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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ____)*
White Cap Industries, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 par value per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
- --------------------------------------------------------------------------------
963505102
(CUSIP Number)
Check the following box if a fee is being paid with this statement /x/. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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> 2
SCHEDULE 13G
CUSIP NO. 963505103 PAGE ____OF _____PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
APEX INVESTMENT FUND III, LP
36-4078931
- --------------------------------------------------------------------------------
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
684,878
---------------------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF -0-
SHARES ---------------------------------------------------------------
BENEFICIALLY 7 SOLE DISPOSITIVE POWER
OWNED BY 684,878
EACH ---------------------------------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH -0-
---------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
684,878
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.5%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE> 3
SCHEDULE 13G
CUSIP NO. 963505102 PAGE OF PAGES
----- -----
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Apex Management III, LLC
36-4078929
- --------------------------------------------------------------------------------
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-
NUMBER OF
SHARES ----------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY 730,729
EACH ----------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON WITH -0-
----------------------------------------
8 SHARED DISPOSITIVE POWER
730,729
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
730,729
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00 (Limited Liability Company)
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
SEC 1745 (2-95)
<PAGE> 4
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
- -------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GEORGE M. MIDDLEMAS
###-##-####
- -------------------------------------------------------------------------------
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-
---------------------------------------
6 SHARED VOTING POWER
NUMBER OF 730,729
SHARES ----------------------------------------
BENEFICIALLY 7 SOLE DISPOSITIVE POWER
OWNED BY -0-
EACH ---------------------------------------
REPORTING 8 SHARED DISPOSITIVE POWER
PERSON WITH 730,729
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
730,729
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
SEC 1745 (2-96)
<PAGE> 5
SCHEDULE 13G
<TABLE>
<CAPTION>
<S> <C> <C>
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
- -------------------- -------------------------
- -------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FREDERICK W.W. BOLANDER
###-##-####
- -------------------------------------------------------------------------------------------------
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-
------------------------------------------------------------------------
6 SHARED VOTING POWER
730,729
NUMBER OF ------------------------------------------------------------------------
SHARES 7 SOLE DISPOSITIVE POWER
BENEFICIALLY -0-
OWNED BY ------------------------------------------------------------------------
EACH 8 SHARED DISPOSITIVE POWER
REPORTING 730,729
PERSON WITH
------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
730,729
- -------------------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
- -------------------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTION BEFORE FILLING OUT!
SEC 1745 (2-95)
<PAGE> 6
CUSIP NO. 963505102 SCHEDULE 13G PAGE _____ OF _____ PAGES
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Stellar Investmetn Co.
36-3572957
- -------------------------------------------------------------------------------
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-
NUMBER OF ---------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 730,729
EACH ---------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
730,729
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
730,729
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILING OUT!
SEC 1745 (2-95)
<PAGE> 7
CUSIP NO. 963505102 SCHEDULE 13G PAGE _____ OF _____ PAGES
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Analysis APex Management Company III, LLC
51-0374370
- -------------------------------------------------------------------------------
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-
NUMBER OF ---------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 730,729
EACH ---------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH -0-
---------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
730,729
- -------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
730,729
- -------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* / /
- -------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.0%
- -------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
OO (Limited Liability Company)
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
SEC 1745 (2-95)
<PAGE> 8
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
Item 1(a). Name of Issuer:
White Cap Industries, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
3120 Airway Avenue, Costa Mesa, CA 92626
Item 2(a). Name of Person Filing:
Apex Investment Fund III, LP ("Apex"), Apex Management III, LLC
("AMIII"), George M. Middlemas ("Middlemas"), Frederick W.W.
Bolander ("Bolander"), Stellar Investment Co. ("Stellar"), and
First Analysis Apex Management Company III, LLC ("FAAMC")
(collectively, the "Reporting Persons"). AMIII is the General
Partner of Apex; each of Middlemas, Bolander, Stellar and FAAMC is
a Managing Member of AMIII.
AMIII is also the Manager of Apex Strategic Partners, LLC.
Item 2(b). Address of Principal Business Office:
Each of the Reporting Persons maintains its principal business
offices at 233 South Wacker Drive, Suite 9500, Chicago, IL 60606.
Item 2(c). Citizenship:
Middlemas and Bolander are U.S. citizens. Stellar is a Delaware
corporation. Apex is a Delaware limited partnership and AMIII and
FAAMC are Delaware limited liability companies.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share ("Common Stock")
Item 2(e). CUSIP Number
963505102
Item 3. Type of Person:
Not applicable. This statement is not filed pursuant to either
Rule 13-1(b) or Rule 13d-2(b).
SEC 1745 (2-95)
<PAGE> 9
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
Item 4. Ownership:
(a) Amount Beneficially Owned:
Apex is the record owner of 684,878 shares (which number
includes no options exercisable within 60 days of 12/31/97).
