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Since its founding in 2011, our Independence from Hunger drive has raised over $16 million to fight food insecurity in our local communities. million at the end of the third quarter with net leverage less than one times adjusted EBITDA. million of operating cash flow and invested $42.7 And third, we give back to our communities.
And so five years into that growth of our business, we sold the firm to Carlyle in 2011. KENCEL: I launched in ’06 and we sold to Carlyle in 2011. So we did the deal in 2011, and I kind of gave up my baby, if you will. Arcmont, one of the early adopters in Europe, they actually launched their firm back in 2010, 2011.
The transcript from this week’s, MiB: Howard Lindzon, Social Leverage , is below. So with no further ado, my discussion with Social Leverage’s Howard Lindzon. HOWARD LINDZON, MANAGING PARTNER, SOCIAL LEVERAGE: Hello, Barry. The next step from there was that Social Leverage. And I think you will also. Pretty nice.
You, you launched Siebel Capital in 2011. And your timing was quite fortuitous launching in 2011. But also it helped private equity do deals, right? Leverage buyouts requires leverage. And when rates were so low, the leverage went, it was cheap and, and and easily accessible. Absolutely.
And we think operating leverage over the long term. And then longer term, that sort of picture of stability and over time of operating leverage. There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term.
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