Growth of a Not-Com.

BELINDA AND RON DAVIS opened their first drive-through coffee kiosk in Eugene in January 1996, calling it Caffe Diva. It was BeLinda's idea; she wanted a small business to supplement her income and meet her desire to serve customers. Ron pulled shots during the day while BeLinda worked at a credit union; she took over in the evenings.

The company grossed $54,000 that first year. This year, its revenues will approach $20 million.

No, that's not a misprint: Twenty million dollars.

How did this tiny coffee seller become a behemoth with 60 stores in six states in such short order? Through persistence, vision and a belief in quality roasted coffee and the power of first-rate customer service -- as well as some strategic acquisitions and interesting methods of raising capital. (Four of these deals appear on the following list of the year's big deals.)

"It's kind of taken on a life of its own," BeLinda Davis says.

Caffe Diva was lively from the start. By spring, the kiosk was profitable enough that BeLinda quit her day job; by June they'd opened a second location. BeLinda took over day-to-day operations, and Ron began to spend more time with financials.

"It became clear to me that this wasn't the type of business you see every day' he says. "I realized that our model -- the unit economics -- really worked. Our gross profit margins were strong, and the model could be replicated without tremendous capital investment.

Ron Davis had worked on Wall Street in the 1970s with Goldman Sachs and Dean Witter in syndication, arbitrage and institutional investment; he knew better than most what a good model looked like. But he also knew Caffe Diva's success depended upon expanding outside the coffee-soaked Pacific Northwest and having enough stores to compete with the ubiquitous Starbucks.

Still, he had little luck scaring up funding to do so. "By that time I was out of the capital circles," he admits.

Instead, they went for a Small Corporate Offering Registration (SCOR), which is a grassroots method for a small company to sell stock -- a sort of self-directed public offering. The company would sell from its kiosks: Customers would receive a prospectus with their lattes.

Shares went on sale in September 1997 for $1 each, with a minimum investment of $250. The SEC allows up to $1 million per year in direct sales through a SCOR, and the maximum was Caffe Diva's goal. By the following August the company had raised $987,000 -- enough to pay off the first two kiosks and open two more, but less than required for further expansion or equity for shareholders. Plus, the Davises were exhausted.

"It was hard, hard work," Ron Davis says of the constant promotion and legwork. "We were ready to quit more than once,"

Instead, they reorganized, with BeLinda letting Ron, with his finance and management background, take over operations while she concentrated on marketing and customer service training. "Running a public company wasn't my area of expertise," BeLinda says.

Still, Ron Davis wasn't able to generate larger investor interest, despite his own confidence in its numbers -- in particular its 25% profit EBITDA (earnings before interest, taxes, depreciation and amortization) at the store level. Caffee Diva was just too small to get on the capital markets' radar screen. So in early 1999, Davis approached KAL Equity Group, a Los Altos, Calif., investment banker, for advice.

KAL's recommendation: Acquire.

"The whole point was that we wanted a higher valuation for their stock," says KAL's Karen Carlon. "So we developed a consolidation plan." Instead of buying companies and selling off their parts, Caffe Diva would pick small drive-through competitors with good cash flow and fold them into the company by purchasing their assets for stock. That way, it could quickly build size and revenue with little cash out of pocket.

"Once we started, things started to happen," says Canon. Sales grew from $2 million to more than $15 million, and KAL generated trading interest in Caffe Diva's stock by getting it listed on the National Quotation Bureau, a real-time quotation service for stocks traded "over the counter." Even companies that initially spurned Davis' acquisition offer began to come knocking again.

Davis was approached by Bill Simmons of Portland-based Moonstruck, who was concerned about the future of Portland's Marsee Baking, with which Moonstruck had a baking agreement. "Bill said, 'Take a look at Marsee,"' Davis recalls, "but I crawled under the desk trying to get away."

He looked anyway and saw enough beyond Marsee's 40% spoilage rate and 200% employee turnover that he felt he could carve out the Portland stores and shore up a good brand that fit well with his coffee business. He bought it, plus Moonstruck's wholesale baking operation, two coffee roasters (Portland Roasting Company and Bend's Royal Blend Roasting) and drive-through coffee operations throughout the West.

When the smoke cleared, Caffe Diva owned kiosks in Texas, California, Idaho, Washington, Arizona and Oregon, plus two roasters and three baking operations. Annual revenue: $20 million.

"Ron recognizes that critical mass is important," says Alan Resnick, a professor at Portland State University's School of Business Administration and an acquaintance of Davis. "A few kiosks isn't enough to fight the Starbucks of the world. Mergers and acquisitions are the quicker and easier way to get to that critical mass."

Now Caffe Diva has announced plans to merge with San Diego-based Creative Host Services. The move will expand its reach to airport concessions across the country, create a company with annual revenues of $40 million and give Davis direct access to capital markets he's long wanted: Creative Host Services trades publicly on the Nasdaq Stock Exchange. Finally, Caffe Diva will be in a position to grow organically, though it means Davis will give up a considerable amount of control.

"We're now only 10% owners," says Davis, who will be CEO of the proposed company (BeLinda says she'll have a "limited role.") "But look what we get in return. We've struggled to raise capital, and a public company can do that for us. And from a shareholder perspective, it's a solid deal. They will now have an opportunity to get their reward. Or they can stick around for the ride."

