SENATE.

SENATE.
• •
• • • •
THt: ANNUAL RE 0
T
of
MASSACHUSETTS CAPITAL RESOURCE CO PANY
.Relative to
·,ITS ACTIVITIES OR THE
. PERIOD ENDING AUGUST 31, 1991
(Senate No.
) (receiv
Au
(under Sectio 1 of
of the Acts of 1977)
Septe ber 3, 1991.
21,1991).
16
REPORT TO
THE CLERKS OF THE SENATE AND HOUSE
by
Massachusetts Capital Resource Company
September It 1991
1991]
SENATE - No. 1656
APPENDIX I
Investments completed by
Massachusetts Capital Resource Company
Se tember 1, 1990 to Aupst 31, 1991
,
Aspen Technology, Inc., .Cambridge
$1,500,000
Completed 5/7/91
Aspen Technology, provides process modeling software and services
to the che~icaI industry worldwide. Aspen Plus, the Company's core
product, is· recognized·as the technology leader. The product is used
for simulating chemically-based manufacturi~g processes to provide
more accurate information on which to base process design, capital
investment and pl~nt operation decisions. MCRC's investment will
provide additional capital to support rapid growth of the company
and in turn will create 21 additional jobs.
Autographix,. Inc., Burlington
$2,()()(j;OOO
Completed 12/27/ 90
Autographix is a leading supplier of presentation graphics software,
systems and services. Its workstation-based product is used by
corporate and government customers to produce 35mm slides,
overheads.and related presentation graphic products. MCRC's recent
financing will support the acquisition of Pansophic Systems. This
investment will support the growth of the Company and create 36 new
jobs.
Basic Health Management, Inc., Boston
$150,000
Completed 2/ 4/ 91
Basic Health Management (BHM) is a minority owned provider of
outpatient mental health, forensic mental health and residential
services in Massachusetts. In addition to its preventive and treatment
programs, BHM provides management conSUlting, technical assistance, needs assessment and project evaluation through a variety of
programs funded by the State of Massachusetts. MCRC's investmeut
will enable the Company to grow and create 12 new jobs.
6
SENATE - No. 1656
John R. Casey. Inc., Cambridge
$500,000
Completed 5/15/91
Casey, founded in 1947, has evolved into a regional distributor of
cleaning supplies and equipment. The company sells and engineers a systems approach to cleaning maintenance. This has helped Casey
obtain business from large accounts who are concerned with the total
cost concept of achieving a clean attractive atmospher,e in their
physical plants. MCRC's fmancing will support the acquisition of
W.T. Graham Company and will maintain 15 jobs.
Credit Technologies. Ine., Waltham
_$500,000
Completed 2/11[91,
Credit-Technologies, Inc. (CfI) was formed in 1989 by Dr. Brian E.
Boyle. CTI provides transaction p-r ocessing, consulting and
software/ hardware solutions for a wide variety of credit, collection
and related activities. MCRC's investment will provide capital to
support the Company's growth and help create 53 new jobs. .
Fetco International. Inc., Rockland
$1,000,000
Completed 9/11/90
Fetco, established in 1972 by K.en McCord, initially operated as an
importer of brass giftware from the Far East. At the present time it
is an importer and wholesale distributor of photo frames. The
company has grown rapidly and is now one of the top five companies
in the business. MCRC's investment will help fund Fetco's continued
growth and create 17 new jobs.
Foster Medical Supply, Inc., Dedham
$160,000
Completed 8/ 13/ 9 1
Foster Medical Supply is a leading distributor of medical supplies and
equipment, principally in the eastern United States. The Company
owns and operates seven branch operations, focusing on the nonhospital "alternate site" market segment (physicians practices, health
maintena~ce organizations, freestanding emergency centers, nursing
1991)
SENATE - No. 1656
7
homes and health care companies), along with selected profitable
hospital business. MCRC's recent investment was in support of the
business operations and will maintain 46 jobs.
Foster-Miller, Inc., Waltham
$2,000,000
Completed 7/29/91
is
Foster-Miller
an engineering company which specializes in the
development of new products for industrial clients and government
bureaus and agencies. The Company's engineering work emphasizes
mechanical engineering and analytical skills to develop creative
solutions which result in practical hardware. MeRC's fmancing will
help to expand and broaden the Company's product line and
accelerate the Company's growth. MCRC should receive credit for
50 new jobs in Massachusetts. .
Joan & David Helpern, Inc., Everett
$3,500,000
Completed 7/30/91
Joan & David is a leading designer, wholesaler and distributor of
upscale women's shoes. The shoes are manufactured by 22
independent manufacturing companies located in Italy, many of
which produce shoes exclusively for Joan & David. Strong
relationships with key manufacturers have allowed Joan & David to
operate as_an integrated manufacturing company without having to
own or manage the manufacturers. MCRC's financing will support
the growth of the business. As a result of MCRC's investment 36jobs
will be maintained and 10 will be created.
