., those that have generated realized proceeds in excess of 2.0x the equity invested)
4
Table of Contents
 Appendix
5
H.I.G. Capital – Leader in the Small and Midcap Markets
 Leading global alternative asset firm focused on the small and midcap segment of the market
 Eighteen offices: Miami, Atlanta, Bogota, Boston, Chicago, Dallas, Hamburg, London, Los Angeles,
Luxembourg, Madrid, Mexico City, Milan, New York, Paris, Rio de Janeiro, San Francisco, Stamford
 600+ employees; ~350 investment professionals
 Founded in 1993; over $24bn6 of capital under management
 Broad investment capabilities across industry sectors, capital structures, and investment styles
 Experienced in leveraged buyouts, growth equity, special situations, credit, direct lending and real
estate
 One of the largest and most active investors in the small and midcap segment of the market
 Executed equity and debt transactions with over 2,100 middle market companies globally, since 1993
 Executed over 300 control investments
 “Institutionalized” management structure and processes with strong financial staff and controls, legal and
compliance, IT support, and risk management procedures in place
 Established track record / strong investment returns
 Differentiated value-added strategy and leading position in the lower to middle market segment of the
private markets, have resulted in consistently strong investment returns across asset classes
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
6
H.I.G. Capital Family of Funds
H.I.G. manages $24bn6 of capital through a number of highly interconnected and
synergistic strategies
Private Equity Real Estate Credit
SMALL-CAP TO MID- OPPORTUNISTIC REAL DISTRESSED /

GROWTH EQUITY PERFORMING LOANS
MARKET BUYOUTS ESTATE STRESSED DEBT
 Operational  Growth capital to  Asset Repositioning  CLOs and BDC  Control and non-
Turnarounds high-growth, small  Turnaround control
 Middle market direct
cap businesses opportunities via re-
 Corporate lending  Restructurings /
Divestitures  Expansion capital development turnarounds
 Primary loan issuance
 Stressed /  Founder liquidity  Underperforming  Chapter 11 and out-
 Refinancing of current
Distressed Buyouts assets of-court
 Biopharma, medical debt
 Public to Private devices and  Leverage best-in- reorganizations
 Invest across capital
Transactions diagnostics class operating  Special situations and
structure
partners DIP lending
6 6 6 6
AUM: $10.1bn AUM: $1.3bn AUM: $1.8bn AUM: $10.4bn
7
Table of Contents
 Appendix
8
H.I.G. Advantage Buyout Fund – Overview
 Make primarily control equity investments in stable, high quality companies
 Businesses with $25mm to $100mm of EBITDA
 Targeting 12-15 equity investments ranging from $100mm to $250mm
 Distinct and separate investment strategy from existing H.I.G. U.S. Buyout Funds focusing on
complex companies and/or difficult transaction dynamics
 Target market leading companies which demonstrate a differentiated value proposition
 Compelling risk-adjusted target returns of gross IRR and MOIC of 20-22% and 2.5x+, respectively1
 Utilize operational and strategic expertise to create value through growth, performance improvement
and synergistic add-on acquisitions
 Dedicated H.I.G. Advantage team of highly experienced and successful senior H.I.G.
investment professionals
 Supplemented by a large team of approximately 185 global buyout professionals
 Leverage the H.I.G. organization to enhance deal flow and value creation
 Current H.I.G. deal flow pipeline consistently presents opportunities that would not be pursued
by existing H.I.G. funds, but would be actionable within the H.I.G. Advantage strategy
9
H.I.G. Advantage: Power of the Platform
~150 Global
Investment
Professionals
~185 Global Outside of H.I.G.’s Group
Private Equity Private Equity Purchase
Professionals Program
25-person Extensive
Business In-House
Development Operating
Team Experience
Executives 50+ Senior

from 150+ Vertical
Sold Portfolio Knowledge Resources
Companies and  HR  Marketing
Resources  PR  IT
From Existing
Portfolio
Companies
10
H.I.G. Advantage Fund vs. H.I.G.’s Current Buyout Funds
 H.I.G. U.S. Buyout Funds include H.I.G. Capital Partners Funds I – V (“H.I.G. LBO Funds”) and
H.I.G. Middle Market Funds I & II2
H.I.G. H.I.G. Middle Market H.I.G. Advantage
LBO Funds Funds Fund
Target EBITDA $10mm - $35mm $35mm - $100mm $25mm - $100mm
Target Company Complex, stressed Complex, stressed Stable, less

Profile companies companies complex companies
Target Gross
25-30% 25-30% 20-22%
IRR1
Actual Gross
51% 39% NA
IRR3
Actual / Target Actual: Actual: Target:

Gross MOIC1 4.3x 3.5x 2.5x+
Note: Please refer to page 22 for a complete list of returns of H.I.G.’s Current Buyout Funds.
11
H.I.G. Advantage Fund – Target Opportunities
 Focus on stable, profitable, and predictable businesses with low operating and financial risk, but that are
not operating at their full potential
 Stable and predictable business profiles are primarily a function of sector and competitive
market dynamics, rather than an indication of limited opportunity to add value
 H.I.G. will apply its value creation and expertise via control equity investments
 Generate attractive risk-adjusted returns by moving higher on the quality spectrum to protect investor
capital
 Minimize volatility from current market risks (i.e. regulatory uncertainty, geopolitical impacts,
multiple compression and functioning lending markets)
Typical Transaction Characteristics
 Opportunity to significantly scale the business through  Strong existing management teams
acquisitions  Capital efficient models with low capex profile
 Opportunity to strategically reposition the business  Corporate subsidiaries
 Potential or need to establish a global presence  Owner looking for an active partner
Typical Transaction Characteristics - AVOIDED
 Overly complex industries or business dynamics  Business with difficult-to-quantify contingent

risk/liabilities
 Operational challenges and turnarounds
 Business reliant on growth to sustain profitability
 Financial restructurings
 Short time frame to close limiting a thorough due
 Highly cyclical business models diligence process
 Commodity driven business  Contingent / simultaneous mergers
12
H.I.G. Advantage Value Investing Discipline
 Long track record of disciplined investing over many investment cycles
 Refrain from deploying capital in overheated markets
 Don’t “over pay” and “over-leverage” investments
 Avoid investments in “Value Trap”, secularly declining businesses
 Institutionalized risk mitigation
 Diversified portfolio construction
 Institutionalized due diligence and approval process
 Creative deal structures to capture asymmetric risk/reward
 Over 250 professionals in “back office” functions, including legal and compliance
 Focus on capital-efficient business models
 Favor recurring revenue service businesses with significant operating leverage
 Avoid capital intensive businesses
 Emphasize free cash flow generation
13
H.I.G.’s Value-Add Life Cycle
H.I.G. Advantage will continue the Firm’s long history of successfully executing operationally
focused value-add initiatives
H.I.G. Transaction – Illustrative Value-Add Initiative
H.I.G. Advantage Fund
Phase 1 Phase 2
Initial Turnaround/Restructuring Performing Business – Strategic/Growth Plan
• Effect significant management changes • Enhance management team (usually around a
strong existing CEO)
• Close/divest operations (non-core or
unprofitable) • Refine systems and processes to optimize
operations
• Rationalize costs significantly if operating • Enhance capabilities (e.g. marketing, digital
model is broken media, etc.)
• Mitigate an outsized risk that creates outsized • Improve productivity (e.g. cycle time
complexity (litigation, environmental) reduction)
• Complete highly complex carveout that • Diversify customer base and go to market
requires significant effort to stand up a strategy
business on its own • Build new product pipeline
• Expand internationally
• Pursue transformative and bolt-on M&A to
catalyze initiatives described above
14
H.I.G. Advantage Fund – Senior Investment Professionals
 H.I.G. Advantage Fund investments will be led by senior H.I.G. investment professionals listed below
 Supported by large team of approximately 185 global buyout professionals that have successfully evaluated
and executed numerous leveraged buyout transactions over multiple cycles
 Currently, the H.I.G. Advantage Fund consists of a dedicated team of 15 professionals: 4 Managing Directors and 11
mid-level and junior professionals
 H.I.G. anticipates that by the end of 2018, the H.I.G. Advantage Fund team will consist of approximately 25 people
(6-7 Managing Directors and 18-19 mid-level and junior professionals)
Prior Professional
Name / Title Years at H.I.G. Location Education
Experience
M.B.A. Harvard Business School
Sami Mnaymneh* Miami/ The Blackstone Group
25 years J.D. Harvard Law School
H.I.G. Founder, Co-CEO New York Morgan Stanley & Co.
B.A. Columbia University
Bain & Company M.B.A. Harvard Business School
Tony Tamer* Miami/
25 years Hewlett-Packard M.S. Stanford University
H.I.G. Founder, Co-CEO New York
Sprint B.S. Rutgers University
Rick Rosen* Bain & Company M.B.A. Harvard Business School
20 years Miami
Executive Managing Director General Electric B.A. Stanford University
Brian Schwartz*┼ PepsiCo., Inc. M.B.A. Harvard Business School
24 years Miami
Executive Managing Director Dillon, Read & Co. B.S. University of Pennsylvania
Justin Reyna┼ Paine & Partners
8 years San Francisco B.A. Princeton University
Managing Director Golden Gate Capital
Rahul Vinnakota┼ Tailwind Capital M.B.A. Harvard Business School
6 years New York
Managing Director First Atlantic Capital A.B. Duke University
Rob Wolfson┼ IPWireless M.B.A. Harvard Business School
13 years San Francisco
Managing Director LEK Consulting B.S. Northwestern University
* Investment Committee Member

┼ Dedicated to H.I.G. Advantage Fund
15
H.I.G. Advantage Buyout Fund – Investment Team
Prior Professional
Name / Title Location Education
Experience
Pete Gudwin J.H. Whitney M.B.A. Columbia Business School

New York
Principal Heartland Industrial Partners B.A. Vassar College
Matt Hankins Sterling Partners M.B.A. University of Chicago

San Francisco
Principal Metropolitan Capital Bank B.S. University of Michigan
Michael Kuritzky M.B.A. University of Pennsylvania

San Francisco McKinsey & Company
Vice President B.S. Duke University
Chris Byrne CPP Investment Board M.B.A. University of Pennsylvania

New York
Vice President Brazos Private Equity B.A. Wake Forest University
Rahul Ketkar 3G Capital

New York B.S. Northwestern University
Vice President Accenture
David Carswell
New York Bank of America Merrill Lynch B.B.A. University of Wisconsin-Madison
Associate
Matthew Gaeta Kinderhook Industries

New York B.S. Washington & Lee
Associate Harris Williams & Co.
Deborah Lee Macquarie

