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CUSIP NO. 233860204
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __) *
DAIRY MART CONVENIENCE STORES, INC.
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(Name of Issuer)
CLASS A COMMON STOCK, $.01 PAR VALUE
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(Title of Class of Securities)
233860204
(CUSIP Number)
WILLIAM L. MUSSER, JR.
NEW FRONTIER CAPITAL, L.P.
919 THIRD AVENUE
NEW YORK, NEW YORK 10022
(212) 207-4707
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
SEPTEMBER 26, 1996
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(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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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
disclosures provided in a prior cover page.
The information required on 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).
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CUSIP NO. 233860204
SCHEDULE 13D
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEW FRONTIER CAPITAL, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) / /
(B) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
0
NUMBER OF
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 250,000 SHARES
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
250,000 SHARES
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
250,000 SHARES
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.47%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 233860204
SCHEDULE 13D
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FOUNDER CAPITAL, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) / /
(B) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
0
NUMBER OF
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 250,000 SHARES
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
250,000 SHARES
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
250,000 SHARES
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.47%
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14 TYPE OF REPORTING PERSON*
PN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 233860204
SCHEDULE 13D
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
WILLIAM L. MUSSER, JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) / /
(B) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or (e) / /
- ------------------------------------ -------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
0
NUMBER OF
SHARES -------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 250,000 SHARES
EACH -------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER
250,000 SHARES
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
250,000 SHARES
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.47%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 233860204
Item 1. Security and Issuer.
This statement relates to the Class A Common Stock, $.01 par
value, of Dairy Mart Convenience Stores, Inc. (the "Company"). The address of
the Company's principal executive offices is One Vision Drive, Enfield,
Connecticut 06082.
Item 2. Identity and Background.
This Statement is filed by New Frontier Capital, L.P. ("New
Frontier").
New Frontier is a Delaware limited partnership whose principal
business is investing in a portfolio of equity.
Founder Capital, L.P. ("Founder Capital") is a Delaware
limited general partnership and is the general partner of New Frontier. Founder
Capital has no business activities other than acting as New Frontier's general
partner. The general partner of Founder Capital is William L. Musser, Jr.
The address of the principal business and principal office of
New Frontier, Founder Capital and William L. Musser, Jr. is 919 Third Avenue,
New York, New York 10022.
The present principal occupation and employment of William L.
Musser, Jr., who is a citizen of the United States, is as the General Partner of
Founder Capital.
During the last five years, neither New Frontier, Founder
Capital, nor William L. Musser, Jr. has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors). During the last five
years, neither New Frontier, Founder Capital, nor William L. Musser, Jr. has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction resulting in a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or a finding of any violation with respect to such
laws.
Item 3. Source and Amount of Funds or Other Consideration.
New Frontier has used $1,366,692.38 of its working capital to
acquire 250,000 shares of the Company's Class A Common Stock, $.01 par value.
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CUSIP NO. 233860204
Item 4. Purpose of Transaction.
New Frontier acquired the 250,000 shares of the Company's
Class A Common Stock in the ordinary course of New Frontier's business for
investment purposes.
Neither New Frontier, Founder Capital, nor William L. Musser,
Jr. has any plans or proposals which relate to or would result in:
(a) the acquisition by any person of additional securities of
the issuer or the disposition of securities of the Company, except that New
Frontier, Founder Capital and/or William L. Musser, Jr. may, from time to time,
in furtherance of New Frontier's investment program, acquire or dispose of one
or more shares of the Company's Class A Common Stock, $.01 par value, or any
other securities of the issuer;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its subsidiaries;
(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, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) any material change in the present capitalization or
dividend policy of the issuer;
(f) any other material change in the issuer's business or
corporate structure;
(g) any change in the issuer's charter, by-laws or instruments
relating thereto or other actions which may impede the acquisition of control of
the issuer by any person;
(h) causing a class of securities of the issuer to be delisted
from a national securities exchange or to cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association;
(i) a class of equity securities of the issuer becoming
eligible for termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934; or
(j) any action similar to those enumerated above.
Item 5. Interest in Securities of the Issuer.
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CUSIP NO. 233860204
New Frontier directly owns 250,000 shares of the Company's
Class A Common Stock, $.01 par value, which constitutes beneficial ownership of
approximately 8.47% of the outstanding shares of the Company's Class A Common
Stock. The power to vote or to dispose of, or to direct the voting or disposal
of, any such Class A Common Stock held by New Frontier is vested in Founder
Capital as general partner of New Frontier. William L. Musser, Jr. is the
general partner of Founder Capital.
Accordingly, for purposes of Schedule 13D, New Frontier,
Founder Capital and William L. Musser, Jr. may each be deemed to share the power
to dispose or to direct the disposition with respect to the securities covered
by this Statement and therefore each may be deemed to be a beneficial owner with
respect to such securities.
Pursuant to Rule 13d-4 under the Securities Exchange Act of
1934, New Frontier, Founder Capital, William L. Musser, Jr. hereby declare that
the filing of this Statement shall not be construed as an admission that any
person other than New Frontier is the beneficial owner of any securities covered
by this Statement.
No other person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the securities covered by this Statement.
In the sixty days preceding such sale, New Frontier did not
effect any transactions in the Company's Class A Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer.
Neither New Frontier, Founder Capital nor William L. Musser,
Jr. is party to any contract, arrangement, understanding or relationship
specifically relating to any securities of the Company.
Item 7. Material to be Filed as Exhibits.
None.
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CUSIP NO. 233860204
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this Statement, which is
being filed on behalf of each of the undersigned, is true, complete and correct.
Dated: January 20, 1997
NEW FRONTIER CAPITAL, L.P.
By Founder Capital, L.P.
General Partner
By /s/ William L. Musser, Jr.,
--------------------------------
William L. Musser, Jr.,
General Partner