 BIG DEALS OF THE YEAR
 Mergers, acqusitions, pubic offerings
 and private delas: Here's the lowdown on
 Oregon's top 180 deals of 1999.
 MERGERS & ACQUSITIONS 1999
PURCHASER
Location Business
Stephen Abouf and Steven Elorriaga Employee and
Portland private investor
ACI Management and Industrial Investment firm
Growth Partners, San Francisco, Calif.
Advanced American Diving Service Marine industrial
Oregon City projects
Barco Display Systems Monitor graphics controllers
Belgium and displays manufacturer
Barrett Business Services Human resource
Portland management
Barrett Business Services Human resource
Portland management
Barrett Business Services Human resource
Portland management
BCS America, subsidiary of Gardening equipment and
Estey Distribution Group, Portland specialty agriculture tractors
Blockbuster Entertainment Video rental chain
Dallas, Texas
PURCHASER ACQUIRED COMPANY
Location Location
Stephen Abouf and Steven Elorriaga Oregon Metal Slitters
Portland Portland
ACI Management and Industrial Associated Chemists, subsidiary of
Growth Partners, San Francisco, Calif. Lousiana-Pacific, Portland
Advanced American Diving Service M-Cutter
Oregon City Vancouver, Wash.
Barco Display Systems Metheus
Belgium Beaverton
Barrett Business Services Temporary Staffing Systems
Portland Gastonia, N.C.
Barrett Business Services TPM Staffing Services
Portland Irvine, Calif.
Barrett Business Services TSU Staffing
Portland Concord, Calif.
BCS America, subsidiary of BCS America, Charlotte, N.C.,
 subsidiary
Estey Distribution Group, Portland of BCS S.P.A., Milan, Italy
Blockbuster Entertainment First Stop Video
Dallas, Texas Portland
PURCHASER
Location Business Date
Stephen Abouf and Steven Elorriaga Flat rolled steel March
Portland distributor and processor
ACI Management and Industrial Wood product coatings December
Growth Partners, San Francisco, Calif. and printers
Advanced American Diving Service Marine industrial projects August
Oregon City
Barco Display Systems Computer graphics January
Belgium
Barrett Business Services Staffing services January
Portland
Barrett Business Services Staffing services February
Portland
Barrett Business Services Staffing services June
Portland
BCS America, subsidiary of Gardening equipment and June
Estey Distribution Group, Portland specialty tractors
Blockbuster Entertainment Video rental chain April
Dallas, Texas
PURCHASER Deal
Location Size
Stephen Abouf and Steven Elorriaga NWD
Portland
ACI Management and Industrial $49m
Growth Partners, San Francisco, Calif.
Advanced American Diving Service $4m
Oregon City
Barco Display Systems NWD
Belgium
Barrett Business Services $3m
Portland
Barrett Business Services $1.2m
Portland
Barrett Business Services $10.5m
Portland
BCS America, subsidiary of NWD
Estey Distribution Group, Portland
Blockbuster Entertainment NWD
Dallas, Texas
Bonita Pioneer Packaging Products Packaging products
Portland
Boyland Auto Group Auto dealerships
Portland
Boyland Auto Group Auto dealerships
Portland
Bright Wood Wood products
Madras
Cadence Design Systems EDA software
San Jose, Calif.
Caffee Diva Retail coffee sales
Portland
Caffe Diva Retail coffee sales
Portland
Caffe Diva Retail coffee sales
Portland
Caffe Diva Retail coffee sales
Portland
Bonita Pioneer Packaging Products Daishowa
Portland Winnepeg, Manitoba, Canada
Boyland Auto Group Beaverton Nissan
Portland Beaverton
Boyland Auto Group Birdwell Ford
Portland Astoria
Bright Wood Bend Wood Products
Madras Bend
Cadence Design Systems OrCAD
San Jose, Calif. Beaverton
Caffee Diva Marsee Baking
Portland Portland
Caffe Diva Moonstruck Chocolatler
Portland Portland
Caffe Diva Portland Roasting
Portland Portland
Caffe Diva The Bagel Basket
Portland Portland
Bonita Pioneer Packaging Products Packaging products October NWD
Portland
Boyland Auto Group Auto dealership April NWD
Portland
Boyland Auto Group Auto dealership June NWD
Portland
Bright Wood Window, door frame and January NWD
Madras millwork products
Cadence Design Systems Software September $121 m
San Jose, Calif.
Caffee Diva Specialty bakeries October $1.5 m
Portland
Caffe Diva Specialty bakeries October $1.5 m
Portland
Caffe Diva Coffee roasting January NWD
Portland
Caffe Diva Bagel bakery November $1.5 m
Portland
Card Capture Services ATM provider
Portland
Cascade Corp. Forklift equipment
Portland manufacturer
Centennial Bank Financial services
Eugene
Certified Grocers Wholesale grocery
Commerce, Calif. cooperative
Chiquita Processed Foods Vegetable canning
New Richmond, Wis.
The Cobalt Group E-commerce
Seattle, Wash. (automotive marketing)
Columbia Distributing Wholesale beer and
Portland wine distributor
Computer Sciences Computer consulting
Los Angeles, Calif.
Concentrex (formerly CFI ProServices) Financial services
Portland software
Concentrex Financial services
Portland software
Concentrex Financial services
Portland software
Crown Pacific Partners Wood products
Portland
Dash Multi-Corp Chemical flooring and
St. Louis, Mo. coated fabric products
Dean Foods Food processor
Franklin Park, Ill, and distributor
Denali Waste management
Houston, Texas
Diedrich Coffee Retail coffee sales
Irvine, Calif.
Direct Focus Home exercise
Vancouver, Wash, equipment
Eagle Pacific Industries Pipe manufacturer
Minneapolis, Minn.
Electro Scientific Industries Electronic equipment
Portland manufacturer
Electro Scientific Industries Electronic equipment
Portland manufacturer