San Francisco B.A. Harvard University
Associate Deutsche Bank
Geoffrey Malloy
San Francisco Bank of America Merrill Lynch B.A. Princeton University
Associate
Zachary O’Connor
San Francisco Deutsche Bank B.A. Cornell University
Associate
Anton Terlovsky
New York Jefferies B.S. Boston College
Associate
16
H.I.G. U.S. Buyout Team – Broad Sector Coverage and Expertise
Business Services Consumer/Retail/Food Healthcare
Camilo Horvilleur, Managing Director [ ], Managing Director

Matthew Lozow, Managing Director [ ], Principal
Andy Freeman, Managing Director
Todd Ofenloch, Managing Director ], Principal Rick Rosen, Exec. Managing Director
Elliot Maluth, Managing Director
Alok Sanghvi, Managing Director Camilo Horvilleur, Managing Director
Justin Reyna, Managing Director
John Von Bargen, Managing Director Alok Sanghvi, Managing Director
Richard Stokes, Managing Director
Jeff Zanarini, Managing Director Rob Wolfson, Managing Director
Jeff Zanarini, Managing Director
Pete Gudwin, Principal Mike Gallagher, Principal
Amar Doshi, Principal
Rob Jang, Principal
Jeff Kelly, Principal
Industrials Natural Resources and Chemicals Tech, Media and Telecom
William Nolan, Managing Director

John Kim, Managing Director
Keval Patel, Managing Director
Elliot Maluth, Managing Director
Richard Stokes, Managing Director William Nolan, Managing Director
Todd Ofenloch, Managing Director
Tenno Tsai, Managing Director Keval Patel, Managing Director
Fraser Preston, Managing Director
Rahul Vinnakota, Managing Director Joe Zulli, Principal
Nik Shah, Managing Director
John Von Bargen, Managing Director
Aaron Tolson, Principal
Miriam Rafiqi, Principal
17
H.I.G. Advantage Fund – Unparalleled Deal Sourcing Network
H.I.G.’s Proprietary Sourcing H.I.G.’s Middle Market Business Network

Senior Leadership – 20 U.S. Executive Managing Middle Market Business Community Intermediaries
Directors and Managing Directors
 Accountants, attorneys, brokers, insurance agents,
 Business Services, Consumer/Retail/Food, Natural Resources consultants and financial advisors
and Chemicals, Healthcare, Industrials and Tech, Media and
Telecom  H.I.G.’s 25 year track record in private equity is
well known by potential deal sources
 MDs with “Industry Majors” primary focus for new
deal flow
 Proactive efforts enhances subject matter
knowledge and credibility with management Middle Market Sourcing Relationships
teams and intermediaries
~112 U.S. Private Equity  Investment bankers and

intermediaries focused on equity /
Professionals
debt transactions
 40 professionals dedicated to the  Extensive relationships with and
middle market, one of the largest teams database of operating executives for
 Miami, Boston, New York and access and information
San Francisco
 ~185 global private equity professionals
~350 Global Investment Professionals Marketing & Cross-Selling Activities
 ~70 Managing Directors across multiple strategies,  Information flow from relationships, portfolio companies
industry specialties and geographies or intermediaries with other H.I.G. strategies
 Dedicated marketing focus on increasing H.I.G.’s brand as the

25 Business Development Professionals partner of choice for middle market businesses in transition
 Nationwide H.I.G. events, industry conferences and out bound
 Proprietary database of 21,000 lower to middle market deal flow
email correspondences to proprietary deal flow contacts
contacts
18
H.I.G. Advantage Fund ‒ Significant Deal Flow Opportunity
($30mm - $100mm EBITDA)
Deal Flow Total Market
9
991
Potential fit for H.I.G. Potential fit for H.I.G. Unlikely a fit for H.I.G.
Middle Market Funds Advantage Funds
440
271 350 370
H.I.G. Middle Market IOIs

162
 Over 900 potential deals in the Middle Market
sector during 2015-2016
H.I.G. Middle Market LOIs
 H.I.G. Advantage opportunity set estimated at
20
350 deals over two year period
MM Closed Deals
7
19
H.I.G. Advantage – Established Leader in the Middle Market
 Comprehensive experience in evaluating companies – demanding and rigorous due
diligence and approval processes
 Assigning appropriate valuations to target’s risk/return profile
 Network of industry contacts complemented by deep sector expertise
 Value-add initiatives utilizing operationally focused approach to generate asset

appreciation and growth
 Integrated platform across H.I.G. strategies creates synergies and develops insights
into specific investment opportunities (e.g., H.I.G. WhiteHorse)
 Extensive deal flow – highest “share of mind” with small to mid-cap deal flow sources
 25 year track record turning complex companies into healthy, performing, H.I.G.
Advantage-like companies
20
Table of Contents
 Appendix
21
H.I.G. Private Equity – Historically Consistent Strong Performance
Realized and Partially Realized Investments5
Fund Net Return4 Gross Return3
Vintage7 Size (mm) IRR MOIC IRR MOIC
U.S. Funds
U.S. LBO I 1993 $75 71% 4.7x 89% 5.8x
U.S. LBO II 1998 $255 28% 4.1x 39% 5.1x
U.S. LBO III 2002 $430 32% 3.1x 58% 3.9x
U.S. LBO IV 2007 $750 38% 4.3x 50% 4.1x
Middle Market Fund I8 2008 $1,250 36% 4.0x 53% 5.4x
Europe Funds
Europe LBO I 2007 €600 22% 2.7x 40% 3.7x
Total Investments
Fund Net Return4 Gross Return3
Vintage7 Size (mm) IRR MOIC IRR MOIC
U.S. Funds
U.S. LBO I 1993 $75 71% 4.7x 89% 5.8x
U.S. LBO II 1998 $255 25% 3.2x 37% 4.1x
U.S. LBO III 2002 $430 29% 2.9x 49% 3.7x
U.S. LBO IV 2007 $750 33% 3.5x 53% 4.6x
U.S. LBO V* 2014 $1,010 NM NM 33% 1.7x
Middle Market Fund I8 2008 $1,250 24% 2.6x 39% 3.5x
Middle Market Fund II* 2015 $1,750 NM NM NM 1.8x
Europe Funds
Europe LBO I 2007 €600 17% 2.3x 33% 3.1x
Europe LBO II* 2014 €825 NM NM NM NM
Latin America Fund
Brazil LBO I* 2015 $740 NM NM 65% 1.8x
Return information through 09/30/17. Past performance is not necessarily indicative of future results. Please refer to the Appendix for Endnotes and Important Information.
*Return information to date is Not Meaningful (NM) due to the fund’s vintage.
22
H.I.G. Middle Market Fund I Investment Performance)8
8
(As of September 30, 2017)

($mms)
Date of Equity Realized Unrealized Combined
Realized and Partially Realized Investments Investment Invested Value Value Total Value Gross IRR3 Gross MOIC3
Surgery Partners 4Q09 $ 45.5 $ 662.0 $ 75.9 $ 738.0 66% 16.2x
First Capital 2Q10 71.0 14.8 1.9 16.7 (22%) 0.2x
TLC Vision 2Q10 15.0 43.0 18.1 61.2 53% 4.1x
Magnacare 3Q10 34.5 145.1 1.9 147.0 82% 4.3x
Dent Wizard 4Q10 27.1 254.4 - 254.4 83% 9.4x
Matrixx Initiatives 1Q11 28.1 86.8 55.7 142.5 33% 5.1x
Cornerstone 1Q11 23.1 147.9 2.2 150.0 62% 6.5x
SeaStar Solutions 1Q11 20.7 198.2 - 198.2 172% 9.6x
Arctic Glacier 3Q12 50.0 113.3 - 113.3 21% 2.3x
Interdent 3Q12 38.0 97.4 21.5 118.8 56% 3.1x
Total Realized and Partially Realized Investments5 $ 353.0 $ 1,762.9 $ 177.1 $ 1,940.0 55% 5.5x
Unrealized Investments
Allion Healthcare 1Q10 $ 73.0 $ (0.2) $ 4.2 $ 4.1 NM 0.1x
HOA Holdings 1Q11 52.2 53.5 33.0 86.5 11% 1.7x
A10 Capital 2Q12 49.6 2.8 94.8 97.6 17% 2.0x
Comverge 2Q12 33.1 73.1 54.7 127.9 30% 3.9x
Caraustar 2Q13 96.0 78.7 228.5 307.2 50% 3.2x
American Pacific 1Q14 101.8 - 154.8 154.8 12% 1.5x
HelpSystems 4Q15 25.1 - 60.3 60.3 58% 2.4x
Total Unrealized Investments $ 430.8 $ 207.9 $ 630.5 $ 838.4 16% 1.9x
Total Investments $ 783.8 $ 1,970.9 $ 807.6 $ 2,778.4 39% 3.5x
.
4
Net Performance 24% 2.6x
Note: Partially realized investments include those that have generated proceeds in excess of 2.0x the equity invested.
23
H.I.G. Middle Market Fund II Investment Performance
($mms)
Unrealized Investments Investment Invested Value Value Total Value Gross IRR3 Gross MOIC3
Universal Fiber Systems 4Q15 $ 83.2 $ 50.4 $ 113.2 $ 163.6 50% 2.0x
Help/Systems 4Q15 113.0 - 271.3 271.3 58% 2.4x
Quicken 2Q16 57.8 - 142.8 142.8 NM 2.5x
Keefe Group 4Q16 144.9 144.9 269.4 414.4 NM 2.9x
Empire Today 4Q16 126.2 - 126.2 126.2 NM 1.0x
Lionbridge 1Q17 121.4 - 121.4 121.4 NM 1.0x
VIP Cinema 1Q17 59.2 - 59.2 59.2 NM 1.0x
NCI 1Q17 81.5 - 81.5 81.5 NM 1.0x
Total Investments $ 787.1 $ 195.3 $ 1,185.0 $ 1,380.3 NM 1.8x
Net Performance 4 NM NM
24
H.I.G. LBO Fund IV Investment Performance
($mms)
Equity Realized Unrealized Combined

