Wednesday, January 26, 2011

Significant ARC shareholder - Stadium Capital Management - files current Schedule 13G with SEC

Stadium Capital Management files Schedule 13G to report current position in stock of American Reprographics Co (ARC).

To be perfectly frank, the way the SEC requires completion of schedules that reveal significant (more than 5% ownership) holdings in public companies is quite confusing for average idiots like me. I’m sure “financial” people and securities lawyers understand these reports “at a glance”, but, since I’m neither a finance person or a securities attorney – as I said, I am just an average idiot - I really haven’t a clue as to whether Stadium Capital Management’s most recent 13G means that SCM (and its affiliates) own, collectively, 35.5% of ARC’s outstanding shares or 15.3% of ARC’s outstanding shares or 10.1% of ARC’s outstanding shares or some other percentage. You can read the Schedule 13G filing yourself and come to your own conclusion.

As of September 30, 2010, it was reported that Stadium Capital Management owned 3,831,975 shares, or approximately 8.4% of ARC’s outstanding shares. (This, per the “Institutional Holders” list reported on

In a Schedule 13G filing, filed with the SEC by Stadium Capital Management (and affiliates) on January 26, 2011, Stadium Capital Management (and affiliates) reported these positions in ARC shares:

SC 13G

Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities by passive investors and certain institutions. Filed on 01/26/2011.

(a) The names of the persons filing this statement are:

*Stadium Capital Management, LLC ("SCM");

*Alexander M. Seaver ("Seaver");

*Bradley R. Kent ("Kent");

*Stadium Relative Value Partners, L.P. (“SRV”);

(collectively, the "Filers").

SRV is filing this statement jointly with the other Filers, but not as a member of a group and expressly disclaims membership in a group.

(b) The principal business office of the Filers is located at:

550 NW Franklin Avenue, Suite 478, Bend, OR 97701.

Holdings and Percentage of Outstanding shares held by each “reporting person”:

*Stadium Capital Management, LLC - 4,627,245 shares, 10.1% (of outstanding stock)

*Alexander M. Seaver - 4,627,245 shares, 10.1% (of outstanding stock)

*Bradley R. Kent - 4,627,245 shares, 10.1% (of outstanding stock)

*Stadium Relative Value Partners, L.P. - 2,382,667 shares, 5.2% (of outstanding stock)

At this Internet address -

I found some “biographical” information about Alexander Seaver:

Alexander M. Seaver is co-founder and managing partner of Stadium Capital Management LLC.


BA in Economics Harvard 1982

MBA Stanford 1986

Member of Harvard Tennis Team - 3-time All American in '81-'83


Earlier in his career, he worked at investment firm Hambrecht & Quist. Later he was a General Partner at InterWest Partners and was a co-founder and partner of Seaver Kent & Company.

Stadium Capital Management is an investment / investment management enterprise; the recent article that follows talks about Stadium Capital Management’s position in another public company

Stadium Capital Reports $7.3 Million Stake in BlueLinx (Dec 23, 2010)

ATLANTA -- Stadium Capital Management LLC has reported a 6 percent stake worth $7.29 million in BlueLinx Inc. (NYSE: BXC), according to an SEC filing.

The Bend, Ore.-based hedge fund sponsor, with an office in New Canaan, Conn., said it owned 1.96 million shares in the Atlanta-headquartered distributor of building products. The stake's value is based on the stock's Dec. 22 closing price of $3.72 per share.

Stadium holds the position through Stadium Capital Partners LP, co-founder Alexander Seaver and Managing Director Bradley Kent.

Employing approximately 2,000 people, BlueLinx offers greater than 10,000 products from over 750 suppliers to service approximately 11,500 customers nationwide, including dealers, industrial manufacturers, manufactured housing producers and home improvement retailers.

In the third quarter ended Oct. 2, BlueLinx reported a net loss of $14.90 million, or 48 cents per share, compared with a net loss of $13.50 million, or 44 cents per share. Revenues increased 3.4 percent to $464.7 million, from $449.4 million for the same period a year ago.

Stadium Capital, founded in 1997, invests in U.S. public equity markets

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