PROPRIETARY First Equity Copyright 2018 © First Equity Group, Inc. – 15 – Imtek / Holladay-Tyler Printing Inc. Value Creation First Equity identified the challenges to Holladay-Tyler very quickly and attempted to work with the four different unions to improve productivity. Failing the cooperation, and after substantial capital investment, the company was reengineered to be a smaller, nimble and profitable company (Imtek) in a modern facility Imtek went on to purchase D.R. Denman, a similar but high tech digital printer of maps, and has carved out a niche as the leading specialty technology and printing company serving the motor club industry. First Equity created value through structuring a complicated transaction with Southam which protected First Equity and Southam’s downside and offered significant upside potential. First Equity took quick steps to streamline the organization and protect against excess losses and preserve capital. Result − Imtek provided the capital to fund future growth acquisitions − Imtek was divested in February 2012 to IBS Direct