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Wicks Investment Strategy Wicks seeks to acquire, at attractive prices, and develop undermanaged companies in selected segments of the communications, information and media industries, by: |
 Wicks Strategy |
| 1. |
Investing at strategic inflection points in industry development. By identifying market discontinuities and emerging trends ahead of other market participants, Wicks is positioned to invest at favorable prices relative to current and future values. All of the Firm's target industry segments are continuing to experience significant change as a result of competitive, technological, and regulatory developments, thereby creating attractive investment opportunities. |
| 2. |
Exploiting the Firm's advantage as a privileged buyer. By capitalizing on the Firm's network, Wicks benefits from a continuous and proprietary flow of investment opportunities. The Principals are well acquainted with owners, operators, leading brokers and investment bankers, industry associations, researchers and other people of knowledge and influence in each target sector. These contacts include both sources for purchase of mid-size and smaller free standing companies and senior executive management of large companies that contain attractive non-core businesses. |
| 3. |
Acquiring companies in mid-size geographic markets and special interest segments. Generally, these businesses are privately held or non-core divisions of large corporations which operate in mid-size geographic markets or special interest segments. Companies in these sectors tend to be undermanaged, carry excess costs, suffer from a lack of resources, and face less competition. As a result, managerial, operational and financial improvements are readily identifiable. Due to their relatively small size and complexity, these businesses are frequently overlooked by large strategic and financial buyers, and consequently can be purchased at lower multiples, often on a private basis without an auction. Capital markets are less efficient for these businesses, allowing Wicks to invest on more favorable terms. |
| 4. |
Grouping related businesses into operating clusters. Wicks seeks to acquire one or more platform businesses in each sector and make subsequent add-on investments as a strategic buyer to gain consolidation benefits, economies of scale and scope, greater market penetration and coverage, and stronger management teams. Clustering these businesses produces rapid increases in operating cash flow. With increasing deregulation, Wicks foresees the opportunity to incorporate additional local media businesses into geographic operating clusters, thereby achieving further efficiencies and benefits. |
| 5. |
Driving management performance. Wicks actively builds and incentivizes strong management teams, institutes rigorous business planning and control processes, participates actively in growth planning and operational improvement programs, and measures progress in each of its investments against high performance standards. |
[ Wicks Communications & Media Partners, L.P. ]
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