Axel Johnson Inc.’s current holdings are focused in the energy distribution, materials handling, water, medical device, green building and logistics industries. We are optimistic about the long-term fundamentals for these industries, as our recent investments demonstrate, and we are actively exploring opportunities to expand our participation both through our existing companies and through new acquisitions.

Our interests are decidedly not, however, limited to our existing areas of ownership. We are constantly evaluating opportunities across a broad range of industrial, service, business-to-business and consumer-oriented industries. Nonetheless, as the nature of our current holdings illustrates, our bias for healthy, proven businesses with prospects for continued long-term growth often leads us to companies that play, in one way or another, an “infrastructure” role in a business system that is supported by long-term economic, social or technological fundamentals.

Industries and sectors that today appear to offer promising opportunities along these dimensions include:

• Specialty distribution (goods, information)
• Private-payor health care services delivery
• Health care equipment and devices
• Products and services designed primarily for women
• Products and services designed primarily for a more affluent market of older consumers
• Environmentally responsible/beneficial products and services (such as renewable building materials, renewable energy)

For many reasons, some fundamental and some market driven, the industries and sectors that are attractive for investment change over time. We are focused, first and foremost, on finding the right kind of company with the right kind of leadership. It is less the specific products and services delivered and less the industry and sector than the character and competitive position of a specific company that determines our level of interest.