Invested Value Value Total Value Gross IRR3 Gross MOIC3
Realized and Partially Realized Investments 5 $ 390.1 $ 1,940.1 $ 336.9 $ 2,277.0 58% 5.8x
Unrealized Investments 198.4 105.9 344.2 450.2 21% 2.3x
Net Performance 4 33% 3.5x
Note: Partially realized investments include those that have generated proceeds in excess of 2.0x the equity invested.
25
H.I.G. LBO Fund V Investment Performance
($mms)
Realized and Partially Realized Investments Investment Invested Value Value Total Value Gross IRR3 Gross MOIC3
Accupac 3Q15 $ 13.7 $ 72.5 $ 2.1 $ 74.7 118% 5.5x
5
Total Realized and Partially Realized Investments $ 13.7 $ 72.5 $ 2.1 $ 74.7 118% 5.5x
Unrealized Investments
Office Total 1Q14 $ 15.5 $ - $ 13.4 $ 13.4 (5%) 0.9x
Rolland Enterprises 2Q14 20.5 - 40.4 40.4 28% 2.0x
NZN Networks 3Q14 17.1 - 13.3 13.3 (9%) 0.8x
DHISCO 4Q14 20.0 - - - NM 0.0x
Valtris Specialty Chemicals 4Q14 31.8 50.6 78.0 128.6 72% 4.0x
Cerca Trova 1Q15 21.6 - 35.3 35.3 20% 1.6x
ATX Networks 2Q15 27.9 - 28.9 28.9 2% 1.0x
PeopleConnect 3Q15 19.1 - 19.1 19.1 NM 1.0x
Ship Supply 3Q15 10.8 - 5.6 5.6 (32%) 0.5x
Milestone Technologies 3Q15 10.7 - 10.4 10.4 (2%) 1.0x
United States Medical Supply 3Q15 7.7 - 3.7 3.7 (30%) 0.5x
Help/Systems 4Q15 16.7 - 40.2 40.2 58% 2.4x
Constructive Media 4Q15 10.8 - 7.3 7.3 (19%) 0.7x
Salary.com 4Q15 12.2 - 22.6 22.6 42% 1.9x
AVI-SPL 2Q16 32.9 - 105.4 105.4 127% 3.2x
Symplicity 3Q16 16.3 - 16.2 16.2 NM 1.0x
CXtec 3Q16 17.8 - 29.0 29.0 57% 1.6x
Dominion Colour 3Q16 9.5 - 25.9 25.9 174% 2.7x
Lionbridge 1Q17 11.6 - 11.6 11.6 NM 1.0x
American Eye Care 1Q17 15.0 - 15.0 15.0 NM 1.0x
Trace3 2Q17 22.4 - 22.4 22.4 NM 1.0x
Scribe Holdings 2Q17 7.1 - 7.1 7.1 NM 1.0x
Tastes on the Fly 3Q17 13.3 - 13.3 13.3 NM 1.0x
Total Unrealized and Partially Realized Investments $ 388.3 $ 50.6 $ 564.3 $ 614.9 28% 1.6x
Total Investments $ 402.01 $ 123.17 $ 566.46 $ 689.63 33% 1.7x
Net Performance 4 NM NM
26
H.I.G. Investments with >8x Cash-on-Cash Returns
Multiple on Invested
Company Business Description Investment Date Exit Date Capital 3 Fund(s)
Connor A.G.A. Sports Flooring Sports Flooring Jan-95 Nov-96 20.0x LBO Fund I
Heath Company Lighting/Home Control Products Jan-95 Feb-98 21.1x LBO Fund I
ExcelTec International Water Treatment Equipment Feb-97 Dec-98 13.2x LBO Fund I
Milliken & Michaels, Inc. Accounts Receivable Mgmt. Apr-97 Apr-99 14.0x LBO Fund I
Heat, Inc. Window Mfg. May-97 May-99 10.4x LBO Fund I
Agere, Inc. Switch Processors Nov-98 May-00 27.4x LBO Fund I
Plastic Fabricating, Inc. Aerospace Components Jun-96 Dec-01 42.0x LBO Fund I
Potpourri, Inc. Consumer Catalogs Apr-98 Oct-02 20.4x LBO Fund I
Republic Industries, Inc. Mfg. Of Kitchen Cabinets Oct-98 Dec-02 10.6x LBO I / LBO II
TASI (Cincinnati Test Systems) Leak Detection Test Equipment Jan-98 Oct-03 9.6x LBO Fund I
Medical Services Company, Inc. Insurance Claims Management Jun-02 Mar-05 34.5x LBO Fund II
Oasis Outsourcing, Inc. Employee Leasing Mar-03 Feb-06 14.1x LBO Fund III
Thermo Fluids, Inc. Oil Recycling Feb-01 Jun-06 27.8x LBO Fund II
Transtar Metals, Inc. Specialty Metals Dec-02 Sep-06 32.5x LBO II / LBO III
HALO Industries, Inc. Promotional Products May-03 Feb-07 9.8x LBO Fund III
APS Healthcare, Inc. Mental Health Services Dec-03 Jun-07 12.2x LBO Fund III
Gould & Lamb, LLC Workers Comp Administration Aug-06 Nov-07 8.7x LBO Fund III
Claymont Steel Holdings, Inc. Steel Products Apr-02 Jan-08 23.8x LBO Fund II
Stream International, Inc. Inbound Call Center Jun-03 Jul-08 22.0x LBO Fund III
Insight Global, Inc. It Staffing Company Apr-07 Jun-10 24.0x LBO Fund IV
AlignNetworks, Inc. Insurance Services Jun-06 Jul-11 38.5x LBO Fund III
Ideal Image Development, Inc. Hair Removal Centers May-06 Nov-11 10.7x LBO Fund III
Vantage Specialties, Inc. Chemical Manufacturer May-08 Jan-12 12.7x LBO Fund IV
FNZ Holdings, Ltd. Wealth Management Trading Platform Jan-09 Apr-12 13.6x Europe LBO I
DIAM Europe, S.A. Cosmetic Displays Jan-07 Sep-12 10.3x Europe LBO I
Texas Honing, Inc. Oil Field Services Jan-08 Oct-12 12.1x LBO Fund IV
Safe-Guard Products Extended Warranty Provider Jul-07 Dec-12 24.6x LBO Fund III
Anvis, GmbH Auto Supplier Of Anti-Vibration Systems Nov-10 Jan-13 12.3x Europe LBO I
PMSI, Inc. Insurance Administrator Oct-08 Oct-13 74.9x LBO Fund IV
Thane International, Inc. Direct Marketing Company Jun-99 Dec-13 12.0x LBO Fund II
Marine Acquisition Corp. Boat Parts Manufacturer Mar-11 Jan-14 9.6x Middle Market I / LBO IV
Vaupell Industrial Plastics, Inc. Medical Plastics Dec-03 Jun-14 25.5x LBO Fund III
Capstone Logistics, LLC Supply Chain Workforce Solutions Jan-11 Aug-14 11.1x LBO Fund IV
Progrexion Marketing, Inc. * Consumer Credit Information Services Jul-10 Dec-14 31.7x LBO Fund IV
Dent Wizard Cosmetic Automotive Reconditioning Nov-10 Apr-15 9.4x Middle Market I
Big Tex Trailer Manufacturing Professional-grade Trailer Manufacturer Dec-12 Dec-15 8.8x LBO Fund IV
Infogix, Inc. Data Integrity Software Developer Jun-12 Dec-15 13.9x LBO IV / Growth II
VM Industries, S.A.S. Electrical Connectors Dec-09 Apr-16 8.8x Europe LBO I
Amerijet International, Inc. Cargo Services Oct-01 Jul-16 60.2x LBO Fund II
Losberger, GmbH Temporary Space Solutions Aug-11 Sep-16 9.8x Europe LBO I
Trinity Services Group, Inc. Correctional Facility Catering Services Mar-12 Oct-16 15.1x LBO Fund IV
Surgery Partners Multi-Specialty Ambulatory Surgery Centers Dec-09 Aug-17 16.2x Middle Market I
* Includes unrealized value as of 09/30/2017
Note: This chart details 42 investments which have achieved a gross multiple on invested capital in excess of 8.0x. The referenced investments were made by seven different private funds managed by H.I.G. Capital and are
not representative of the investment returns achieved by any of the funds which made the referenced investments. Complete details regarding the investment performance of each of the relevant funds are available upon
request. It should not be assumed that investments made in the future by private funds managed by H.I.G. Capital will achieve the performance of the investments detailed in this chart.
27
H.I.G. Current Middle Market Funds – Focus on Complex Situations
Entry Entry
Middle Market Date of EBITDA EBITDA
Investments Investment ($mm) Multiple Description Deal Dynamics
Recapitalization of entrepreneurial
VIP Cinema 1Q17 $46.5 6.5x Provider of premium seating for cinema
business / Management transition
Public to private;
Lionbridge 1Q17 $58.2 7.2x Language and localization services provider
Operational challenges; Technology risk
Business complexity/ Go to market
Empire Today 4Q16 $47.4 7.4x Specialty flooring provider
strategy transition
Keefe Group 4Q16 $242.3 5.6x Outsourced commissary services provider Industry headwinds; Regulatory risks
Complex corporate carve-out;

Quicken 2Q16 $42.5 5.3x Financial management software provider Challenging business trends; technology
risk
Technology risk due to legacy product/
HelpSystems 4Q15 $64.1 8.7x IT infrastructure software provider
Industry in transition
Universal Fiber 4Q15 $44.3 6.2x Synthetic fiber and yarn manufacturer Out-of-favor sector
Public to private; Complex business

American Pacific 1Q14 $72.2 6.4x Specialty chemicals manufacturer
model; Required asset divestitures
Commodity Risk; Need for sector
Caraustar 2Q13 $94.2 5.5x Recycled paper board manufacturer
consolidation
InterDent 3Q12 $24.0 6.1x Dental practice management Large division with regulatory risk
Arctic Glacier 3Q12 $56.9 6.3x Packaged ice manufacturing / distribution Canadian sponsored bankruptcy
Public to private; complex business

Comverge 2Q12 $10.7 2.6x Energy services
model; Split company into two
28
H.I.G. Current Middle Market Funds – Focus on Complex Situations (cont’d.)
Entry Entry
Middle Market Date of EBITDA EBITDA
Investments Investment ($mm) Multiple Description Deal Dynamics
A10 Capital 2Q12 NM NM Real estate finance company Growth equity; Start up lender
SeaStar Solutions 1Q11 $23.9 5.2x Marine OEM / aftermarket parts supplier Out-of-favor sector; Cyclical risk
Complex corporate carve-out; Single

Cornerstone 1Q11 $51.0 3.7x Specialty chemicals manufacturer
plant with perceived growth constrains
Public to private; Product liability and

Matrixx Initiatives 1Q11 $10.9 5.0x OTC consumer products (Zicam)
pending lawsuits
Complex transaction dynamics;
HOA Holdings 1Q11 $40.6 6.7x Hooters restaurant chain Operational turnaround; Management in
transition
Complex corporate carve-out; Customer
Dent Wizard 4Q10 $19.9 4.4x Auto reconditioning services
concentration; Regional concentration
Complex business model; Regulatory

