<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
ePlus, Inc.
-------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $.01
-------------------------------------------------------
(Title of Class of Securities)
55305V107
-------------------------------------------------------
(CUSIP NUMBER)
Daniel A. Raskas, Esq.; Thayer Capital Partners, 1455 Pennsylvania Ave., N.W.,
Suite 350 Washington, D.C. 20004
-------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 9, 1999
-------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box [ ].
CHECK THE FOLLOWING BOX IF A FEE IS BEING PAID WITH THIS STATEMENT [ ].
1
<PAGE> 2
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above
Person TC Leasing, LLC
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: Delaware
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 2,022,020*
Beneficially Owned
By Each Reporting ---------------------------------
Person With 8) Shared Voting Power: 0
---------------------------------
9) Sole Dispositive Power:2,022,020*
---------------------------------
10) Shared Dispositive Power: 0
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: OO
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of warrants with an
aggregate purchase price of $11,999,999.
2
<PAGE> 3
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above Person
Thayer Equity Investors III, L.P.
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: Delaware
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 2,022,020*
Beneficially Owned By
Each Reporting ---------------------------------
Person With 8) Shared Voting Power: 0
---------------------------------
9) Sole Dispositive Power: 2,022,020*
---------------------------------
10) Shared Dispositive Power: 0
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: PN
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of warrants with an
aggregate purchase price of $11,999,999.
3
<PAGE> 4
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above
Person TC Equity Partners, L.L.C.
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: Delaware
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 2,022,020*
Beneficially Owned By
Each Reporting ---------------------------------
Person With 8) Shared Voting Power: 0
---------------------------------
9) Sole Dispositive Power: 2,022,020*
---------------------------------
10) Shared Dispositive Power: 0
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: OO
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of warrants with an
aggregate purchase price of $11,999,999.
4
<PAGE> 5
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above
Person Frederic V. Malek
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: United States of America
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 0
Beneficially Owned
By Each Reporting ---------------------------------
Person With 8) Shared Voting Power: 2,022,020*
---------------------------------
9) Sole Dispositive Power: 0
---------------------------------
10) Shared Dispositive Power: 2,022,020*
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares [X]
Mr. Malek disclaims beneficial ownership of the shares disclosed in
this Schedule 13D.
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: IN
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of warrants with an
aggregate purchase price of $11,999,999.
5
<PAGE> 6
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above
Person Carl J. Rickertsen
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: United States of America
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 0
Beneficially Owned
By Each Reporting ---------------------------------
Person With 8) Shared Voting Power: 2,022,020*
---------------------------------
9) Sole Dispositive Power: 0
---------------------------------
10) Shared Dispositive Power: 2,022,020*
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares [X]
Mr. Rickertsen disclaims beneficial ownership of the shares disclosed
in this Schedule 13D.
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: IN
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of warrants with an
aggregate purchase price of $11,999,999.
6
<PAGE> 7
SCHEDULE 13D
(COVER PAGE -- PART II)
CUSIP NO.55305V107
- -------------------------------------------------
1) Name of Reporting Person/S.S. or I.R.S. Identification No. of Above
Person Paul G. Stern
- -------------------------------------------------
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
- -------------------------------------------------
3) SEC Use Only
- -------------------------------------------------
4) Source of Funds: n/a
- -------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)
or 2(e)
- -------------------------------------------------
6) Citizenship or Place of Organization: United States of America
- -------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Number of Shares 7) Sole Voting Power: 0
Beneficially Owned
By Each Reporting
Person With ---------------------------------
8) Shared Voting Power: 2,022,020*
---------------------------------
9) Sole Dispositive Power: 0
---------------------------------
10) Shared Dispositive Power: 2,022,020*
</TABLE>
- -------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person: 2,022,020*
- -------------------------------------------------
12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares [X]
Dr. Stern disclaims beneficial ownership of the shares disclosed in
this Schedule 13D.
- -------------------------------------------------
13) Percent of Class Represented by Amount in Row (11): 22.5%
- -------------------------------------------------
14) Type of Reporting Person: IN
- -------------------------------------------------
*Includes 1,090,909 shares obtainable upon the exercise of a warrant with an
aggregate purchase price of $11,999,999.
7
<PAGE> 8
ITEM 1. SECURITY AND ISSUER.
This Amendment No.1 to Schedule 13D amends Schedule 13D filed with respect
to an event on October 23, 1998 and the relates to shares of common stock,
$.01 par value per share ("Common Stock"), of ePlus, Inc., a Delaware
corporation (the "Issuer"), which has its principal executive offices at
400 Herndon Parkway, Herndon, VA 20170.
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(c) & (f). This statement is filed on behalf of each of the persons
named in paragraphs (i) - (vi) below (together, the "Reporting Persons")
pursuant to their written agreement to the joint filing of this statement.