Employee stock ownership plan Employees of
Hood River Full Sail Brewing
Fairmont Capital Investment and
Orange County, Calif. management firm
Farwest Equipment, subsidiary of Golf course and turf
Estey Distribution Group, Portland care products
FirstWorld Communications Internet and data center
Denver, Colo. service provider
Fleet Pride Truck parts distributor
Deerfield, Ill.
FLIR Systems Thermal imaging
Portland products
Fluence Technology, subsidiary of Testing software
Credence Systems, Beaverton
General Tool & Supply Tool supplier
Portland
FN Nettest Network testing
Copenhagen, Denmark equipment
Grass Valley Group and Management Investment firm
Nevada City, Calif. and management
Card Capture Services North American Cash Systems
Portland Lafayette, La.
Cascade Corp. Forged Forks Division of Erectoweld
Portland Oakville, Ontario, Canada
Centennial Bank Northwest National Bank
Eugene Hazel Dell Branch, Vancouver, Wash.
Certified Grocers United Grocers
Commerce, Calif. Portland
Chiquita Processed Foods Assets of Agripac
New Richmond, Wis. Salem
The Cobalt Group PartsVoice
Seattle, Wash. Portland
Columbia Distributing Sid Eland
Portland Renton, Wash.
Computer Sciences ECS Integrated Technology Solutions
Los Angeles, Calif. Portland
Concentrex (formerly CFI ProServices) Modern Computer Systems
Portland Burnsville, Minn.
Concentrex Meca Software
Portland Trumbull, Conn.
Concentrex ULTRADATA
Portland Pleasanton, Calif.
Crown Pacific Partners Desert Lumber
Portland Las Vegas and Reno, Nev.
Dash Multi-Corp RB Rubber Products
St. Louis, Mo. McMinnville
Dean Foods Steinfelds Products
Franklin Park, Ill, Portland
Denali Plasti-Fab
Houston, Texas Tualatin
Diedrich Coffee Coffee People
Irvine, Calif. Portland
Direct Focus Nautilus International
Vancouver, Wash, Independence, Va.
Eagle Pacific Industries Pacific Western Extruded Plastic
Minneapolis, Minn. Eugene
Electro Scientific Industries Testec
Portland Phoenix, Ariz.
Electro Scientific Industries MicroVision
Portland Minneapolis, Minn.
Employee stock ownership plan Full Sail Brewing
Hood River Hood River
Fairmont Capital Shari's Management Corporation
Orange County, Calif. Beaverton
Farwest Equipment, subsidiary of Jenkins Machinery
Estey Distribution Group, Portland Concord, Calif.
FirstWorld Communications Transport Logic
Denver, Colo. Portland
Fleet Pride VantageParts
Deerfield, Ill. Portland
FLIR Systems Inframetrics
Portland Boston, Mass.
Fluence Technology, subsidiary of Opmaxx
Credence Systems, Beaverton Beaverton
General Tool & Supply Industrial Tool & Supply
Portland Tucson, Ariz.
FN Nettest PK Technology
Copenhagen, Denmark Beaverton
Grass Valley Group and Management Video Product Division of Tektronix
Nevada City, Calif. Wilsonville
Card Capture Services ATM provider January
Portland
Cascade Corp. Forklift products July
Portland manufacturer
Centennial Bank Financial services May
Eugene
Certified Grocers Wholesale grocery October
Commerce, Calif. cooperative
Chiquita Processed Foods Produce cannery April
New Richmond, Wis.
The Cobalt Group Auto parts April
Seattle, Wash. locator/marketer
Columbia Distributing Wholesale beer distributor March
Portland
Computer Sciences Computer consulting December
Los Angeles, Calif.
Concentrex (formerly CFI ProServices) Financial services January
Portland software
Concentrex Financial services May
Portland software
Concentrex Information management May
Portland systems
Crown Pacific Partners Wood products March
Portland
Dash Multi-Corp Recycled rubber products June
St. Louis, Mo.
Dean Foods Food products July
Franklin Park, Ill,
Denali Wastewater equipment January
Houston, Texas manufacturer
Diedrich Coffee Retail coffee sales July
Irvine, Calif.
Direct Focus Home exercise January
Vancouver, Wash, equipment
Eagle Pacific Industries Pipe manufacturer September
Minneapolis, Minn.
Electro Scientific Industries Electrical testing January
Portland manufacturer
Electro Scientific Industries Electronic equipment February
Portland manufacturer
Employee stock ownership plan Craft brewery July
Hood River
Fairmont Capital Restaurant chain February
Orange County, Calif.
Farwest Equipment, subsidiary of Turf care products January
Estey Distribution Group, Portland
FirstWorld Communications Internet service provider July
Denver, Colo.
Fleet Pride Truck parts distributor May
Deerfield, Ill.
FLIR Systems Thermal imaging products March
Portland
Fluence Technology, subsidiary of Testing software September
Credence Systems, Beaverton
General Tool & Supply Tool supplier January
Portland
FN Nettest Test measure equipment June June
Copenhagen, Denmark
Grass Valley Group and Management Video products September
Nevada City, Calif.
Card Capture Services NWD
Portland
Cascade Corp. NWD
Portland
Centennial Bank NWD
Eugene
Certified Grocers NWD
Commerce, Calif.
Chiquita Processed Foods NWD
New Richmond, Wis.
The Cobalt Group $30 m
Seattle, Wash.
Columbia Distributing NWD
Portland
Computer Sciences NWD
Los Angeles, Calif.
Concentrex (formerly CFI ProServices) $6.7 m
Portland
Concentrex $12.3 m
Portland
Concentrex $63.5 m
Portland
Crown Pacific Partners $25 m
Portland
Dash Multi-Corp $4.7 m
St. Louis, Mo.
Dean Foods NWD
Franklin Park, Ill,
Denali NWD
Houston, Texas
Diedrich Coffee $33 m
Irvine, Calif.
Direct Focus $16 m
Vancouver, Wash,
Eagle Pacific Industries $77 m
Minneapolis, Minn.
Electro Scientific Industries $21 m
Portland
