Cuyahoga Ridge Fund III Letter and Report

Hey Laura, every quarter I write our letter to investors on a Sunday, and the report is our administrator's export with our logo on it. The same three investors call with the same questions every time. Make this quarter's letter and report for our third fund as one PDF: a two page letter from me in plain words, a one page summary of the fund, a page on each company we bought or sold, a page on the two companies that missed plan, a table of all eleven companies, and the cover email. Use every figure below exactly as given. This is a sample; the firm, the fund, the companies and every figure are invented, and none is a real return. We're Cuyahoga Ridge Partners in Cleveland; we buy family owned industrial and business services companies with $5 million to $40 million in revenue. Fund III closed at $310 million in 2024 and has called 46% of it. Its net multiple on paper is 1.4 times. This quarter we bought Lakeshore Fluid Power, a hydraulics repair company in Toledo with $18 million in revenue and 96 people, from its founder of 31 years, who stays on as an adviser. We sold Brightwater Labels, a label printer in Erie, to a larger packaging company, at 2.6 times what the fund paid. Across the eleven companies, revenue grew 9% and profit 12% from a year ago. The two that missed plan are Keystone Millwork in Pittsburgh and Shoreline Windows in Grand Rapids, both hit by slower home building; Keystone has a new CFO and Shoreline cut a shift. The other companies are Harborline Freightways, Allerton Machine, Lakeshore Fluid Power, Tri County Fire Protection, Monarch Uniform, Erie Scale Service, Pioneer Compressed Air, Clearbrook Testing and Summit Pallet. Next quarter: two companies go to market in the spring. Our colors are dark green and stone, and investors reach us at investors@cuyahogaridge.example.