Welcome to Kelly Holdings LLC

THE NSI TRANSACTION

In 2003, one of Kelly Holdings' affiliate companies acquired National Service Industries (NSI), a New York Stock Exchange-listed company. After creatively structuring a transaction that unlocked over $100 million of equity value for the public shareholders of NSI, we purchased 100% of this company and took NSI private within six months of our first meeting with the board.

From 2003 through 2006, NSI management and Kelly Holdings worked together to separate NSI's two main businesses, envelope manufacturing (Atlantic Envelope) and textile rental services (National Linen & Uniform Service), into separate and distinct operating companies that were respected market leaders. The combined companies employed over 5,000 individuals and generated $530 million in annual revenues. We invested significant capital to streamline both operations.

In 2006, we sold both stand-alone businesses to large, privately-held strategic acquirers. These two sale transactions were the culmination of approximately $300 million of successful asset sales and shareholder distributions. This transaction generated a 105% annual return on investment over a 3.5 year period.

THE CAR BARN TRANSACTION

In 1996, an affiliate company of Kelly Holdings acquired for $6 million, via FDIC auction, significant acreage located approximately one mile from Los Angeles International Airport (LAX). LAX is the world's fifth busiest passenger airport with over 60 million passengers annually.

Kelly Holdings realized the inherent value in transforming this undervalued, prime parcel of real estate into a major parking complex along the main corridor leading to LAX on Century Boulevard.

The firm invested $17 million building the 1,700 spot parking campus and, after normalizing the operations, sold the parking compound in 1999 for approximately $55 million to The Parking Spot, a national chain of airport parking facilities controlled by the Pritzker family.

THE DYNEX TRANSACTION

In 2000, NYSE-traded Dynex Capital Inc. (DX - NYSE) lost a jury verdict that required the company to post a $24 million cash appeal bond within ten days. Since Dynex had limited liquidity to fund $15 million of the required cash, the company turned to Kelly Holdings to finance its short-fuse capital need and stave off an imminent bankruptcy filing.

Within 24 hours of first meeting with the company's board, Dynex had an executed commitment letter from Kelly Holdings to fund the entire $15 million appeal bond shortfall. In less than one week, we funded the rescue package and within four months our bridge loan was repaid in full. Later that same year, Kelly Holdings purchased $110 million of assets from Dynex in order to provide the company with additional liquidity beyond the preliminary bridge loan.