Electro Scientific Industries $42.2 m
Portland
Employee stock ownership plan NWD
Hood River
Fairmont Capital $60 m
Orange County, Calif.
Farwest Equipment, subsidiary of NWD
Estey Distribution Group, Portland
FirstWorld Communications $7.4 m
Denver, Colo.
Fleet Pride NWD
Deerfield, Ill.
FLIR Systems $40 m
Portland
Fluence Technology, subsidiary of NWD
Credence Systems, Beaverton
General Tool & Supply NWD
Portland
FN Nettest $43 m
Copenhagen, Denmark
Grass Valley Group and Management $63 m
Nevada City, Calif.
Guillemot Computer products
France
Household International Financial services
Prospect Heights, III.
ImageX.com E-commerce (printing)
Bellevue, Wash.
ImageX.com E-commerce (printing)
Bellevue, Wash.
Inacom Technology services
Omaha, Neb.
International Business Machines Computer software
Armonk, N.Y. and hardware
Jeld-Wen Conglomerate
Klamath Falls
Jeld-Wen Conglomerate
Klamath Falls
Jenkon International Software
Vancouver, Wash.
Jim Herndon & Associates Corporate service
dba JH Recognition, Portland recognition program
K2 Ski and snowboard
Los Angeles, Calif. equipment manufacturer
Kewill Systems E-commerce (shipping)
Marlborough, Mass.
Kroger Retail grocery
Cincinnati, Ohio
Labtec Computer speakers
Vancouver, Wash.
Lattice Semiconductor Programmable logic
Hillsboro chips
Leviton Manufacturing Lighting control
Little Neck, N.Y. products
Lithia Motors Auto dealerships
Medford
Lithia Motors Auto dealerships
Medford
Lithia Motors Auto dealerships
Medford
Lithia Motors Auto dealerships
Medford
LKQ Corp. Recycled auto parts
Chicago, III.
Louisiana-Pacific Wood products
Portland
Louisiana-Pacific Wood products
Portland
Louisiana-Pacific Wood products
Portland
Marathon Media Radio stations
Chicago, III,
Mentor Graphics EDA software
Wilsonville and products
Metal Technology Investment group
Portland
Metro Metals Northwest Scrap metal
Portland
Milwaukie Lumber Building products
Milwaukie
Museum Quality Framing Frame shops
Seattle, Wash.
Guillemot Certain assets of ThrustMaster (now
France CenterSpan Communications), Hillsboro
Household International Renaissance Holdings
Prospect Heights, III. Beaverton
ImageX.com Fine Arts Graphics
Bellevue, Wash. Portland
ImageX.com PrintBid.com and PaperDeals.com
Bellevue, Wash. Portland
Inacom PC Engineering Division of CTR Business
Omaha, Neb. Systems, Portland
International Business Machines Sequent Computer Systems
Armonk, N.Y. Beaverton
Jeld-Wen Creative Media Development
Klamath Falls Portland
Jeld-Wen Rugby Group
Klamath Falls UK and Australia
Jenkon International Multimedia, K.I.D.-Intelligence in Education
Vancouver, Wash. Tel Aviv, Israel
Jim Herndon & Associates Metal Arts Group
dba JH Recognition, Portland Seattle, Wash.
K2 Certain assets of Morrow Snowboards
Los Angeles, Calif. Salem
Kewill Systems Aristo Research and Aristo Computers
Marlborough, Mass. Beaverton
Kroger Fred Meyer
Cincinnati, Ohio Portland
Labtec SpaceTec
Vancouver, Wash. Lowell, Mass.
Lattice Semiconductor Vantis, division of Advanced Micro
Hillsboro Devices, Sunnyvale, Calif.
Leviton Manufacturing NSI
Little Neck, N.Y. Tualatin
Lithia Motors Six auto dealerships in Colorado and
Medford Nevada
Lithia Motors Tri-Cities Dodge
Medford Kennewick, Wash.
Lithia Motors Parkway Auto Group
Medford Roseburg
Lithia Motors Roundtree
Medford Boise, Idaho
LKQ Corp. Tercek Enterprises and John's Westside
Chicago, III. Imports, Portland
Louisiana-Pacific ABT Building Products
Portland Neenah, Wis.
Louisiana-Pacific LeGroupe Forex
Portland Quebec, Canada
Louisiana-Pacific Evans Forest Products
Portland Golden, B.C.
Marathon Media KTMT-AM/FM, Medford, KEHK-FM, Eugene,
Chicago, III, owned by Citidel Comm., Las Vegas, Nev.
Mentor Graphics VeriBest, subsidiary of InterGraph
Wilsonville Boulder, Colo.
Metal Technology B-J Enterprises
Portland Albany
Metro Metals Northwest Mount Hood Metals, Portland, and
Portland Cliff Koppe Metals, Vancouver, Wash.
Milwaukie Lumber Kingsley Lumber & Hardware
Milwaukie Portland
Museum Quality Framing Beard Frame Shops
Seattle, Wash. Portland
Guillemot Computer gaming October $15 m
France products
Household International Financial services December $300 m
Prospect Heights, III.
ImageX.com Printing April $5 m
Bellevue, Wash.
ImageX.com E-commerce (printing) December $29 m
Bellevue, Wash.
Inacom Technology services July NWD
Omaha, Neb.
International Business Machines Computer software September $810 m
Armonk, N.Y. and hardware
Jeld-Wen Multimedia January NWD
Klamath Falls
Jeld-Wen Door and window NWD $135.2 m
Klamath Falls manufacturer
Jenkon International Software December $4.5 m
Vancouver, Wash.
Jim Herndon & Associates Native American jewelry January NWD
dba JH Recognition, Portland
K2 Snowboard manufacturer March NWD
Los Angeles, Calif.
Kewill Systems E-commerce (shipping) July NWD
Marlborough, Mass.
Kroger Retail May $13.5 b
Cincinnati, Ohio
Labtec 3D motion control February NWD
Vancouver, Wash.
Lattice Semiconductor Programmable logic chips September $500 m
Hillsboro
Leviton Manufacturing Lighting control products July NWD
Little Neck, N.Y.
Lithia Motors Auto dealerships May NWD
Medford
Lithia Motors Auto dealership October NWD
Medford
Lithia Motors Auto dealership September NWD
Medford
Lithia Motors Auto dealership December NWD
Medford
LKQ Corp. Recycled auto parts July NWD
Chicago, III.
Louisiana-Pacific Wood products March $240 m
Portland
Louisiana-Pacific Wood products September $547.3 m