The following information is furnished with respect to each of the Reporting
Persons:
(i) TC LEASING, L.L.C.
TC Leasing, L.L.C. ("Leasing") is a Delaware limited liability company whose
principal office address is 1455 Pennsylvania Avenue, N.W., Suite 350,
Washington, D.C. 20004. Leasing was formed to hold shares of Common Stock.
(ii) THAYER EQUITY INVESTORS III, L.P.
Thayer Equity Investors III, L.P. ("Thayer") is a Delaware limited
partnership whose principal office address is 1455 Pennsylvania Avenue,
N.W., Suite 350, Washington, D.C. 20004. Thayer is the managing member of
Leasing. Thayer is a private equity fund, and its principal business is
making investments in the information technology and services, travel and
leisure services, telecommunications and consumer products industries.
Paragraph (iii) of this Item 2 contains information regarding the general
partner of Thayer and paragraphs (iv) through (vi) of this Item 2 contain
information regarding the persons controlling such general partner.
(iii) TC EQUITY PARTNERS, L.L.C.
TC Equity Partners, L.L.C. ("TC Equity") is a Delaware limited liability
company whose principal office address is 1455 Pennsylvania Avenue, N.W.,
Suite 350, Washington, D.C. 20004. TC Equity is the sole general partner of
Thayer, and its principal business is making investments in the information
technology and services, travel and leisure services, telecommunications
and consumer products industries. Paragraphs (iv) through (vi) contain
information regarding the principal members of TC Equity.
8
<PAGE> 9
(iv) FREDERIC V. MALEK
Mr. Malek, a United States citizen, is one of the members of TC Equity. His
business address is 1455 Pennsylvania Avenue, N.W., Suite 350, Washington,
D.C. 20004.
(v) CARL J. RICKERTSEN
Mr. Rickertsen, a United States citizen, is one of the members of TC
Equity. Mr. Rickertsen is a director of the Issuer. His business address is
1455 Pennsylvania Avenue, N.W., Suite 350, Washington, D.C. 20004.
(vi) PAUL G. STERN
Dr. Stern, a United States citizen, is one of the members of TC Equity. Dr.
Stern also is a director of the Issuer. His business address is 1455
Pennsylvania Avenue, N.W., Suite 350, Washington, D.C. 20004.
(d)-(e). During the last five years, none of the Reporting Persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Leasing sold 125,000 shares of Common Stock on December 9, 1999 for an
aggregate of $2,947,663, 40,000 shares of Common Stock on December 10, 1999
for an aggregate of $915,000 and 15,000 shares of Common Stock on December
14, 1999 for an aggregate of $308,126.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons do not have any present plans or proposals which
relate to or would result in any of the following actions: (a) the
acquisition or disposition of securities of the Issuer, except for the
acquisition of Common Stock pursuant to the Warrant; (b) any extraordinary
corporate transactions involving the Issuer or any of its subsidiaries, such
as a merger, reorganization or liquidation; (c) a sale or transfer of a
material amount of assets of the Issuer or any of its subsidiaries; (d) any
change in the present board of directors or management of the Issuer; (e)
any material change in the Issuer's present capitalization or dividend
policy; (f) any other material change in the Issuer's business or corporate
structure; (g) changes in the Issuer's charter or bylaws or any other
actions which may impede the acquisition of control of the Issuer by any
person; (h) causing the Common Stock to be delisted from the National
Association of Securities Dealers Automated Quotations National Market
System; (i) causing a class of the Issuer's equity securities to become
eligible for termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934, as amended; or (j) any action similar to
any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b). The aggregate number and percentage of outstanding shares of Common
Stock beneficially owned by each of the Reporting Persons are set forth
below. Each Reporting Person has the sole power (except as otherwise noted)
to vote and to dispose of the shares of Common Stock listed opposite its
name.
9
<PAGE> 10
<TABLE>
<CAPTION>
NAME OF NUMBER OF SHARES PERCENT OF OUTSTANDING
BENEFICIAL OWNER BENEFICIALLY OWNED (1) SHARES OWNED (2)
------------------ ---------------------- ---------------------
<S> <C> <C>
TC Leasing, LLC 2,022,020 22.5%
Thayer Equity
Investors III, L.P.(3) 2,022,020 22.5%
TC Equity
Partners, L.L.C. (4) 2,022,020 22.5%
Frederic V. Malek(5) 2,022,020 22.5%
Carl J. Rickertsen(5) 2,022,020 22.5%
Paul G. Stern(5) 2,022,020 22.5%
----------------
</TABLE>
(1) Including 1,090,909 shares of Common Stock that Leasing has the right
to acquire pursuant to the Warrant.
