<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Transition Systems, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
0008937151
--------------------------------
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 15 pages
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CUSIP No. 0008937151 13G Page 2 of 15 pages
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- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TSI Investment Partners, L.P.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 2,041,837 shares
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0 shares
WITH
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,041,837 shares
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,041,837 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 15 pages
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CUSIP No. 0008937151 13G Page 3 of 15 pages
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TSI General Partner, L.L.C.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 2,041,837 shares
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0 shares
WITH
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,041,837 shares
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,041,837 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 15 pages
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CUSIP No. 0008937151 13G Page 4 of 15 pages
- ----------------------- ----------------------
- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald B. Hebb, Jr.
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 2,041,837 shares
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0 shares
WITH
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,041,837 shares
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,041,837 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 15 pages
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CUSIP No. 0008937151 13G Page 5 of 15 pages
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- ------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Timothy T. Weglicki
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 2,041,837 shares
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0 shares
WITH
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,041,837 shares
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,041,837 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 15 pages
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CUSIP No. 0008937151 13G Page 6 of 15 pages
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frederick L. Bryant
- ------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ------------------------------------------------------------------------------
3 SEC USE ONLY
- ------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
5 SOLE VOTING POWER
0 shares
NUMBER OF --------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 2,041,837 shares
OWNED BY
EACH --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON 0 shares
WITH
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,041,837 shares
- ------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,041,837 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[ ]
- ------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.1%
- ------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 6 of 15 pages
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CUSIP No. 0008937151 13G Page 7 of 15 pages
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Item 1(a). Name of Issuer: Transition Systems, Inc.
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Item 1(b). Address of Issuer's Principal Executive Offices: 1 Boston Place,
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Suite 2700, Boston, MA 02108
<TABLE>
<CAPTION>
Item 2(a) Item 2(b) Item 2(c)
- -------- -------- ---------
Citizenship or Place
Name of Person Filing Address of Organization
- --------------------- ------- ---------------
<S> <C> <C>
TSI Investment Partners, L.P. ("TSI 1 South Street Delaware
Investment"), a Delaware limited Baltimore, MD 21202
partnership
TSI General Partner, L.L.C. ("TSI 1 South Street Delaware
L.L.C."), a Delaware limited Baltimore, MD 21202
liability company and the sole
general partner of TSI Investment
Donald B. Hebb, Jr., Frederick L. 1 South Street United States
Bryant and Timothy L. Weglicki; Baltimore, MD 21202
Managers of TSI L.L.C. (the
"Managers")
</TABLE>
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value per
----------------------------
share.
Item 2(e). CUSIP Number: 0008937151
------------
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
---------------------------------------------------------
13d-2(b), check whether the person filing is a:
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(a) [ ] Broker or Dealer registered under Section 15 of the
Securities Exchange Act of 1934 (the "Act").
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act.
Page 7 of 15 pages
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CUSIP No. 0008937151 13G Page 8 of 15 pages
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(d) [ ] Investment Company registered under Section 8
of the Investment Company Act of 1940.
(e) [ ] Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or
Endowment Fund; see Rule 13d-1(b)(1)(ii)(F) of
the Act.
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G) of the Act.
(h) [ ] Group, in accordance with Rule 13d-
1(b)(1)(ii)(H) of the Act.
None of the above.
Item 4. Ownership.
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(a) Amount Beneficially Owned:
TSI Investment beneficially owns 2,041,837 shares (the
"Shares") of Common Stock as of December 31, 1996. TSI
Investment has the power to vote or direct the disposition
of all of the Shares. Such power is exercised through TSI
L.L.C., as the sole general partner of TSI Investment. TSI
L.L.C., as the general partner of TSI Investment, may be
deemed to beneficially own the Shares. The Managers have
the power over all voting and investment decisions of TSI
L.L.C. and therefore may be deemed to share beneficial
ownership of the Shares. Each of the Managers and TSI
L.L.C. expressly disclaims beneficial ownership of the
Shares.
(b) Percent of Class:
The Shares represent 12.1% of the outstanding Common Stock
(based on 16,937,057 shares of Common Stock outstanding as
of December 31, 1996, as verbally confirmed by the Issuer's
transfer agent).
Page 8 of 15 pages
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CUSIP No. 0008937151 13G Page 9 of 15 pages
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(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
Each of TSI Investment, TSI L.L.C. and the Managers
has sole power to vote or direct the vote of -0-
shares.
(ii) Shared power to vote or direct the vote:
TSI Investment, TSI L.L.C. and each of the Investing
Members have shared power to vote or to direct the
vote of 2,041,837 shares.
(iii) Sole power to dispose or direct the disposition of:
Each of TSI Investment, TSI L.L.C. and the Managers
has sole power to dispose or to direct the
disposition of -0-shares.
(iv) Shared power to dispose or direct the disposition of:
TSI Investment, TSI L.L.C. and each of the Managers
have shared power to dispose or to direct the
disposition of 2,041,837 shares.
Item 5. Ownership of Five Percent or Less of a Class.
--------------------------------------------
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
---------------------------------------------------------------
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
------------------------------------------------------------------
the Security Being Reported on by the Parent Holding Company.