Portland
Louisiana-Pacific Wood products November $90 m
Portland
Marathon Media Radio stations November NWD
Chicago, III,
Mentor Graphics EDA products October $19 m
Wilsonville
Metal Technology Metal parts manufacturer July NWD
Portland
Metro Metals Northwest Scrap metal August $13 m
Portland
Milwaukie Lumber Building products May NWD
Milwaukie
Museum Quality Framing Frame shops November NWD
Seattle, Wash.
NBG Radio Network Marketing
Portland
Northland Cranberries Cranberry products
Wisconsin Rapids, Wis.
Northwest Pipe Pipe manufacturer
Portland
OneMain.com Internet services
Reston, Va.
Onsale Internet retailer
Menlo Park, Calif.
Precision Castparts Specialty metal products
Portland manufacturer
Precision Castparts Specialty metal products
Portland manufacturer
Precision Castparts Specialty metal products
Portland manufacturer
PSC Laser scanner
Rochester, N.Y. manufacturer
RadiSys Embedded computer
Hillsboro products/systems
RadiSys Embedded computer
Hillsboro products/systems
RadiSys Embedded computer
Hillsboro products/systems
Recycling Centers of America Recycling
Calif.
Research Seeds Seed producer
St. Joseph, Mo.
Reser's Fine Foods Diversified food processor
Beaverton and distributor
Rogue Wave Software Computer services
Corvallis
Schnelder Elec.-N.Am.Div., Palatine, Ill. Electrical distribution,
div. of Schneider Elec., Paris, France control and automation
Scottish Power Utility
Scotland
Sienna Architecture Architecture
Portland
Starbucks Coffee Retail coffee sales
Seattle
Suntory Water Group Bottled water
Atlanta, Ga. distributor
Superior Uniform Group Uniform manufacturer
Seminole, Fla.
Sutro & Co. Brokerage and
San Francisco, Calif. investment bank
Thomason Auto Group, subsidiary of Auto dealerships
Asbury Oregon Automotive, Portland
TicketsWest.com, division of West Lodging/event ticketing
Coast Hospitality, Spokane, Wash.
Triangle Biomedical Biomedical equipment
Durham, N.C. manufacturer
Triton Cellular Partners Telecommunications
Malvern, Pa.
Tualatin Valley Builders Supply Building supplies
Lake Oswego
Tyco International Diversified
Hamilton, Bermuda manufacturing services
Umpqua Holdings Financial services
Roseburg
NBG Radio Network M-Tek Technical Services
Portland Portland
Northland Cranberries Clermont
Wisconsin Rapids, Wis. Portland
Northwest Pipe North American Pipe
Portland Saginaw, Texas
OneMain.com Teleport
Reston, Va. Portland
Onsale Egghead.com
Menlo Park, Calif. Vancouver, Wash.
Precision Castparts Certain assets of Reiss Valves
Portland Peterborough, England
Precision Castparts Vaitaco
Portland Switzerland
Precision Castparts Wyman-Gordon
Portland Grafton, Mass.
PSC Percon
Rochester, N.Y. Eugene
RadiSys ARTIC division, Boca Raton, Fla., of
 IBM
Hillsboro Armonk, N.Y.
RadiSys Texas Micro
Hillsboro Houston, Tex.
RadiSys Certain assets of the open computing
 unit
Hillsboro of IBM, Armonk, N.Y.
Recycling Centers of America Oil Re-Reflning and Energy Material
Calif. Recovery, Portland
Research Seeds Seed Research of Oregon
St. Joseph, Mo. Corvallis
Reser's Fine Foods Mrs. Giles Country Kitchens
Beaverton Lynchburg, Va.
Rogue Wave Software NobleNet
Corvallis Boston, Mass.
Schnelder Elec.-N.Am.Div., Palatine, Veris Industries
Ill.
div. of Schneider Elec., Paris, France Portland
Scottish Power PacifiCorp
Scotland Portland
Sienna Architecture Winn Architecture
Portland Portland
Starbucks Coffee Tazo
Seattle Portland
Suntory Water Group Aqua-Cool/Brewed Hot Coffee
Atlanta, Ga. Portland
Superior Uniform Group The Empire Co.
Seminole, Fla. Portland
Sutro & Co. Charter Investment Group
San Francisco, Calif. Portland
Thomason Auto Group, subsidiary of Damerow Beaverton Ford
Asbury Oregon Automotive, Portland Beaverton
TicketsWest.com, division of West Oregon Ticket Co., dba Fastixx
Coast Hospitality, Spokane, Wash. Portland
Triangle Biomedical Naiad Technologies
Durham, N.C. Portland
Triton Cellular Partners Blue Mountain Cellular Telephone
Malvern, Pa. Pendleton
Tualatin Valley Builders Supply Crown Truss
Lake Oswego Ridgefield, Wash.
Tyco International Praegitzer Industries
Hamilton, Bermuda Tualatin
Umpqua Holdings Strand Atkinson Williams & York
Roseburg Portland
NBG Radio Network Marketing hardware January
Portland
Northland Cranberries Fruit concentrate March
Wisconsin Rapids, Wis. products manufacturer
Northwest Pipe Pipe manufacturer June
Portland
OneMain.com Internet service provider November
Reston, Va.
Onsale Internet retailer November
Menlo Park, Calif.
Precision Castparts Valve manufacturer November
Portland
Precision Castparts Valve manufacturer November
Portland
Precision Castparts Specialty metal November
Portland products manufacturer
PSC Computer peripheral January
Rochester, N.Y. manufacturer
RadiSys Communications March
Hillsboro hardware manufacturer
RadiSys Communications August
Hillsboro hardware manufacturer
RadiSys Embedded systems December
Hillsboro
Recycling Centers of America Fuel recycling March
Calif.
Research Seeds Grass seed producer February
St. Joseph, Mo.
Reser's Fine Foods Prepared foods April
Beaverton
Rogue Wave Software Computer services March
Corvallis
Schnelder Elec.-N.Am.Div., Palatine, Ill. Electronics May
div. of Schneider Elec., Paris, France
Scottish Power Utility December
Scotland
Sienna Architecture Architecture January
Portland
Starbucks Coffee Specialty teas January
Seattle
Suntory Water Group Bottled water distributor/ October
