Avenir works directly with sellers or through professional intermediaries in evaluating acquisitions. When fee arrangements of an intermediary are not covered by the seller, Avenir will enter into a written agreement to pay an agreed fee to the intermediary who personally introduces a potential acquisition and contributes appropriately to the effort leading to a completed transaction.

Avenir is geared to respond promptly to acquisition prospects. For attractive possibilities, we are manned to move rapidly toward a definitive understanding and an early closing.

Avenir expects to pay full economic value for its acquisitions. Terms proposed in our offers typically are influenced by the relative size of the asset base, the sustained earnings and cash flow record of the business, and the level of risk or speculation associated with streams of future earnings and management's continuing performance.

On smaller transactions, Avenir usually acts alone. On larger ones in which Avenir has the lead, we may form a consortium of partners to expand the base of equity investors and the level of specialized industry experience available to the business. Normally, we provide opportunities also for key management to become equity holders.