MagnaCare 3Q10 $30.5 5.6x Health plan services
risk
Sponsored bankruptcy; Asset

TLC Vision 2Q10 $18.8 5.0x Eye care services
divestitures
Operational challenge; Legacy credit

First Capital 2Q10 $26.3 NM Commercial finance company
issues
Allion Healthcare 1Q10 $39.5 6.2x Specialty pharmacy / infusion services Public to private; Regulatory risk
Management transition; Public to

Surgery Partners 4Q09 $22.3 5.5x Ambulatory surgery centers private; Regional concentration;
Regulatory risk
29
H.I.G. Advantage Fund vs. H.I.G.’s Current Buyout Funds
H.I.G. H.I.G. Middle Market H.I.G. Advantage

LBO Funds Funds Fund
Target EBITDA $10mm - $35mm $35mm - $100mm $25mm - $100mm
Target Company Complex, stressed Complex, stressed Stable, less

Profile companies companies complex companies
Target Gross
25-30% 25-30% 20-22%
IRR1
Actual Gross 51% 39% NA

IRR3
Actual / Target Actual: Actual: Target:

Gross MOIC1 4.3x 3.5x 2.5x+
Note: Please refer to page 22 for a complete list of returns of H.I.G.’s Current Buyout Funds.
30
H.I.G. Advantage Fund – Recap
H.I.G. Advantage Fund Investment Strategy
 Target Fund Size: $2.25bn  Small and Midcap Focus: $25mm-$100mm
EBITDA
 Targeting 12-15 control equity investments
ranging from $100mm to $250mm  Target stable, high quality U.S. companies
 Value creation via growth, performance

 Target Gross IRRs of 20-22%1 and/or acquisitions
 Target Gross MOIC of 2.5x+1  Positioned lower on the risk/return spectrum

than existing H.I.G. buyout funds
Investment Highlights H.I.G. U.S. Buyout Funds Track Record2

 Demanding and rigorous due diligence Realized and Partially Realized Investments5:
and approval processes IRR MOIC
 Assigning appropriate valuations to Gross3: 55% 5.2x
target’s risk/return profile Net4: 37% 3.9x
 Deep sector expertise Realized and Unrealized Investments:

 Extensive deal flow IRR MOIC
Gross3: 46% 4.0x
 25 year track record in buyout strategies Net4: 29% 3.1x
31
Representative Summary Terms
Representative Key Terms for the Fund
Fund H.I.G. Advantage Buyout Fund
Commitment Period Six years
Ten years, may be extended for a maximum of two consecutive one year periods at the GP’s
Term
discretion
Management Fee 1.85% per annum on committed capital
Preferred Return 8% per annum (compounded annually)
Carried Interest 20.0%
GP Catch Up Catch up of 80% to the GP and 20% to the LP until the GP receives 20% of net profits
GP Commitment 2.0%
Legal Counsel Greenberg Traurig LLP
Auditor Crowe Horwath LLP
32
Table of Contents
 Appendix
33
American Pacific Case Study
Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of buyout investments reviewed and made by H.I.G., and do
not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein.
Investment level returns included herein are gross of fees and expenses. Please refer to endnote 3 for gross returns included, and to pages 23 and 24 for a complete listing of H.I.G.
Middle Market investments, including net returns.
34
Business and Transaction Overview
 American Pacific (“AMPAC”) is a leading supplier of complex active pharmaceutical ingredients (“APIs”)
 At the time of H.I.G.’s initial investment, AMPAC consisted of two unrelated divisions that did not represent a coherent strategy:
 AMPAC Specialty Chemicals (“ASC”), a leading, but low-growth, defense-related chemical business
 AMPAC Fine Chemicals (“AFC”), which provides APIs with significant growth potential
 AMPAC was an undervalued public company and H.I.G. identified a strategy to separate the businesses to unlock value
 Divested non-core ASC and focused on AFC, a leader in its space
 AFC was well positioned for growth due to:

 Strong development and manufacturing capabilities in complex chemistries
 Entrenched commercial supplier positions with leading global pharmaceutical companies
 Increased development activities in high-growth therapeutic categories (e.g. oncology, anti-viral, etc.)
 Increased demand for U.S.-based manufacturing capabilities due to increased scrutiny by the FDA of ex-U.S. facilities
 H.I.G. identified numerous ways to create value in AFC

 New management recruitment across multiple functional roles
 Major infrastructure enhancing and capacity expansion programs
 Business development expansion resulting in a doubling of customer base/development pipeline and segment diversification
 H.I.G. Middle Market acquired AMPAC in a take-private transaction in February 2014

 Purchase price of $459.3mm, representing 6.4x January 2014 LTM EBITDA
 H.I.G. invested $101.8mm of equity in total for an 87% fully-diluted ownership stake
35
Investment Thesis
 ASC is the sole North American producer of Ammonium Perchlorate (“AP”), which is a strategic national
Well-Positioned Market asset for 70+ DoD and NASA programs
Leader  AFC is one of the top suppliers of FDA-approved APIs and is the only DEA-authorized manufacturer of
controlled substances on the West Coast
 ASC maintains the only AP plant in North America, utilizing specialized electrochemical processes to
Distinctive Technology manufacture custom perchlorates
Platform  AFC utilizes unique technologies to manufacture its APIs that are highly specialized with significant
barriers to entry, including expertise, cost and regulatory approvals
 Growth opportunities include the introduction of new products under development, continued growth in
recently commercialized products and introduction of new business lines
Attractive Growth  AMPAC has a rich development pipeline with a proven ability to commercialize pipeline projects
Opportunities at AFC  Additional new business line opportunities including Product Partnerships (drug profit-sharing
arrangements with pharmaceutical partners) and expansion of analytical testing capabilities
 ASC employs a unique contract model with customers whereby price varies inversely with volume,
Stable ASC Growth ensuring consistent and predictable cash flow
 50 years of experience with each of its key U.S. defense contractors
 Numerous opportunities to strengthen manufacturing practices and quality systems

AFC Performance
 Investment in new customer acquisition and drug development
Improvement
 Strengthen management team through additions and upgrades
Opportunities
 Diversify customer base through pipeline growth and adding new business units
36
Post Closing Initiatives and Financial Performance
 Divested non-core ASC segment to Huntsman Family Investments for ~$300mm; Proceeds used to repay debt and reinvest in AFC
 Transitioned AFC to a leading industry player with strong management, robust systems and significant available capacity
 Recruited new CFO; created and filled senior positions in business development, supply chain and drug development
 Pursued $40mm+ site expansion and infrastructure upgrade in AFC’s Rancho Cordova, CA facility
 Re-started idle La Porte, TX facility and filled the facility with new business within two years
 Acquired idle facility in Petersburg, VA with significant available capacity for $24mm in off market process (~$300mm
replacement value)
 Supported AFC’s investment in high growth new business units

 Introduced “Product Partnership” business, which reflects arrangements with pharmaceutical partners where AFC is reimbursed
for its API and receives ~50% of final drug products
 Established AMPAC Analytical as an independent division after receiving significant customer demand by expanding to an
adjacent facility in El Dorado Hills, CA
 Post Closing Financial Performance(a):
2013A 2016A Growth

Revenue: $125mm $194mm 55%
EBITDA: $26mm $46mm 74%
Middle Market Fund I Equity: $101.8mm
Total Realized + Unrealized Value(b): $458.1mm 4.5x
(a) Revenue and EBITDA reflect AFC only.

(b) Past performance is not a guarantee of future results. The amount shown for Total Realized + Unrealized Value is based on realized proceeds and estimated
sale proceeds as of March 31, 2017. There can be no assurance that unrealized investments will be realized at the valuations used to calculate the amount
included herein. See the Notes to H.I.G. Investment Performance and Important Information starting on page 55. The Multiple of Invested Capital shown above is
on a gross basis.
37
Caraustar Case Study
Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of buyout investments reviewed and made by H.I.G., and do
not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein.
Investment level returns included herein are gross of fees and expenses. Please refer to endnote 3 for gross returns included, and to pages 23 and 24 for a complete listing of H.I.G.
Middle Market investments, including net returns.
38
Business and Transaction Overview
 Caraustar is a leading integrated provider of recycled paperboard products
 Operates 4 segments:
o Recycled Fiber Group (“RFG”), Mill Group (“Mills”), Industrial Products Group (“IPG”) and Consumer Packaging Group
(“CPG”)
 81 facilities with over 4,000 employees across North America
 Acquired in an inefficient sale process driven by several areas of complexity

 Historical bankruptcies of key market participants
 Complicated supply / demand dynamics
 Perceived capital intensity of business model
 H.I.G. identified several ways to create value at Caraustar

 Transformative and tuck-in acquisition targets
 High-ROI capital expenditures
 Upgrade multiple key executive positions
 Significant cost improvement opportunity
 H.I.G. acquired Caraustar in May 2013

 Enterprise value of $516.2mm, representing ~5.5x LTM Jan ’13 EBITDA
 H.I.G. invested $116.6mm of equity for a 88% fully-diluted ownership stake in the business
39
Investment Thesis
 Strong #2 in Uncoated Recycled Paperboard (“URB”) and tubes and cores
Caraustar is a Highly
Diversified  Well diversified across many different end-markets (consumer and industrial) and product types
Industry Leader  Facilities are very competitive from a cost and geographic perspective
 Aggregate end-market demand has stabilized at ~1% volume growth

 Majority of markets are growing with significant upside from housing market (near bottom of the cycle)
Demand has Stabilized  Historically declining markets have mitigated their declines or have de minimis impact on overall market
 Continued shift to recycled paper products and new product introductions will drive incremental volume
 New management at Caraustar and Newark drive commercial approach to business

Favorable Industry
 Industry capacity is largely “right-sized” after years of significant facility closures
Dynamics
 New CEO fundamentally changed the company by focusing on customer profitability and managing costs
 75% of the EBITDA growth from 2010-2012 has come from sustainable operational improvements
Recent EBITDAP
(particularly around increasing pricing and addressing unprofitable customers)
Growth Sustainable
 $7M of cost savings from improving productivity and reducing input costs and SG&A
 Ability to maintain margins in a fluctuating cost environment
 Up to $58M of potential cost savings improvements

Significant Value  $17M of identified growth capex investments with projected 25%+ IRR also validated by Alix
Creation Opportunities  Platform for both tuck-in and transformative acquisitions (e.g. Newark, Paperworks, Forest Resources)
 CEO is an “A” player who instituted data-driven culture with accountability throughout the organization
Strong Management
 Management team has more than doubled EBITDA in the last two years and continues to outperform
Team
projections
40
Post Closing Initiatives and Financial Performance
 In February 2014, we completed a dividend recapitalization of Caraustar in which H.I.G. returned 0.8x our investment
 Completed several organic and inorganic growth initiatives

