Dear Friends and Colleagues,

2018 was a busy time for the RLH family of companies as we welcomed two new entrants into the portfolio and are preparing to add another exciting business in Q1 2019.  In addition, during the past twelve months, three companies with which we had worked closely for a number of years transitioned to new ownership.

The fast-growing businesses that entered our portfolio are:

Biorasi, an award-winning contract research organization that accelerates drug and device clinical development for life sciences companies by designing, organizing, and managing clinical trials around the world. Biorasi has developed a reputation for superior outcomes for its clients, as shown by key indicators such as speed of patient enrollment, timeliness and accuracy of data gathering, quality of data analysis, and ability to adapt trial parameters based on real-time analytics.

A specialized business that develops and sells sophisticated software-based products that are used by national security agencies. This enterprise was acquired by our portfolio company Illuminate Holdings, which is a premiere multi-source intelligence solutions business.

Also, we are currently working towards closing an investment in an exciting high-intellect global consulting services business that helps blue-chip enterprise clients drive revenue growth.

Over the course of 2018, we achieved three successful exits:

Our portfolio company, Avella Specialty Pharmacy, after growing to become the largest privately-held specialty pharmacy in the United States, was acquired by a large diversified healthcare company. Avella serves patients with chronic and complex medical issues in 20 disease states including cancer, hepatitis C, infectious diseases, infertility, and vision impairment.

Our portfolio company Mondo was acquired by Addison Group, a leading professional services firm that offers a full suite of consulting solutions, staffing and recruiting capabilities, and executive search services across multiple sectors. Mondo is a national provider of top technical talent on a project basis for enterprise clients’ digital and creative marketing endeavors, software initiatives, and general IT needs.

The business and operations of our portfolio company, Total Woman, were acquired by Town Sports International Holdings, Inc. (Nasdaq: CLUB). Total Woman operates women-oriented fitness and day spa clubs in California that offer personal training, group exercise classes, and skin and body care services in a sophisticated but affordable environment that is consistent across all its clubs.

We look forward to welcoming more enterprises into our portfolio in 2019 and invite your referrals of strong management teams that are building market-leading, high-growth, profitable businesses in the $25 – 150 million revenue range within the sectors of business services, healthcare, and government services.  On behalf of the entire RLH team, we hope that 2019 is a wonderful year for you and all the people who make your business endeavors successful!