By virtue of its status as the General Partner of Apex, AMIII
may be deemed the beneficial owner of the 684,878 shares
owned of record by Apex. Additionally, by virtue of its
status as the Manager of Apex Strategic Partners, LLC
("ASP"), AMIII may be deemed the beneficial owner of the
45,851 shares owned of record by ASP.
By virtue of their status as Managing Members of AMIII,
Middlemas, Bolander, Stellar and FAAMC may be deemed the
beneficial owners of the 684,878 shares owned of record by
Apex and the 45,851 shares owned of record by ASP. Each of
Middlemas, Bolander, Stellar and FAAMC disclaim beneficial
ownership of shares owned of record by Apex and ASP.
AMIII, Middlemas, Bolander, Stellar and FAAMC may, therefore,
be deemed the beneficial owner of 730,729 shares subject to
the disclaimers noted above.
(b) Percent of Class:
Apex may be deemed the beneficial owner of 6.5% and each of
AMIII, Middlemas, Bolander, Stellar and FAAMC may be deemed
the beneficial owner of 7.0% (based on 10,509,576 shares
outstanding as of 11/19/97 as reported in the Issuer's Form
10-Q).
(c) Number of shares as to which person has:
(i) Sole power to vote or to direct the vote:
Apex: 684,878
AMIII: 0
Middlemas: 0
Bolander: 0
Stellar: 0
FAAMC: 0
SEC 1745 (2-95)
<PAGE> 10
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
(ii) Shared power to vote or to direct the vote:
Apex: 0
AMIII: 730,729
Middlemas: 730,729
Bolander: 730,729
Stellar: 730,729
FAAMC: 730,729
(iii) Sole power to dispose or to direct the disposition of:
Apex: 684,878
AMIII: 0
Middlemas: 0
Bolander: 0
Stellar: 0
FAAMC: 0
(iv) Shared power to dispose or to direct the disposition of:
Apex: 0
AMIII: 730,729
Middlemas: 730,729
Bolander: 730,729
Stellar: 730,729
FAAMC: 730,729
- --------------------
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. This statement is not filed pursuant to Rule
13d-1(b)(ii)(G) or Rule 13d-1(c) by a parent holding company.
Item 8. Identification and Classification of Members of the Group:
Not applicable. This statement is not filed pursuant to Rule
13d-1(b)(ii)(H) by a group.
SEC 1745 (2-95)
<PAGE> 11
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
Item 9. Notice of Dissolution of Group:
Not applicable.
Item 10. Certification:
Not applicable. This statement is not filed pursuant to rule
13d-1(b).
[REST OF THIS PAGE LEFT BLANK INTENTIONALLY.]
SEC 1745 (2-95)
<PAGE> 12
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 13, 1998
APEX INVESTMENT FUND III, LP
By: Apex Management III, LLC
Its: General Partner
By: Stellar Investment Co.
Its: Managing Member
By:James A. Johnson
--------------------------------------------
James A. Johnson, President
APEX MANAGEMENT III, LLC
By: Stellar Investment Co.
Its: Managing Member
By: James A. Johnson
--------------------------------------------
James A. Johnson, President
George M. Middlemas
--------------------------------------------
George M. Middlemas
Frederick W.W. Bolander
--------------------------------------------
Frederick W.W. Bolander
STELLAR INVESTMENT CO.
By:James A. Johnson
--------------------------------------------
James A. Johnson, President
FIRST ANALYSIS APEX MANAGEMENT COMPANY III, LLC
By:
--------------------------------------------
Its: Managing Member
--------------------------------------------
<PAGE> 13
SCHEDULE 13G
CUSIP NO. 963505102 PAGE _____ OF _____ PAGES
EXHIBIT I
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 on Schedule 13G need be filed with respect to ownership by each of the
undersigned of shares of Common Stock of White Cap Industries, Inc.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original.
Dated: February 13, 1998 APEX INVESTMENT FUND III, LP
By: Apex Management III, LLC
Its: General Partner
By: Stellar Investment Co.
Its: Managing Member
By: James A. Johnson
-------------------------------------------
James A. Johnson, President
APEX MANAGEMENT III, LLC
By: Stellar Investment Co.
Its: Managing Member
By:James A. Johnson
--------------------------------------------
James A. Johnson, President
George M. Middlemas
--------------------------------------------
George M. Middlemas
Frederick W.W. Bolander
--------------------------------------------
Frederick W.W. Bolander
STELLAR INVESTMENT CO.
By: James A. Johnson
--------------------------------------------
James A. Johnson, President
FIRST ANALYSIS APEX MANAGEMENT COMPANY III, LLC
By:
------------------------------------------
Its: Managing Member
------------------------------------------