------------------------------------------------------------
Not applicable.
Item 8. Identification and Classification of Members of the Group.
---------------------------------------------------------
TSI Investment, TSI L.L.C. and each of the Managers expressly
disclaim membership in a "group" as defined in Rule 13d-
1(b)(ii)(H).
Item 9. Notice of Dissolution of Group.
------------------------------
Not applicable.
Page 9 of 15 pages
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CUSIP No. 0008937151 13G Page 10 of 15 pages
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Item 10. Certification.
-------------
Not applicable. This statement on Schedule 13G is not filed
pursuant to Rule 13d-1(b).
Page 10 of 15 pages
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CUSIP No. 0008937151 13G Page 11 of 15 pages
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Signature
---------
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct. We also hereby agree to file this
statement jointly pursuant to the Agreement listed on Exhibit 1 hereto.
---------
Dated: February 10, 1997
TSI INVESTMENT PARTNERS, L.P.
By: TSI General Partner, L.L.C.
By: *
-------------------------------
Manager,
thereunto duly authorized
TSI GENERAL PARTNER, L.L.C.
By: *
-------------------------------
Manager,
thereunto duly authorized
*
- ----------------------------------
Donald B. Hebb, Jr.
*
- ----------------------------------
Frederick L. Bryant
*
- ----------------------------------
Timothy T. Weglicki
*The undersigned attorney-in-fact, by signing her name below, does hereby sign
this statement on behalf of the above indicated filers pursuant to Powers of
Attorney filed hereto as Exhibit 2.
---------
/s/ Mary S.Emmerling
- ----------------------------------
Mary S. Emmerling
Attorney-in-Fact
Page 11 of 15 pages
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CUSIP No. 0008937151 13G Page 12 of 15 pages
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Exhibit 1
---------
Agreement
---------
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934, the
undersigned hereby agree that only one statement containing the information
required by Schedule 13G need be filed on behalf of all of the undersigned with
respect to the ownership of shares of Common Stock of Transition Systems, Inc.
by TSI Investment Partners, L.P.
This agreement may be executed in any number of counterparts, each of which
shall be deemed an original.
EXECUTED as a sealed instrument this 10th day of February, 1997.
TSI INVESTMENT PARTNERS, L.P.
By: TSI General Partner, L.L.C.
By: *
-------------------------------
Manager,
thereunto duly authorized
TSI GENERAL PARTNER, L.L.C.
By: *
-------------------------------
Manager,
thereunto duly authorized
*
- ----------------------------------
Donald B. Hebb, Jr.
*
- ----------------------------------
Frederick L. Bryant
*
- ----------------------------------
Timothy T. Weglicki
*The undersigned attorney-in-fact, by signing her name below, does hereby sign
this statement on behalf of the above indicated filers pursuant to Powers of
Attorney filed hereto as Exhibit 2.
---------
/s/ Mary S. Emmerling
- ----------------------------------
Mary S. Emmerling
Attorney-in-Fact
Page 12 of 15 pages
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CUSIP No. 0008937151 13G Page 13 of 15 pages
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Exhibit 2
---------
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below hereby constitutes and appoints Mary S. Emmerling his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities (until
revoked in writing) to sign any and all instruments, certificates and documents
required to be executed on behalf of himself individually or on behalf of each
or any of ABS Capital Partners, L.P., ABS Partners, L.P., ABS Capital Partners
II, L.P., ABS Partners II, L.L.C., TSI Investment Partners, L.P., or TSI General
Partner, L.L.C. pursuant to Section 13 and Section 16 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and any and all regulations
promulgated thereunder, and to file the same, with all exhibits thereto, and any
other documents in connection therewith, with the Securities and Exchange
Commission, and with any other entity when and if such is mandated by the
Exchange Act or by the By-laws of the National Association of Securities
Dealers, Inc., granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
fully to all intents and purposes as he might or could do in person thereby and
ratifying and confirming all that said attorney-in-fact and agent, or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof,
or may have done in connection with the matters described above.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
Page 13 of 15 pages
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CUSIP No. 0008937151 13G Page 14 of 15 pages
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IN WITNESS WHEREOF, this Power of Attorney has been signed as of the 10th
day of February, 1997.
ABS CAPITAL PARTNERS, L.P.
By: ABS Partners, L.P.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
General Partner
ABS PARTNERS, L.P.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
General Partner
ABS CAPITAL PARTNERS II, L.P.
By: ABS Partners II, L.L.C.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
Manager
ABS PARTNERS II, L.L.C.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
Manager
Page 14 of 15 pages
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CUSIP No. 0008937151 13G Page 15 of 15 pages
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TSI INVESTMENT PARTNERS, L.P.
By: TSI General Partner, L.L.C.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
Manager
TSI GENERAL PARTNER, L.L.C.
By: /s/ Donald B. Hebb, Jr.
-----------------------
Donald B. Hebb, Jr.
Manager
/s/ Donald B. Hebb, Jr.
- -----------------------
Donald B. Hebb, Jr.
/s/ Frederick L. Bryant
- -----------------------
Frederick L. Bryant
/s/ Timothy T. Weglicki
- -----------------------
Timothy T. Weglicki
Page 15 of 15 pages