MPM Corporation, Franklin
$1,000,000
Completed 1/29/91
MPM manufactures a variety of screen/ stencil printers which are used
by electronic companies for the deposition of solder paste or epoxy
onto printed circuit boards and cement thick film onto ceramic
substrates creating hybrid microelectronic circuit. These applications
are required for the production of most electronic products including
computers, telecommunications equipment, automotive electronic
controls, consumer goods, military electronics and aerospace.
I
SENATE - No. 16S6
[Septa 'ret
MCRC's investment will provide working capital and enable the
company to expand its workforce by 23 people.
New Media Graphics, Billerica
$138,850
Completed 4/12/91
$ 81,ISO
7/12/9.
New Media Graphics (NMG) designs, manufactures and markets
computer graphics systems for OEM and end-user markets. All NMG
products are multi-media computer peripherals or boards that
combine video, graphics, text and sound. MCRC 'made its original
investment in 1984 and the most recent investments were needed to
support the Company's aggressive business plan. The new financing
will create ~ additional jobs, bringing our total job credit to 30.
Organizational Dynamics, Inc., Burlington '
$1,500,000
Completed 12/05/90
. $3,000,000
12/05/90
Organizational Dynamics, Inc. (ODI) is an international management consulting and training flTDl that helps organizations improve
quality, increase productivity and manage their human resources
more effectively. ODI's products and services are directed to clients
as · a system that integrates consulting services, custom designed
programs, pre-packaged programs and implementation capabilities.
MCRC's fm~cing will support the growth of the business and MCRC
anticipates creating 16 new jobs.
P AGG Corporation, Hopedale
$7SO,OOO~
Completed 3/7/91
PAGG was started in 1981 by Ed Price and Gary Qua. The Company
provides full turnkey electronic manufacturing services by integrating
a centralized management structure with four discreet manufacturing
divisions. PAGG has expanded its printed circuit board manufacturing capability by making a major investment in surface mount
equipment. MCRC's investment will help to expand and broaden the
Company's product line. MCRC should receive credit for 30 new jobs.
1991]
SENATE - No. 1656
9
Phoenix Controls Corporation, Newton
5750,000
Completed 12/14/90
Founded in 1985, Phoenix Controls designs and manufactures
integrated laboratory and building airflow controls for R&D facilities,
medical laboratorieS and chemical and biological processing areas.
The Phoenix products are designed to improve the containment and
elimination of hazardous fumes and vapors in the laboratory environment. This investment will provide working capital and in turn
the Company will expand its workforce by 21- people.
.Sippican, Inc., Marion
$3,000,000
Completed 9/27/90
Sippican designs and manufactures oceanographic instruments,
s~nobuoys, acoustic and radio frequency communicati.ons devices,
fuze and triggering devices, and associated support electronics. These
products are used primarily in Antisubmarine Warfare, Mine Warfare
, and Electronic Warfare by the United States Navy and other free
world navies, other departments of,the armed forces and in scientific
research~ M<;RC's investment was in support of the management ,
buyout and will maintain the current employment in excess of 260
employees.
Southworth Company, West Springfield
~2,,525,OOO
Completed 5/16/91
Southworth Company is a manufacturer of high quality typewriter
paper, 'stationary and envelopes. The Company also manufactures,
assembles and distributes a broad line of calendars and other dated
goods. MCRC's most recent investment will support the acquisition
of Time/Design. M CR C should receive job credit for 10 new jobs in
Massachusetts.
Taunton Silversmiths, Ltd, Taunton
$40,000
Completed 9/7/90
Taunton Silversmiths, a MCRC portfolio company since 1984,
manufactures silver and gold-plated holloware. This second
,
j
investment by MeRe was to support curreM opnt• •
difficult business enviromncDt.
Vim Technologies, Inc.• Waltham
Completed 3/6/91
SlOO,OOO
Vivid is a spin-off from Hologic, a current MeRe portfolio ~
and utilizes Hologic-S patented X-ray technoiocy. Vi •
•
a system for serceniDa checked bqpae. Last ~ tJais ._ _
was used to tUdomly 8CaD 1600 pieces of I. . . . at Lopa Airport.
The data eoI1ected at Logan has been stored on optical diK aad is
now being used to develop the software liecesIary to compleCe tb1s
system. This most recent financing is to support Vivid's growtla and
maintain the original 048 jobs.
ZMI Corporation, Woburn •
Completed 5/28/9 I
S I ,000,000
ZMI Corporation was formed "in 1979 to commercialize the pioneering
work of Dr. Paul Zoll·in the .field of noninvasive cardiac pacing. In
late 1989 ZMI simplified the operation of the instrument even more
by introducing a multipurpose electrode whicli can be used for pacing.
defibrillation and monitoring. MCRC's investment will provide
working capital and support the continued growth of ZMI. MCRC
should receive credit for the creation of 43 new jobs.