 In February 2015, acquired The Newark Group for $362.5 million
 In August 2015, acquired Summer Industries for $72.0 million
 Invested $30mm of growth capex to add a new coater machine at its Sweetwater facility
 Upgraded multiple key management positions with executives whose experience are more commensurate with Caraustar’s scale
 Post Closing Financial Performance:
2013A 2017E Growth

Revenue: $733mm $1,322mm 80%
EBITDA: $91mm $194mm 113%
Middle Market Fund I Equity: $96.0mm
Total Realized + Unrealized Value(a): $455.9mm 4.7x
(a) Past performance is not a guarantee of future results. The amount shown for Middle Market Fund I Equity is based on proceeds and estimated valuations as of
September 30, 2017. There can be no assurance that unrealized investments will be realized at the valuations used to calculate the amount included herein. The
Multiple of Invested Capital shown above is on a gross basis.
41
Table of Contents
 Appendix
42
H.I.G. Advantage Transaction – Vantage Specialty Chemicals
Business Description H.I.G. Angle
 Leading, vertically-integrated provider of naturally-derived  Intimately familiar with the business and management
ingredients for a wide range of applications team through prior ownership period
 Oleochemicals (40% of 2016 EBITDA): Fatty acids  Grew business from $15mm of EBITDA in 2008 to
(oleic acid and stearic acid) and glycerine $56mm at exit in 2012
 Specialties (60%):  Originally formed by H.I.G. in 2008 through the
‒ Personal Care (23%): Actives, emollients, acquisition of Croda International’s U.S. oleochemicals
exfoliants, and jojoba oil and derivatives business
‒ Performance Materials (21%): Alkoxylates, esters,  Completed add-on acquisitions of Lambent
performance blends and encapsulations for Technologies and Lipo in 2008 and 2012, respectively
lubricants, cleaners, and other industrial  Sold business to The Jordan Company in 2012
applications
 Significant chemicals expertise
‒ Food (16%): Baking release agents, stabilizers, and
emulsifiers  Fifteen acquisitions in sector since 2008
 Operates 6 manufacturing facilities, 13 laboratories, and 19  Broad network of operators
warehouses globally  H.I.G.’s business development resources and presence in
 Revenue and PF Adj. EBITDA of ~$570mm and ~$99mm, Europe and South America could help accelerate the
in FYE 2017 respectively pace of add-on acquisitions and international expansion
Investment Thesis and Fit with H.I.G. Advantage

 Market Leader: Leading provider of sustainable, naturally-derived ingredient solutions with a #1 or #2 market position in
key product categories
 Diverse, Sticky Customer Base: Over 3,500 customers (largest accounts for 4% of GP) and 99% customer retention
 Attractive Industry Dynamics: Competitively-advantaged product portfolio in growing, non-cyclical end markets supported
by trend towards naturally-derived ingredients
 Proven Growth Platform: Significant organic growth opportunities (new products/applications, international expansion,
new market adjacencies, high ROI capacity expansions) and proven acquisition platform
 Predictable Cash Flow Profile: Contractual pass-through of raw materials generates highly stable margin; high EBITDA
margins and low capex requirements result in 90%+ free cash flow conversion
43
H.I.G. Advantage Illustrative Transaction – Project Blue
 Leading global provider of mission critical simulation  Expertise across the broader software sector, with
and analysis (“S&A”) software and solutions recent investments including: HelpSystems; Quicken;
Infogix; and Symplicity
 #1 brand in multiple S&A solutions and end markets,
including aerospace & defense and automotive  Business was undergoing a transition to a subscription
based revenue model, a dynamic H.I.G. has significant
 Diversified customer base with marquee logos and experience and comfort with
broad channel partnerships
 H.I.G.’s significant business development resources
 Revenue and EBITDA of ~$210mm and ~$75mm, could help accelerate the pace of add-on acquisitions
respectively across adjacent markets and product line extensions
 Opportunity to improve the go to market strategy by

significantly increasing the sales force to drive deeper
customer engagements
 Opportunity to accelerate the move to a simulation

cloud platform to drive additional growth
 Market Leader: Blue chip customer set with an average tenure of 25+ years among the top 50 customers
 Stable Industry Dynamics: Secular tailwinds in a market projected to grow 5 - 10%
 Revenue Stream Diversity: Diverse geographies and end-markets
 Revenue Model: Highly recurring revenue with strong renewal rates
 Cash Flow Profile: Strong EBITDA margins and low capex requirements result in robust cash flow
44
H.I.G. Advantage Illustrative Transaction – Project Phoenix
 A leading private Pharmacy Benefit Manager (“PBM”) in  Significant domain expertise with 2 very successful
the United States completed PBM investments (PMSI and Medical
Services Company)
 Primary business lines include:
 Successful history institutionalizing founder-run
 Pharmacy benefit management businesses and corporate carve-outs
 Mail order  Develop transition plan to professional management
 Specialty pharmacy  Help seller carve-out Project Phoenix from other
 Operates out of 2 main facilities in the United States intermingled assets / investments
 Revenue and EBITDA of ~$700mm and ~$35mm with  Proprietary opportunity that came from targeted search
20%+ topline growth for each of the prior 3 years after successfully exiting a similar business

 Leading Independent PBM – Strong market presence and value proposition enabling continued growth and success
 Founder owned business – Unique seller dynamics / desires requiring a creative partner / structure
 Stable / growing market dynamics – Recession resistant and growth in core markets of 5%+ for the foreseeable
future
 Favorable customer dynamics – Highly recurring, diversified and opportunity for organic growth
 Strong Cash Flow Dynamics
 Multiple avenues for value creation – Both organic and via M&A
45
Table of Contents
 Appendix
46
H.I.G. Advantage Illustrative Transaction – Project Niagara
Business Description H.I.G. Angle/Value Add
 Leading producer of organic acid salts  Significant chemicals expertise
 Primary end-market and uses include:  Nine acquisitions in sector since 2010
 Food: bacteria and mold prevention in baked goods
and processed / packaged meats  H.I.G.’s significant business development resources
could help accelerate the pace of add-on acquisitions
 Pharmaceutical: production of insulin and buffers in
kidney dialysis solutions  H.I.G. presence in Europe and South America
 Feed: bacteria and mold prevention in animal feeds provided unique capabilities relative to competing
and pet foods sponsors
 Operates 2 facilities in US and Netherlands  Business optimization opportunities
 Revenue and EBITDA of ~$135mm and ~$35mm,
 Professionalize family-owned business
respectively
 Expand product reach into new geographies
 Broaden core product base into new areas
 Market Leader: Dominant position in core food and pharma end-markets

 ~5x – 8x larger than closest competitor
 Stable Industry Dynamics: Cycle resistant end-markets
 Attractive Contractual Dynamics: Strong and stable revenue streams−contracts allow raw material pricing to be
passed through to customers
 Cash Flow Profile: Strong EBITDA margins and low capex requirements result in strong cash flow generation
 Add-on Opportunities: Build out food safety platform
47
H.I.G. Advantage Illustrative Transaction – Project Flashpoint
Business Description H.I.G. Angle/Value Add
 Leading independent Testing, Inspection and  Significant energy services expertise allowed us to get
Certification (“TIC”) platform up to speed on the business and end markets quickly
 Expertise in crude, fuels, biofuels and chemicals  Prior H.I.G. investments include Total Safety, Texas
Honing, Thermo Fluids, Comverge, CPower
 Serving the most active ports through a network of 50
facilities (45 laboratories)  Partnered with an experienced operating executive to
 Revenue and EBITDA of ~$215mm and ~$35mm, explore the investment opportunity and provide
respectively additional credibility during the process
 Optimization Opportunities
 Invest in additional service capabilities
 Expand business internationally
 Accelerate M&A program
 Market Leader: Largest independent TIC platform in North America

 Attractive Sector Trends: Critical, non-discretionary and recurring demand for Oil & Gas TIC services with base
sector annual growth of 5% to 8%
 Strong Customer Relationships: 98% of 2015 net sales derived from 500+ repeat customers
 Multiple Growth Levers: Significant growth available through new domestic and international offices, ancillary
services expansion and add-on acquisitions
 Exceptional Financial Momentum: Generated ~30% annual net sales growth since 2000; grew through the last
recession
48
H.I.G. LBO Fund I Investment Performance
(As of May 25, 2012)*
($mms)
Date of Equity Realized Unrealized Total Gross
3 3
Company Business Description Investment Invested Value Value Value Gross IRR MOIC
Connor A.G.A. Sports Flooring Sports flooring 1Q95 $ 1.5 $ 30.0 $ - $ 30.0 379% 20.0x
Heath Company Lighting/home control products 1Q95 1.5 31.7 - 31.7 152% 21.1x
IPM Service Corporation Auto parts mfg. 2Q95 5.6 - - - NM 0.0x
Precise International Swiss Army brand products 4Q95 6.2 - - - NM 0.0x
Specialized Vehicle Corp. (Transportation Tech) Specialty truck bodies trailers 2Q94 4.0 23.0 - 23.0 17% 5.7x
Johnstown Corporation Mfg. of steel/iron rolls 2Q96 2.5 1.8 - 1.8 NM 0.7x
Plastic Fabricating, Inc. Aerospace components 2Q96 0.3 10.5 - 10.5 93% 42.0x
ExcelTec International Corporation Water treatment equipment 1Q97 2.5 32.9 - 32.9 290% 13.2x
Milliken & Michaels, Inc. Accounts receivable mgmt. 2Q97 5.5 76.9 - 76.9 266% 14.0x
Heat, Inc. Window mfg. 2Q97 5.3 54.9 - 54.9 209% 10.4x
MicroNetworks (Sawgrass Electronics Group) Frequency control devices 4Q97 2.5 9.5 - 9.5 37% 3.8x
TASI (Cincinnati Test Systems, Inc.) Leak detection test equipment 1Q98 4.0 38.4 - 38.4 47% 9.6x
Vaupell Industrial Plastics Interior aircraft parts 1Q98 5.1 18.3 - 18.3 19% 3.6x
Orius, Inc. Telecom services 1Q98 9.8 70.7 - 70.7 268% 7.3x
Potpourri, Inc. Consumer catalogs 2Q98 2.2 44.9 - 44.9 104% 20.4x
Republic Industries, Inc. Mfg. of kitchen cabinets 3Q98 1.9 20.1 - 20.1 76% 10.6x
Allegient Systems, Inc. Bill review software 3Q98 2.7 12.9 - 12.9 15% 4.8x
OnQ Technologies, Inc. Semiconductor test/pkg. 4Q98 3.0 - - - NM 0.0x
Let’s Talk Cellular of America, Inc. Specialty retailer 2Q96 6.3 - - - NM 0.0x
Film Fabricators, Inc. Plastic packaging 4Q96 6.0 1.2 - 1.2 NM 0.2x
Harbor Technologies, Inc. (Maxnet Systems) Network services 2Q98 4.4 - - - NM 0.0x
Agere, Inc. Switch processors 4Q98 1.0 27.4 - 27.4 798% 27.4x
Other 2Q99 1.1 - - - NM 0.0x
Realized Investments $ 84.9 $ 505.0 $ - $ 505.0 89% 5.8x
Gordon Contractors Commercial roofing services 2Q99 $ 3.0 $ 0.4 $ 2.2 $ 2.6 NM 0.9x
Unrealized Investments $ 3.0 $ 0.4 $ 2.2 $ 2.6 NM 0.9x