Atlanta, Ga. coffee services
Superior Uniform Group Uniform manufacturer May
Seminole, Fla.
Sutro & Co. Brokerage firm February
San Francisco, Calif.
Thomason Auto Group, subsidiary of Auto dealership January
Asbury Oregon Automotive, Portland
TicketsWest.com, division of West Event ticketing November
Coast Hospitality, Spokane, Wash.
Triangle Biomedical Chemical recycling October
Durham, N.C.
Triton Cellular Partners Telecommunications February
Malvern, Pa.
Tualatin Valley Builders Supply Building supplies November
Lake Oswego
Tyco International Circuit board December
Hamilton, Bermuda manufacturer
Umpqua Holdings Brokerage firm November
Roseburg
NBG Radio Network $1.4 m
Portland
Northland Cranberries $9.8 m
Wisconsin Rapids, Wis.
Northwest Pipe $4.5 m
Portland
OneMain.com NWD
Reston, Va.
Onsale $350m
Menlo Park, Calif.
Precision Castparts $3m
Portland
Precision Castparts $7m
Portland
Precision Castparts $825 m
Portland
PSC $55.1 m
Rochester, N.Y.
RadiSys $28 m
Hillsboro
RadiSys $119 m
Hillsboro
RadiSys $20 m
Hillsboro
Recycling Centers of America NWD
Calif.
Research Seeds NWD
St. Joseph, Mo.
Reser's Fine Foods NWD
Beaverton
Rogue Wave Software $11.8 m
Corvallis
Schnelder Elec.-N.Am.Div., Palatine, Ill. NWD
div. of Schneider Elec., Paris, France
Scottish Power $10.9 b
Scotland
Sienna Architecture NWD
Portland
Starbucks Coffee $10 m
Seattle
Suntory Water Group NWD
Atlanta, Ga.
Superior Uniform Group $9 m
Seminole, Fla.
Sutro & Co. NWD
San Francisco, Calif.
Thomason Auto Group, subsidiary of NWD
Asbury Oregon Automotive, Portland
TicketsWest.com, division of West NWD
Coast Hospitality, Spokane, Wash.
Triangle Biomedical NWD
Durham, N.C.
Triton Cellular Partners NWD
Malvern, Pa.
Tualatin Valley Builders Supply NWD
Lake Oswego
Tyco International $165 m
Hamilton, Bermuda
Umpqua Holdings NWD
Roseburg
USOL Holdings Telecommunications
Portland
Walgreens Healthcare Plus Pharmacy services
Deerfield, Ill., subsidiary of Walgreens
Warburg Pincus Equity Partners Investment firm
New York, N.Y.
WebMD Healthcare
Atlanta, Ga. Internet service
WellMed Internet health
Portland information
WildOats Markets Natural foods
Boulder, Colo. retail chain
Willamette Industries Wood products
Portland
Young & Roehr Group Marketing
Portland communications
USOL Holdings US Online Communications
Portland Austin, Texas
Walgreens Healthcare Plus Certifax Pharmacy Services
Deerfield, Ill., subsidiary of Walgreens Beaverton
Warburg Pincus Equity Partners American Show Management
New York, N.Y. Portland
WebMD Sapient Health Network
Atlanta, Ga. Portland
WellMed National Emergency Health Data Center
Portland Cincinnati, Ohio
WildOats Markets GNC's Nature's Northwest
Boulder, Colo. Portland
Willamette Industries Darbo
Portland Linxe, France
Young & Roehr Group Bistolas Associates
Portland Portland
USOL Holdings Telecommunications July
Portland
Walgreens Healthcare Plus Mail order pharmacy September
Deerfield, Ill., subsidiary of Walgreens
Warburg Pincus Equity Partners Technology event April
New York, N.Y. producer
WebMD Healtchare January
Atlanta, Ga. Internet service
WellMed Consumer health records April
Portland
WildOats Markets Natural foods retailer May
Boulder, Colo.
Willamette Industries Wood products June
Portland
Young & Roehr Group Public relations November
Portland
USOL Holdings $26 m
Portland
Walgreens Healthcare Plus NWD
Deerfield, Ill., subsidiary of Walgreens
Warburg Pincus Equity Partners NWD
New York, N.Y.
WebMD NWD
Atlanta, Ga.
WellMed $1.4 m
Portland
WildOats Markets NWD
Boulder, Colo.
Willamette Industries NWD
Portland
Young & Roehr Group NWD
Portland
 PRIVATE FINANCINGS
ISSUER
Location Business
Agrinomics, a subsidiary of Agritope Biotechnology
Portland
Agritope Biotechnology
Portland
Agritope Biotechnology
Portland
AVI Biopharma Biomedical research
McMinnville
Bank of Clark County Financial services
Vancouver, Wash.
cameraworld.com E-commerce (photo and
Portland electronics retailer)
Cascade Microtech Electronic manufacturer
Beaverton
Cascade Microtech Electronic manufacturer
Beaverton
Cascade Microtech Electronic manufacturer
Beaverton
Cenquest (formerly Amicus Online education
Interactive), Portland services
CenterSpan Communications Internet communication
(formerly ThrustMaster), Hillsboro and collaboration software
CenterSpan Communications Internet communication
Hillsboro and collaboration software
CenterSpan Communications Internet communication
Hillsboro and collaboration software
Chrome Data E-commerce (auto data
Portland and configuration technology)
Corllian E-commerce
Beaverton (internet banking)
Corillan E-Commerce
Beaverton (internet banking)
eFusion Internet communication
Beaverton
800.COM E-commerce
Portland (consumer electronics)
ISSUER
Location Type of Deal
Agrinomics, a subsidiary of Agritope Units
Portland
Agritope Common stock
Portland
Agritope Preferred stock
Portland
AVI Biopharma Preferred stock
McMinnville
Bank of Clark County Common stock
Vancouver, Wash.
cameraworld.com Preferred stock
Portland
Cascade Microtech Preferred stock
Beaverton
Cascade Microtech Preferred stock
Beaverton
Cascade Microtech Preferred stock
Beaverton
Cenquest (formerly Amicus Preferred stock
Interactive), Portland
CenterSpan Communications Common Stock
(formerly ThrustMaster), Hillsboro
CenterSpan Communications Convertible debt
Hillsboro
CenterSpan Communications Common stock
Hillsboro
Chrome Data Preferred stock
Portland
