Western Window & Door Corp., Phoenix, AZ

In February 2000, DCC Growth Fund invested $1 million as part of a $5.8 million financing package to accomplish the management buy-out of a corporate divestiture, thereby creating a small business. In July 2001, the Fund invested an additional $1 million and in August 2001 the Fund made a third investment of $250,000 to help the company meet the demands of rapid growth. The investments are in the form of 12% Series A Cumulative Redeemable Preferred stock.

Western Window and Door Corp. manufactures and installs custom and semi-custom aluminum windows and doors for the luxury home and light commercial market in Arizona and the surrounding states. About 70% of sales are directly to contractors and 30% of sales are through distributors. A strategic acquisition resulted in the manufacturing operations being consolidated at the Habitually Underserved Business (HUB) Zone facility. It is noted that the parent company was sucking out cash to the extent this manufacturing division could not pay its creditors. Staying alive was the issue and growth was not a possibility.

The Company anticipated doubling its Phoenix, Arizona HUB Zone manufacturing facility and planned to significantly increase its 115-person workforce.

To meet operational needs in 2002 and 2003, DCC Growth Fund provided an additional $718,700 in bridge loan financings, bringing the total amount of financing provided by the Fund to $2,968,700.