Net Performance 4 71% 4.7x
* Figures are quarter end estimates
49
H.I.G. LBO Fund II Investment Performance
($mms)
Date of Equity Realized Unrealized Total
Company Business Description Investment Invested Value Value Value Gross IRR3 Gross MOIC3
Republic Industries Manufacturer of kitchen cabinets 4Q98 $ 2.8 $ 29.6 $ - $ 29.6 76% 10.6x
Allegient Systems Bill review software 4Q98 3.9 18.9 - 18.9 15% 4.8x
OnQ Technology Semiconductor packaging specialist 4Q98 4.4 - - - NM 0.0x
Orius Telecom services 1Q99 3.5 18.5 - 18.5 422% 5.2x
Gordon Contractors Commercial roofing services 2Q99 5.5 6.0 - 6.0 1% 1.1x
Thane International Direct marketing company 2Q99 7.7 92.7 - 92.7 28% 12.0x
Haverstick Consulting Business management solutions 2Q99 6.2 0.4 - 0.4 (27%) 0.1x
CyLex Systems Web-based imaging software 3Q99 6.0 0.6 - 0.6 (45%) 0.1x
National Product Services Merchandising services 3Q99 6.3 16.2 - 16.2 28% 2.6x
Lombard Technologies Plating and surface finishing 4Q99 9.4 - - - NM 0.0x
Happy Kids Children's apparel 4Q99 9.6 1.9 - 1.9 (40%) 0.2x
Broadband Installation Services Residential cable services 2Q00 10.1 29.6 - 29.6 21% 2.9x
Pinkerton Computer Consultants IT staffing 3Q00 5.6 21.1 - 21.1 27% 3.8x
Sunshine Media Group Specialty publishing 1Q01 4.7 0.9 - 0.9 (22%) 0.2x
Thermo Fluids Oil recycling 1Q01 2.3 64.9 - 64.9 83% 27.8x
Source Electronics Corporation Semiconductor services 1Q01 8.4 9.9 - 9.9 2% 1.2x
Viasys Corporation Transportation infrastructure 3Q01 4.1 3.1 - 3.1 (4%) 0.8x
Chem Design Specialty chemicals 4Q01 1.6 0.4 - 0.4 (25%) 0.2x
Amerijet International Cargo services 4Q01 0.6 37.9 - 37.9 31% 60.5x
Claymont Steel Holdings Steel products 2Q02 11.3 267.8 - 267.8 118% 23.8x
Medical Services Company Insurance claims management 2Q02 5.7 196.9 - 196.9 246% 34.5x
JCNationwide Medical staffing 4Q02 5.5 6.3 - 6.3 7% 1.2x
DESA Holdings Branded consumer products 4Q02 14.6 - - - NM 0.0x
Transtar Metals Specialty metals 4Q02 1.4 47.1 - 47.1 149% 32.5x
TestAmerica Environmental Environmental testing and lab 1Q03 13.4 3.6 0.5 4.2 (13%) 0.3x
Team Products International Direct marketing 1Q03 9.2 - - - NM 0.0x
Accupac Specialty packaging 2Q03 3.1 9.5 - 9.5 11% 3.0x
Other 6.2 0.4 - 0.4 NM 0.1x
Realized Investments $ 173.3 $ 884.3 $ 0.5 $ 884.9 39% 5.1x
HealthSTAR Communications Marketing services 1Q01 14.9 - - - NM 0.0x

HealthSTAR Communications II Marketing services 2Q03 27.4 - - - NM 0.0x
Unrealized Investments $ 42.4 $ - $ - $ - NM 0.0x