Corllian Preferred stock
Beaverton
Corillan Preferred stock
Beaverton
eFusion Preferred stock
Beaverton
800.COM Preferred stock
Portland
ISSUER Investors
Location (unless otherwise noted)
Agrinomics, a subsidiary of Agritope Aventis CropScience
Portland (formerly Rhone--Poulenc Agro)
Agritope Minority shareholders
Portland of Vinifera
Agritope Vilmorin Clause & Cie and
Portland Hazera Quality Seeds
AVI Biopharma SuperGen
McMinnville
Bank of Clark County Private investors
Vancouver, Wash.
cameraworld.com Greylock Management, Technology
Portland Crossover Ventures, Accel Partners,
 Norwest Venture Partners, Bain Capital
 August Capital
Cascade Microtech Hewlett-Packard and
Beaverton Maristeth Ventures
Cascade Microtech Electroglas Corporation
Beaverton
Cascade Microtech TIAA (Teachers Insurance
Beaverton and Annuity Association)
Cenquest (formerly Amicus Sevin Rosen Funds and
Interactive), Portland Hummer Winblad Venture Partners
CenterSpan Communications Strong River Investments
(formerly ThrustMaster), Hillsboro
CenterSpan Communications Strong River Investments
Hillsboro and Bay Harbor Investments
CenterSpan Communications Private investor
Hillsboro
Chrome Data Holding Capital Group
Portland
Corllian Battery Ventures
Beaverton
Corillan Battery Ventures, Financial Technology
Beaverton Ventures BCI Partners and private
 investors
eFusion Intel, Microsoft, Telecom Italia, France
Beaverton Telecom, AT&T Ventures, Shaw Venture
 Partners, Merrill Lynch, Velocity
 Capital and private investors
800.COM Stanford University, Trinity Ventures,
Portland APV Technology Partners, Olympic Venture
 Partners, CB Capital Vulcan Ventures and
 private investors
ISSUER Deal
Location Date Size
Agrinomics, a subsidiary of Agritope July $20 m
Portland
Agritope June $1.8 m
Portland
Agritope October $2.5 m
Portland
AVI Biopharma December $5 m
McMinnville
Bank of Clark County January $8.7 m
Vancouver, Wash.
cameraworld.com November $60 m
Portland
Cascade Microtech March $3 m
Beaverton
Cascade Microtech July $3 m
Beaverton
Cascade Microtech December $10 m
Beaverton
Cenquest (formerly Amicus May $4.5 m
Interactive), Portland
CenterSpan Communications January $4 m
(formerly ThrustMaster), Hillsboro
CenterSpan Communications June $6 m
Hillsboro
CenterSpan Communications September $5 m
Hillsboro
Chrome Data April NWD
Portland
Corllian April $7 m
Beaverton
Corillan November $26 m
Beaverton
eFusion May $18.1 m
Beaverton
800.COM April $16 m
Portland
800.COM E-commerce Preferred stock
Portland (consumer electronics)
Electronic Power Conditioning Electronic equipment Preffered stock
Salem
Emerald Solutions Internet consulting Preffered stock
Portland
ETRIEVE (formerly eReach) Software Preffered stock
Hillsboro
ETRIEVE Software Preffered stock
Hillsboro
Evineyard E-commerce (wine) Preffered stock
Portland
Evineyard E-commerce (wine) Convertible debt
Portland
Gardenburger Meatless burgerss Preffered stock
Portland
Genedax Software Preffered stock
Portland
Geotrust Software Preffered stock
Portland
Global Services Network Unified messaging Preffered stock
Portland
Hollywood Entertainment Video rental chain Debt
Wilsonville
InfoCast Internet software Preferred stock
Tigard
800.COM Berkman Capital, Olympic Venture
Portland Partners. Vulcan Ventures, Amerindo
 Investments Advisors, Attractor
 Investment Mgmnt. and private investors
Electronic Power Conditioning Hydro-Quebec CapiTech, Nth Power
Salem Technologies and Energie Capital
 Investments
Emerald Solutions Technology Crossover Ventures
Portland and Rho Management
ETRIEVE (formerly eReach) Timberline Venture Partners and private
Hillsboro investors
ETRIEVE Timberline Venture Partners, Mincap
Hillsboro Technology, Active Voice and private
 investors
Evineyard Venture Capital
Portland investors
Evineyard Venture Capital
Portland investors
Gardenburger Rosewood Cap.lll, Farallon Cap. Mgmnt.,
Portland Gruber & McBaine Cap. Management and BT
 Cap. investors
Genedax Sevin Rosen Funds and Microsoft
Portland
Geotrust CB Capital and private investors
Portland
Global Services Network Private investors
Portland
Hollywood Entertainment Various investors
Wilsonville
InfoCast Private investors
Tigard
800.COM November $57m
Portland
Electronic Power Conditioning July $6.7m
Salem
Emerald Solutions March $7m
Portland
ETRIEVE (formerly eReach) July NWD
Hillsboro
ETRIEVE November NWD
Hillsboro
Evineyard June $2.5m
Portland
Evineyard October $6m
Portland
Gardenburger March $32.5m
Portland
Genedax October $4m
Portland
Geotrust July $1.2m
Portland
Global Services Network January NWD
Portland
Hollywood Entertainment June $50m
Wilsonville
InfoCast March
Tigard NWD
Inovise Medical (formerly Pangea Medical devices Preferred stock
Medical), Newberg
Integrity On-Line Internet service provider Preferred stock
Aloha
Jenkon International Software Debt
Vancouver, Wash.
Lattice Semiconductor Programmable Convertible notes
Hillsboro logic chips
Legal Anywhere Internet-based Common stock
Portland legal software
Legal Anywhere Internet-based Common stock
Portland legal software
MedicaLogic Internet-based Preferred stock
Hillsboro medical software
MedicaLogic Internet-based Preferred stock
Hillsboro medical software
Microfield Graphics Digital meeting Common stock
Portland equipment
Network Elements Internet Preferred stock
Beaverton infrastructure
New Edge Networks Broadband access Preferred stock
Vancouver, Wash,
