Three Cities Research, Inc. is a private equity firm formed in 1976 to invest capital in medium sized businesses operating in established industries. TCR is the investment advisor to several capital pools totaling in excess of $650 million. Presently, the firm is investing the $452 million Three Cities Funds III, which was organized in 1999. TCR organizes transactions that involve a change of control and where the firm s involvement can lead to improvements in operating performance and accelerated growth. TCR and its investment partners are comfortable holding their equity interest in growing companies for extended periods. TCR focuses in particular on difficult to do deals, and is willing to undertake transactions requiring new management. TCR uses very little leverage, and prefers focusing on building value. The firm is managed by a partnership with experience in private equity investing.