4
Net Performance $ 215.7 $ 700.0 $ 0.5 $ 699.9 25% 3.2x
50
H.I.G. LBO Fund III Investment Performance
($mms)
Company Business Description Investment Invested Value Value Value Gross IRR3 Gross MOIC3
DESA Holdings Branded consumer products 4Q02 $ 30.0 $ - $ - $ - NM 0.0x
Transtar Metals Specialty metals 4Q02 3.0 97.1 - 97.1 149% 32.5x
Oasis Outsourcing Employee leasing 1Q03 3.3 46.0 - 46.0 142% 14.1x
Accupac Specialty packaging 2Q03 6.4 19.4 - 19.4 10% 3.0x
HALO Industries Promotional products 2Q03 2.5 24.1 - 24.1 76% 9.8x
Stream International Inbound call center 2Q03 2.8 62.0 - 62.0 129% 22.0x
Total Safety Air/respiratory safety systems 4Q03 11.8 68.8 - 68.8 95% 5.9x
APS Healthcare Mental health services 4Q03 8.6 104.6 - 104.6 103% 12.2x
Vaupell Industrial Plastics Medical plastics 4Q03 5.9 151.7 - 152.0 38% 25.7x
Consolidated Bedding Mattress manufacturer 1Q04 10.9 3.0 - 3.0 NM 0.3x
Securus Technologies Prison phone systems 1Q04 25.7 103.8 - 103.8 21% 4.0x
Motive Eyewear Optical products 1Q04 6.4 21.4 - 21.4 37% 3.3x
Rennhack Marketing Services Promotional products 2Q04 14.9 - - - NM 0.0x
InGEAR Corporation Luggage manufacturer 2Q04 4.1 - - - NM 0.0x
Service Net Warranty International Extended warranty provider 4Q04 10.2 70.9 - 70.9 120% 7.0x
Supra Telecom Telecom service provider 1Q05 2.0 1.0 - 1.0 (18%) 0.5x
Rotorcraft Leasing Company Helicopter leasing services 3Q05 18.2 14.7 - 14.7 NM 0.8x
HFI Interior automotive parts 4Q05 8.8 24.3 - 24.3 13% 2.8x
Shapes/Arch Holdings Aluminum extruded products 4Q05 10.1 - - - NM 0.0x
Ideal Image Development Hair removal centers 2Q06 2.8 30.3 - 30.3 55% 10.7x
AlignNetworks Insurance services 2Q06 1.5 58.1 - 58.1 104% 38.5x
Easy Gardener Products Consumer lawn and garden 2Q06 12.9 2.2 - 2.2 (24%) 0.2x
Die Cuts With a View Scrapbooking products 3Q06 4.0 - - - NM 0.0x
Gould & Lamb Workers comp administration 3Q06 8.1 70.9 - 70.9 384% 8.7x
K&K Ironworks Structural steel components 3Q06 3.6 - - - NM 0.0x
Augusta Lumber Lumber products 4Q06 17.0 20.2 - 20.2 3% 1.2x
Harvard Drug Group Generic drugs 4Q06 23.0 101.4 - 101.4 55% 4.4x
TestAmerica Environmental Services Environmental testing and lab 4Q06 15.5 3.4 1.6 5.0 (16%) 0.3x
Warrantech Corporation Extended warranty provider 1Q07 6.0 5.9 - 5.9 (0%) 1.0x
Westaff Staffing services 1Q07 9.5 7.6 - 7.6 (4%) 0.8x
Wexler Video Broadcast equipment leasing 1Q07 10.9 0.6 - 0.6 (36%) 0.1x
Safe-Guard Products International Extended warranty provider 3Q07 8.0 196.7 - 196.7 84% 24.6x
Encompass Group Affiliates Reverse logistics services 3Q07 7.0 0.2 - 0.2 (40%) 0.0x
Consolidated Bedding II Mattress manufacturer 2Q08 17.5 - - - NM 0.0x
Stant USA Corp. Automotive parts manufacturer 2Q08 2.1 1.8 - 1.8 (2%) 0.9x
Realized Investments $ 334.9 $ 1,312.3 $ 1.6 $ 1,314.3 50% 3.9x
Redfish Rentals Offshore equipment rental services 3Q06 21.2 - - - NM 0.0x
Unrealized Investments $ 21.2 $ - $ - $ - NM 0.0x
Net Performance 4 $ 356.1 $ 1,023.1 $ 4.0 $ 1,027.1 29% 2.9x
51
H.I.G. LBO Fund IV Investment Performance
($mms)
Com pany Business Description Investm ent Invested Value Value Value Gross IRR3 Gross MOIC3
Insight Global IT staffing company 2Q07 $ 5.9 $ 141.0 $ - $ 141.0 226% 24.0x
Gulf Fleet Offshore supply vessel company 2Q07 18.7 1.1 - 1.1 (61%) 0.1x
Consolidated Bedding Mattress manufacturer 2Q07 18.6 - - - NM 0.0x
Lucas Associates Mid-management recruiting services 3Q07 4.9 5.0 - 5.0 0% 1.0x
Farley Group Window s and doors manufacturer 4Q07 20.6 14.3 - 14.3 (21%) 0.7x
Flight Options Fractional jet 4Q07 10.8 14.0 - 14.0 9% 1.3x
Texas Honing Oil field services 1Q08 6.7 81.5 - 81.5 70% 12.1x
Vantage Specialties Chemical manufacturer 2Q08 14.8 187.4 - 187.4 100% 12.7x
Stant USA Corp Automotive parts manufacturer 2Q08 24.5 22.0 - 22.0 (2%) 0.9x
Dynasteel Corporation Industrial air filtration 3Q08 9.8 - - - NM 0.0x
Epic Production Technologies Lighting equipment rental 3Q08 5.8 0.5 - 0.5 NM 0.1x
PMSI Insurance administrator 4Q08 3.9 290.1 - 290.1 136% 74.9x
Service Net Warranty International Extended w arranty provider 2Q09 2.6 7.9 - 7.9 69% 3.0x
Integrity Solution Services Accounts receivable management 4Q09 25.8 0.2 - 0.2 NM 0.0x
Triad Digital Media Online advertising services provider 1Q10 0.5 3.0 - 3.0 82% 6.0x
Food Processing Holdings Food processor 1Q10 20.2 50.1 3.3 53.4 14% 2.6x
The Higher Gear Group Customer relationship solutions provider 2Q10 5.6 5.5 - 5.5 (0%) 1.0x
Progrexion Marketing Consumer credit information services 3Q10 16.0 273.8 233.6 507.4 226% 31.7x
AERT Plastics recycling 3Q10 8.0 42.6 - 42.6 30% 5.3x
Binder & Binder Social security disability consulting 3Q10 13.3 - - - NM 0.0x
Cardell Cabinetry Kitchen/bath cabinetry manufacturer 4Q10 21.7 - - - NM 0.0x
Capstone Logistics Supply chain w orkforce solutions 1Q11 7.1 78.6 - 78.6 113% 11.1x
Cornerstone Chemical Company Chemical manufacturer 1Q11 22.3 142.8 2.1 144.8 62% 6.5x
Marine Acquisition Corp Boat parts manufacturer 1Q11 2.7 25.9 - 25.9 168% 9.6x
Next Generation Vending Vending services 3Q11 13.8 - - - NM 0.0x
TKC Correctional facility commissary services 1Q12 18.2 221.8 98.0 319.7 92% 17.6x
Infogix Data integrity softw are developer 2Q12 6.6 92.6 - 92.6 136% 14.0x
Arctic Glacier Packaged ice provider 3Q12 8.6 19.5 - 19.5 20% 2.3x
Big Tex Trailer Manufacturing Professional-grade trailer manufacturer 4Q12 23.9 219.1 - 219.1 131% 9.2x
Raymond Express International Transportation solutions logistics provider 1Q13 14.0 - - - NM 0.0x
Cardell Cabinetry II Kitchen/bath cabinetry manufacturer 3Q13 14.3 - - - NM 0.0x
Realized Investm ents 5 $ 390.1 $ 1,940.1 $ 336.9 $ 2,277.0 58% 5.8x
All American Group Modular homes manufacturer 4Q09 $ 15.2 $ 0.1 $ 25.8 $ 25.8 8% 1.7x
TRAK Acquisition Accounts receivable recovery 4Q09 8.6 - 8.4 8.4 (0%) 1.0x
VAS Aero Services Aftermarket aviation components 4Q10 9.1 5.1 1.2 6.3 (8%) 0.7x
Pro-Pet. Private label pet food manufacturer 4Q10 13.0 - 10.1 10.1 (4%) 0.8x
Hart InterCivic Election voting systems provider 3Q11 8.1 - 23.0 23.0 18% 2.8x
California Forensic Medical Group Outsourced healthcare services provider 4Q12 12.0 17.4 36.4 53.8 45% 4.5x
ACG Materials Industrial gypsum miner and processor 4Q12 16.4 - 51.4 51.4 29% 3.1x
Onyx CenterSource Travel agency/hotel commissions processor 2Q13 22.4 44.4 65.4 109.7 52% 4.9x
Caraustar Industries Provider of recycled paperboard products 2Q13 20.6 16.9 49.1 66.0 50% 3.2x
Holland Acquisitions Land services provider to energy sector 2Q13 5.4 - 2.0 2.0 (21%) 0.4x
NextSource Outsourced labor and payroll provider 3Q13 7.8 - 0.4 0.4 (51%) 0.1x
Eletromidia Comercial LTDA Advertising solutions provider 3Q13 18.7 - 37.3 37.3 24% 2.0x
Lexmark Carpet Mills Carpet manufacturer 3Q13 16.9 22.1 21.0 43.1 67% 2.5x
DHISCO Electronic hotel transaction processor 4Q14 11.8 - - - NM 0.0x
ATX Netw orks Signal conversion equipment supplier 2Q15 12.4 - 12.8 12.8 2% 1.0x
Unrealized Investm ents $ 198.4 $ 105.9 $ 344.2 $ 450.2 21% 2.3x
Total Investm ents $ 588.5 $ 2,046.1 $ 681.1 $ 2,727.2 53% 4.6x
Net Perform ance 4 $ 591.0 $ 1,516.8 $ 544.1 $ 2,061.0 33% 3.5x
52
H.I.G. Europe LBO Fund I Investment Performance
(€mms)
Com pany Investm ent Invested Value Value Value Gross IRR3 Gross MOIC3
Diam Europe, S.A. 2Q07 € 1.9 € 19.0 € - € 19.0 981% 10.3x
Flight Options, LLC 4Q07 2.0 2.7 - 2.7 14% 1.4x
Europa Facility Holdings, Ltd. 1Q08 3.3 9.9 - 9.9 20% 3.0x
FNZ Holdings, Ltd. 1Q09 8.4 37.6 105.7 143.3 79% 17.0x
VNU Media, BV. 3Q09 4.6 9.2 - 9.2 28% 2.0x
VM Industries, S.A.S. 4Q09 1.0 8.4 - 8.4 40% 8.8x
Witex Flooring Products, GmbH. 1Q10 5.4 0.8 - 0.8 (40%) 0.1x
Saprogal, S.A. 2Q10 1.6 5.1 - 5.1 26% 3.2x
7(S), GmbH. 4Q10 17.6 33.1 0.8 33.9 14% 1.9x
Anvis, GmbH 4Q10 9.6 118.0 - 118.0 196% 12.3x
The Engine Group, Ltd 4Q10 25.8 32.4 - 32.4 6% 1.3x
SpotXchange, Inc. 4Q10 2.1 6.8 6.8 13.6 46% 6.6x
Looping Holdings S.A.S 1Q11 6.0 38.8 - 38.8 45% 6.4x
Aircom International, Ltd 1Q11 14.3 3.1 2.0 5.1 (20%) 0.4x
Fibercore, Ltd 1Q11 7.4 42.9 - 42.9 33% 5.8x
Walter Services Holding GmbH 2Q11 16.5 0.8 2.5 3.3 0% 0.2x
CTI Group S.A.S. 3Q11 9.2 7.3 2.1 9.3 0% 1.0x
HCS, GmbH 3Q11 42.7 197.8 2.3 200.1 47% 4.7x
Bezier Acquisition, Ltd 3Q11 12.5 (0.5) - (0.5) (68%) (0.0x)
Losberger, GmbH 3Q11 15.2 149.5 - 149.5 59% 9.8x
Green Buildings Group, GmbH 3Q11 28.5 - - - 0% 0.0x
Brand Addition, Ltd 1Q12 7.8 20.8 - 20.8 20% 2.7x
Alteo Holding S.A.S. 3Q12 6.4 22.9 4.3 27.2 33% 4.2x
ARM N.V. 3Q12 15.2 62.7 - 62.7 58% 4.1x
The International Schools of Europe Group 1Q13 15.5 43.5 1.5 45.0 42% 2.9x
Zmarta 2Q13 11.1 78.1 - 78.1 74% 7.0x
Realized Investm ents € 291.6 € 950.7 € 127.9 € 1,078.6 40% 3.7x
Synseal Extrusions, Ltd. 1Q10 € 30.5 € 1.7 € - € 1.7 NM 0.1x
HOA, LLC 1Q11 4.9 5.1 3.6 8.7 12% 1.8x
Duales System Deutschland GmbH 1Q11 19.0 3.6 34.6 38.2 17% 2.0x
Silentnight Group Ltd 2Q11 4.0 13.5 20.3 33.8 42% 8.4x
M.J. Maillis Group 2Q12 17.1 0.3 49.4 49.8 30% 2.9x
Tres60 4Q12 12.5 - 10.5 10.5 (4%) 0.8x
Weru GmbH 1Q14 14.5 - 17.3 17.3 5% 1.2x
Kondor Limited 1Q14 12.4 0.5 24.7 25.3 22% 2.0x
Smallsteps B.V. 3Q14 2.4 - 15.4 15.4 80% 6.5x
Compañía del Trópico 3Q14 6.7 - 15.9 15.9 33% 2.4x
Aviapartner 4Q14 0.8 - 3.8 3.8 79% 4.9x
Unrealized Investm ents € 124.7 € 24.8 € 195.5 € 220.3 13% 1.8x
Total Investm ents € 416.3 € 975.5 € 323.4 € 1,298.9 33% 3.1x
Net Perform ance 4 17% 2.3x
53
H.I.G. Contact Information
Global Capital Formation Team
Jordan Peer Managing Director & Head of Capital Formation jpeer@higcapital.com 212.314.1048
Asmat Doza Director, Capital Formation adoza@higcapital.com 212.506.0529
Thierry Edde Director, Capital Formation tedde@higcapital.com +44 (0) 207.318.5700
Lusha Roy Director, Capital Formation lroy@higcapital.com 305.379.4428
Justin Riedell Director, Capital Formation jriedell@higcapital.com 212.314.1044
George Webster Director, Capital Formation gwebster@higcapital.com 212.506.0514
Jens Winther Director, Capital Formation jwinther@higcapital.com 212.506.0504
Denise Ge Associate, Capital Formation dge@higcapital.com 212.506.0532
Alexia Klat Associate, Capital Formation aklat@higcapital.com +44 (0)20.7409.4607
Daniel Rodriguez Associate, Capital Formation drodriguez@higcapital.com 305.381.4018
Teresa Delacruz Capital Formation Coordinator tdelacruz@higcapital.com 212.314.1063
Americas
Miami Boston Chicago Dallas Atlanta New York San Francisco Rio de Janeiro
1450 Brickell Avenue 500 Boylston Street 155 N Wacker Drive 200 Crescent Court 1380 West Paces Ferry Rd 600 Fifth Ave. One Market – Spear Tower H.I.G. Brazil Investment
31st Floor 20th Floor Suite 4180 Suite 1414 Suite 1290 24th Floor 18 h Floor Advisory Ltda.
Miami, FL 33131 Boston, MA 02116 Chicago, IL 60606 Dallas, TX 75201 Atlanta, GA 30327 New York, NY 10020 San Francisco, CA 94105 Avenida Ataulfo de Paiva
Phone: (305) 379-2322 Phone: (617) 262-8455 Phone: (312) 214-1234 Phone: (214) 855-2999 Phone: (404) 504-9333 Phone: (212) 506-0500 Phone: (415) 439-5500 1351 Salas 701 e 801 Leblon
Fax: (305) 379-2013 Fax: (617) 262-1505 Fax: (214) 855-2998 Fax: (212) 506-0535 Fax: (415) 439-5525 Rio de Janeiro, RJ 22440-034
BRAZIL
Europe
London Hamburg Madrid Milan Paris
H.I.G. European Capital Partners H.I.G. European Partners GmbH H.I.G. European Capital Partners H.I.G. European Capital Partners Italy H.I.G. European Partners SaS
LLP Warburgstrasse 50 Spain S.r.l. 44, avenue George V
10 Grosvenor Street 20354 Hamburg Calle Alfonso XII 38, 5a Planta Via Santa Maria Segreta, 6 75008 Paris
London W1K 4QB GERMANY 28014 Madrid 20123 Milan FRANCE
United Kingdom Phone: +49 40 41 33 06 100 SPAIN ITALY Phone: +33 (0) 1 53 57 50 60
P +44 (0) 207 318 5700 Fax: +49 40 41 33 06 200 Phone: +34 91 737 50 50 Phone: +39 02 62 03 3115 Fax: +33 (0) 1 53 57 50 89
F +44 (0) 207 318 5749 Fax: +34 91 737 50 49 Fax: +39 02 62 03 4000
54
Endnotes
1. Any reference to a targeted return (e.g., IRR, MOIC) contained herein is merely an estimated “target” calculated using a model and is based upon assumption determined by
H.I.G. and, therefore, inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those predicted or anticipated. Gross
target returns reflect fund level returns on an investment-by-investment basis before allocation of management fees, general fund expenses, other expenses borne by
investors and any carried interest to the general partner, but after any expenses directly related to such investments. Such target returns are based on H.I.G.’s belief about
returns that may be achievable on investments that H.I.G. intends to pursue in light of its experience with similar investments historically, the view on current market
conditions, and certain assumptions about investing conditions, hold periods, availability of financing, and exit opportunities. While the targeted performance is based on
assumptions that H.I.G. believes are reasonable, there are many risk factors that could cause H.I.G.’s assumptions to prove to be incorrect. These risks therefore could
cause the actual performance to be materially different from the current targeted performance. Such risks may include, without limitation: (i) future operating results; (ii)
availability of financing and interest rates; (iii) the value of assets and economic and market conditions at the time of disposition; (iv) legal and contractual restrictions on
transfers that may limit liquidity; (v) any related transaction costs and (vi) the timing and manner of sale and related fund level reserves. No assurance, representation or
warranty is made by any person that any targeted returns will be achieved or that investors will be able to avoid losses, and no recipient of this document should rely on such
targets. None of H.I.G. or any of its respective directors, officers, employees, partners, shareholders, advisors and agents makes any assurance, representation or warranty
as to the accuracy of any targeted returns. In addition, prospective investors are encouraged to contact H.I.G. to discuss the procedures and methodologies (including
assumptions) used to calculate targeted returns.
2. “H.I.G. U.S. Buyout Funds” are comprised of the following: H.I.G. Investment Group, L.P., H.I.G. Capital Partners II, L.P. (together with its parallel fund), H.I.G. Capital
Partners III, L.P. (together with its parallel fund), H.I.G. Capital Partners IV, L.P., H.I.G. Capital Partners V, L.P. (“Fund V”), Middle Market Fund I (which is comprised of
investments made by the H.I.G. Middle Market investment team in middle-market buyouts from a $1.25 billion allocation of capital from H.I.G. Bayside Debt & LBO Fund II,
L.P.), and H.I.G. Middle Market LBO Fund II, L.P. (“Middle Market Fund II”). Performance returns included in this Presentation for the H.I.G. U.S. Buyout Funds are calculated
as of September 30, 2017, unless otherwise noted. “NM” or “Not Meaningful” is used to reflect circumstances for Fund V (2014) and Middle Market Fund II (2015) where the
IRR calculations and net MOIC calculations would not, in H.I.G.’s view, be meaningful due to the fact that both funds are in the early stages of their respective investment
periods. Combined returns shown for the H.I.G. U.S. Buyout Funds are based on a weighted average of the invested capital of each underlying fund (excluding Fund V and
Middle Market Fund II); therefore, no individual investor experienced the combined investment performance included herein. The investment track record presented herein
represents investments made by the H.I.G. U.S. Buyout Funds using an investment strategy different from that to be used by the Fund. As such, the results of the H.I.G. U.S.
Buyout Funds cannot be used to predict the Fund’s investments or performance returns.
3. Gross IRR refers to the aggregate, annual, compound, gross internal rate of return on investments and does not reflect the deduction of management fees, general fund
expenses, carried interest and other expenses borne by investors. Gross MOIC is measured as total value divided by total equity investment. All gross IRRs and MOIC are
based on estimates as of September 30, 2017, unless otherwise noted. Calculations used herein which incorporate estimations of the “unrealized value” of remaining
investments represent valuation estimates made by H.I.G. using assumptions that H.I.G. believes are reasonable relating to each particular investment. Such estimates are
subject to numerous variables which change over time and, therefore, amounts actually realized in the future will vary (in some cases materially) from the estimated gross
“unrealized values” used in connection with calculations referenced herein. Combined returns shown for the H.I.G. U.S. Buyout Funds are based on a weighted average of
the invested capital of each underlying fund (excluding Fund V and Middle Market Fund II); therefore, no individual investor experienced the combined investment
performance included herein. Past performance is not a guarantee of future results, and there can be no assurance that comparable results will be achieved.
4. Net IRR and net MOIC reflect fund level returns after allocation of management fees, general fund expenses, other expenses borne by investors and any carried interest to
the general partner, and after any expenses directly related to such investments. All net returns referred to herein are based on proceeds and estimated valuations as of
September 30, 2017, unless otherwise noted. Calculations used herein which incorporate estimations of the “unrealized value” of remaining investments represent valuation
estimates made by H.I.G. using assumptions that H.I.G. believes are reasonable relating to each particular investment. Such estimates are subject to numerous variables
which change over time and, therefore, amounts actually realized in the future will vary (in some cases materially) from the estimated “unrealized values” used in connection
with calculations referenced herein. Combined returns shown for the H.I.G. U.S. Buyout Funds are based on a weighted average of the invested capital of each underlying
fund (excluding Fund V and Middle Market Fund II); therefore, no individual investor experienced the combined investment performance included herein. Management fees
for the H.I.G. U.S. Buyout Funds are 2%, and carried interest ranges from 20% to 25%. No individual investor experienced the investment performance indicated herein with
respect to Middle Market Fund I, which is comprised of investments made from an allocation of capital from a larger investment fund without formal separation. An individual
limited partner’s net IRR may vary based on the timing of capital contributions and distributions. Past performance is not a guarantee of future results, and there can be no
assurance that comparable results will be achieved.
55
Endnotes
5. Realized investments reflect investments which have been sold or written off, as well as partially realized investments which have generated realized proceeds in excess of
2.0x of the equity invested.
6. Based on total capital commitments managed by H.I.G. Capital and its affiliates. Capital by strategy reflects total commitments as allocated by the general partners of private
funds affiliated with H.I.G. Capital to the relevant investment strategy.
7. Vintage reflects the year during which each fund completed its first investment.
8. Middle Market Fund I is comprised of investments made by the H.I.G. Middle Market investment team in middle-market buyouts from a $1.25 billion allocation of capital from
H.I.G. Bayside Debt & LBO Fund II, L.P. The allocation of capital was part of a larger portfolio of investments without formal separation and, therefore, no individual investor
experienced the investment performance indicated herein with respect to Middle Market Fund I.
9. Represents total number of closed deals between $250 million and $1 billion logged by Sutton Place Strategies, a third party consultant, for 2015 and 2016.
56