(2) Based upon shares of Common Stock issued and outstanding on November 12,
1999, including shares underlying the Warrant.
(3) Thayer is the managing member of Leasing.
(4) TC Equity is the sole general partner of Thayer and has sole voting and
investment power with respect to the shares of Common Stock held of record by
Leasing.
(5) Messrs. Malek and Rickertsen and Dr. Stern share power to vote and
dispose of shares of Common Stock.
(c) The Reporting Persons did not effect any transactions in Common Stock
during the past sixty days other than as described above.
(d)-(e) Not Applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Pursuant to an agreement dated as of October 23, 1998 by and among the
Issuer and Leasing (the "Agreement"), Thayer used investment capital
contributed by TC Equity, as the general partner of Thayer, and by the
limited partners of Thayer, and their respective members, as the case may
be, to purchase shares of the Issuer's Common Stock at an aggregate purchase
price of $10,000,000. Thayer anticipates using the same source of funds as
it used to purchase shares of the Common Stock to purchase shares of Common
Stock underlying the warrant (a copy of which is attached hereto as Exhibit
4) granting Leasing the right to purchase 1,090,909 shares of the Issuer's
common stock at a price of $11.00 per share (the "Warrant"). In addition to
the Agreement, Leasing entered into a stockholders agreement, dated as of
October 23, 1998 among the Issuer, Phillip G. Norton, Bruce M. Bowen, JAP
Investment Group, L.P., Kevin M. Norton and Patrick J. Norton (the
"Stockholders Agreement"). According to the terms and conditions of the
Stockholders Agreement, (a) certain transfer restrictions were imposed on
Common Stock owned by the parties to such agreement, (b) the stockholders
agreed to take all action necessary to cause the Board of Directors of the
Issuer to be comprised of six directors, with three designated by each of
Leasing and management, (c) each management stockholder agreed to appoint
Mr. Rickertsen as his proxy and (d) Leasing obtained certain registration
rights. The Issuer granted Leasing the Warrant, exercisable at any time from
October 23, 1998 until December 31, 2001, for the purchase from the Issuer
of 1,090,909 shares of Common Stock at a price per share of $11.00.
10
<PAGE> 11
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
Exhibit 1 - Joint Filing Agreement dated November 2, 1998 among TC Leasing,
LLC, Thayer Equity Investors III L.P. and TC Equity Partners, L.L.C.
Exhibit 2 - Common Stock Purchase Agreement dated October 23, 1998 by and
between ePlus, Inc.. and TC Leasing, LLC *
Exhibit 3 - Stockholders Agreement dated October 23, 1998 by and between ePlus,
Inc. and Certain of its Stockholders. *
Exhibit 4 - Stock Purchase Warrant. *
* Previously filed with Schedule 13D with respect to an event on October 23,
1998.
11
<PAGE> 12
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
DATED: DECEMBER 22, 1999
TC LEASING, LLC
By: /s/ BARRY JOHNSON
--------------------------------
Name: Barry Johnson
Authorized Representative
THAYER EQUITY INVESTORS III, L.P.
By: TC Equity Partners, L.L.C. its
General Partner
By: /s/ FREDERIC V. MALEK
--------------------------------
Frederic V. Malek
Member
TC EQUITY PARTNERS, L.L.C.
By: /s/ FREDERIC V. MALEK
--------------------------------
Frederic V. Malek
Member
/s/ FREDERIC V. MALEK
--------------------------------
Frederic V. Malek
/s/ CARL J. RICKERTSEN
--------------------------------
Carl J. Rickertsen
/s/ PAUL G. STERN
--------------------------------
Paul G. Stern
EXHIBIT 1
12
<PAGE> 13
JOINT FILING AGREEMENT
This will confirm the agreement by and among all of the undersigned that the
Schedule 13D filed on or about this date with respect to the beneficial
ownership by the undersigned of shares of the common stock, par value $.01 per
share, of ePlus, Inc. is being filed on behalf of each of the undersigned. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same
instrument.
DATED: DECEMBER 22, 1999
<TABLE>
<CAPTION>
<S> <C>
TC LEASING, LLC THAYER EQUITY INVESTORS III, L.P.
By: /s/ BARRY JOHNSON By: TC Equity Partners, L.L.C. its
---------------------- General Partner
Name: Barry Johnson
Authorized Representative
By: /s/ FREDERIC V. MALEK
--------------------------
Frederic V. Malek
Member
TC EQUITY PARTNERS, L.L.C. /s/ PAUL G. STERN
-----------------
Paul G. Stern
By: /s/ FREDERIC V. MALEK
-------------------------
Frederic V. Malek /s/ CARL J. RICKERTSEN
----------------------
Member Carl J. Rickertsen
/s/ FREDERIC V. MALEK
---------------------
Frederic V. Malek
</TABLE>
13