Oresis Communications Telecommunications Preferred stock
Beaverton products
Pixelworks Integrated circuit Preferred stock
Tualatin manufacturer
Inovise Medical (formerly Pangea Manchester Principal, Bay Resource and
Medical), Newberg private investors
Integrity On-Line Eyes Online and
Aloha J.H. Whitney Funds
Jenkon International Private investors
Vancouver, Wash.
Lattice Semiconductor Private investors
Hillsboro
Legal Anywhere Private investors
Portland
Legal Anywhere Private investors
Portland
MedicaLogic Sequoia Capital and affiliates of
Hillsboro Soros Fund Management
MedicaLogic Dell Computer
Hillsboro
Microfield Graphics Steelcase
Portland
Network Elements New Enterprise Associates
Beaverton and Alloy Ventures
New Edge Networks Accel Partners, Crosspoint Capital Partners
Vancouver, Wash, and Greylock
Oresis Communications NWD
Beaverton
Pixelworks Charter Ventures, Sequoia Capital, Battery
Tualatin Ventures and Enterprise Development Fund
Inovise Medical (formerly Pangea June $4.2 m
Medical), Newberg
Integrity On-Line August $1 m
Aloha
Jenkon International December $2.3 m
Vancouver, Wash.
Lattice Semiconductor November $260 m
Hillsboro
Legal Anywhere April NWD
Portland
Legal Anywhere December NWD
Portland
MedicaLogic June $35 m
Hillsboro
MedicaLogic September $10 m
Hillsboro
Microfield Graphics March $1 m
Portland
Network Elements October $12 m
Beaverton
New Edge Networks June $15.3 m
Vancouver, Wash,
Oresis Communications November $25 m
Beaverton
Pixelworks June $11.6 m
Tualatin
RuleSpace Internet software Preferred stock
Portland
Salu.net Internet medical services Preferred stock
Portland
Sonus Hearing clinics Preferred stock
Portland
Supertracks Internet music Preferred stock
Portland distributor and debt
Templex Technology Optical technology Preferred stock
Eugene
RuleSpace Sequoia Partners and private investors January $6 m
Portland
Salu.net El Dorado Ventures, Atlas Venture July $5 m
Portland and private investors
Sonus Warburg Pincus Ventures October $10 m
Portland
Supertracks CB Capital August $5.9 m
Portland
Templex Technology Intel August NWD
Eugene
Today's Bank of Vancouver Financial services Preferred stock
Vancouver, Wash.
Tranxition Software Preferred stock
Beaverton
Tripwire Security Systems Software Preferred stock
Portland
USOL Holdings Telecommunications Common stock,
Portland preferred stock
 and debt
WebCriteria E-commerce Preferred stock
Portland (software consulting)
Webridge Internet infrastructure Preferred stock
Portland software
WellMed Internet health Preferred stock
Portland information
Today's Bank of Vancouver Private investors January
Vancouver, Wash.
Tranxition Al Shugart International December
Beaverton
Tripwire Security Systems Advanced Technology Ventures January
Portland and Chong-Moon Lee
USOL Holdings Peregrine Capital, Amstar, December
Portland General Motors Acceptance
 Corp., Deutsche Banc, Alex
 Brown, Aspen Partners, PARIBIS and
 private investors
WebCriteria SI Ventures Associates, November
Portland Shaw Venture Partners and private
 investors
Webridge Meritech Capital, Sevin Rosen Funds, December
Portland Olympic Venture Partners and Worldview
 Worldview Tech. Partners
WellMed Prism Ventures and March
Portland Acacia Venture Partners
Today's Bank of Vancouver $6.5 m
Vancouver, Wash.
Tranxition NWD
Beaverton
Tripwire Security Systems $2.4 m
Portland
USOL Holdings $76 m
Portland
WebCriteria $5 m
Portland
Webridge $22 m
Portland
WellMed $6 m
Portland
 PUBLIC TRANSACTIONS 1999
ISSUER
Location Business Type of Deal
Diglmarc Digital identification Common stock (IPO)
Portland software
Direct Focus Home exercise Common stock (IPO)
Vancouver, Wash. epuipment
MedicaLogic Internet based Common stock (IPO)
Hilisboro medical software
Obie Media Dutdoor advertising Common stock
Eugene
Standard Insurance Insurance Common stock (IPO)
Portland
TriQuint Semiconductor Integrated circuit Common stock
Hilisboro manufacturer
WebTrends Corporation E-commerce Common stock (IPO)
Portland (software)
WebTrends Corporation E-commerce Common stock
Portland (software)
ISSUER Underwriters
Location (unless otherwide noted) Date
Diglmarc Robertson Stephens, Hambrecht December
Portland & Quist and U.S. Bancorp
 Piper Jaffray
Direct Focus D.A. Davidson and First June
Vancouver, Wash. Security Van Kasper
MedicaLogic Donaldson Lufkin & Jenrette, December
Hilisboro BancBoston, Robertson Stephens, U.S.
 Bancorp Piper Jeffrey and DLJ Direct
Obie Media Wedbush Morgan Securities and August
Eugene Pacific Crest Securities
Standard Insurance Goldman Sachs May
Portland
TriQuint Semiconductor SG Cowen, Donaldson, Lufkin & Jenrette, July
Hilisboro Banc of America, CIBC World Markets,
 Dain Rauscher Wessels and
 U.S. Bancorp, Piper Jaffrey
WebTrends Corporation Dain Rauscher Wessels and February
Portland SoundView Technology Group
WebTrends Corporation Dain Rauscher Wessels, BancBoston May
Portland Robertson Stephens and SoundView
 Technology Group
ISSUER Deal
Location Size
Diglmarc $92 m
Portland
Direct Focus $17.9 m
Vancouver, Wash.
MedicaLogic $115 m
Hilisboro
Obie Media $12.7 m
Eugene
Standard Insurance $331 m
Portland
TriQuint Semiconductor $168 m
Hilisboro
WebTrends Corporation $52.3 m
Portland
WebTrends Corporation $82.5 m
Portland

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Author:	Netzer, Greg
Publication:	Oregon Business
Date:	Apr 1, 2000
Words:	5782
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