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Advantage Buyout Fund

Not For Distribution – Highly Confidential

 H.I.G. Capital Overview

 H.I.G. Advantage Buyout Fund Investment Strategy

 H.I.G. Buyout Funds - Track Record

 Case Studies / Illustrative Transactions

 Middle Market Value-Add Case Studies

 Sample H.I.G. Advantage Illustrative Transactions

 H.I.G. Capital Overview

 H.I.G. Advantage Buyout Fund Investment Strategy

 H.I.G. Buyout Funds - Track Record

 Case Studies / Illustrative Transactions

 Middle Market Value-Add Case Studies

 Sample H.I.G. Advantage Illustrative Transactions

 600+ employees; ~350 investment professionals

 Founded in 1993; over $24bn6 of capital under management

 Executed over 300 control investments

 Established track record / strong investment returns

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Private Equity Real Estate Credit

SMALL-CAP TO MID- OPPORTUNISTIC REAL DISTRESSED /

 H.I.G. Capital Overview

 H.I.G. Advantage Buyout Fund Investment Strategy

 H.I.G. Buyout Funds - Track Record

 Case Studies / Illustrative Transactions

 Middle Market Value-Add Case Studies

 Sample H.I.G. Advantage Illustrative Transactions

 Businesses with $25mm to $100mm of EBITDA

 Targeting 12-15 equity investments ranging from $100mm to $250mm

 Target market leading companies which demonstrate a differentiated value proposition

 Supplemented by a large team of approximately 185 global buyout professionals

Executives 50+ Senior

Target EBITDA $10mm - $35mm $35mm - $100mm $25mm - $100mm

Target Company Complex, stressed Complex, stressed Stable, less

Actual / Target Actual: Actual: Target:

Typical Transaction Characteristics

Typical Transaction Characteristics - AVOIDED

 Overly complex industries or business dynamics  Business with difficult-to-quantify contingent

 Refrain from deploying capital in overheated markets

 Don’t “over pay” and “over-leverage” investments

 Avoid investments in “Value Trap”, secularly declining businesses

 Institutionalized risk mitigation

 Diversified portfolio construction

 Institutionalized due diligence and approval process

 Creative deal structures to capture asymmetric risk/reward

 Focus on capital-efficient business models

 Favor recurring revenue service businesses with significant operating leverage

 Avoid capital intensive businesses

 Emphasize free cash flow generation

* Investment Committee Member

Pete Gudwin J.H. Whitney M.B.A. Columbia Business School

Matt Hankins Sterling Partners M.B.A. University of Chicago

Michael Kuritzky M.B.A. University of Pennsylvania

Chris Byrne CPP Investment Board M.B.A. University of Pennsylvania

Rahul Ketkar 3G Capital

Matthew Gaeta Kinderhook Industries

Deborah Lee Macquarie

Camilo Horvilleur, Managing Director [ ], Managing Director

Industrials Natural Resources and Chemicals Tech, Media and Telecom

William Nolan, Managing Director

H.I.G.’s Proprietary Sourcing H.I.G.’s Middle Market Business Network

~112 U.S. Private Equity  Investment bankers and

~350 Global Investment Professionals Marketing & Cross-Selling Activities