WESTMINSTER CAPITAL INC

WESTMINSTER CAPITAL INC

Previous company name
FARWEST FINANCIAL CORP
Name change date
7/3/1992
Company Overview
Westminster Capital, Inc. is a holding company with investments in point-of-purchase display and audio-visual equipment rental and sales. The company was incorporated in 1959 and has its registered head office located in Beverly Hills, California.
Westminster Capital operates its business in four divisions: point-of-purchase display and packaging, audio-visual equipment rental and sales, group purchasing services and finance and secured lending. The point-of-purchase display and packaging division offers attractive and effective solutions to complex packaging and promotional needs. The audio-visual equipment rental and sales division rents and sells audio-visual equipment and presentation services to other audio-visual companies and presentation companies. The group purchasing services division provides group purchasing of goods and services to new car dealers and health care providers. The finance and secured lending division provides financing services such as secured lending and equity investments.
Business Summary
Westminster Capital, Inc. is a diversified holding company operating in four business segments: point-of-purchase display and packaging, audio-visual equipment rental and sales, group purchasing services and finance and secured lending. The Company’s strategy is to acquire a majority or 100% interests in operating businesses that has growth potential through internal growth or through further acquisition. Westminster’s point-of-purchase display and packaging business operates through One Source Industries, L.L.C. One Source serves consumer product manufacturers seeking display and packaging solutions that enhance sales and brand recognition while satisfying the point-of-purchase requirements of mass merchandisers and specialty retailers. Logic Technology Group, Inc., which conducts business as Matrix Visual Solutions, rents and sells a range of audio-visual equipment on the wholesale level to other audio-visual companies and presentation companies.
Description and history
Westminster Capital, Inc., incorporated in 1959, is a diversified holding company operating in four business segments: point-of-purchase display and packaging, audio-visual equipment rental and sales, group purchasing services and finance and secured lending. The Company’s strategy is to acquire a majority or 100% interests in operating businesses that have growth potential through internal growth or through further acquisition.

Point-of-Purchase Display and Packaging

The Company’s point-of-purchase display and packaging business operates through One Source Industries, L.L.C. One Source serves consumer product manufacturers seeking display and packaging solutions that enhance sales and brand recognition while satisfying the point-of-purchase requirements of mass merchandisers and specialty retailers. One Source designs, packs and ships clamshell packaging for products ranging from sunglasses to ink-jet cartridges. One Source also designs, fabricates, assembles and fulfills temporary point-of-purchase displays for products ranging from computer software to toys. It provides clamshell packaging and temporary point-of-purchase displays that offer visual presentation, along with features such as ease of assembly, durability and stability.

Equipment Rental and Sales

Logic Technology Group, Inc., which conducts business as Matrix Visual Solutions, rents and sells a range of audio-visual equipment on the wholesale level to other audio-visual companies and presentation companies. Matrix also rents audio-visual equipment and provides related technical support, commonly referred to as presentation services, directly to end users for entertainment, corporate and educational events, as well as trade show exhibitions and hotel and hospitality venues. Rental of equipment generated approximately 84% of Matrix’ revenue for the year ended December 31, 2002, of which approximately 46% came from wholesale rental to other rental and presentation companies and the balance came from direct rental, presentation services for staged events and trade show exhibitions. Sales of new and used audio-visual equipment represented the balance of revenues for the year ended December 31, 2002. Matrix does not maintain an inventory of new equipment for sale and purchases and sells new equipment only when a customer indicates that it wishes to purchase rather than rent. Matrix sells used equipment as a method of disposing of rental equipment it no longer needs.

Group Purchasing Services

Westminster’s group purchasing services operate through Westland Associates, Inc., which provides group purchasing of goods and services to new car dealers. Prior to October 2002, its majority-owned subsidiary, Physician Advantage, L.L.C., provided group purchasing of medical, surgical, pharmaceutical and office equipment and supplies to healthcare providers including physicians, surgical centers and other alternate care facilities. Physician Advantage ceased operations in October 2002.

Westland offers group purchasing services to new car dealers that enroll as members. Westland serves its dealer-members by introducing them to pre-approved vendors offering a wide spectrum of products and services for auto dealerships at reduced prices. Dealer-members place orders directly with the vendors or through Westland. Vendors ship products directly to the dealer-members and bill Westland. Westland consolidates multiple vendor invoices into a single invoice for each dealer-member.

Finance and Secured Lending

The Company’s financing activities include secured lending and equity investments. The Company generally makes loans that mature in 24 months or less. Collateral for loans may include real and personal property. Westminster also invests in securities classified as available for sale.

Secured Lending

Westminster originates, and, from time to time, purchases loans that are generally secured by real estate, personal property or other collateral. In connection with each loan proposal, the Company considers the value and quality of the real estate or other collateral available to secure the loan compared to the loan amount requested, the borrower’s sources of repayment, the proposed interest rate and repayment terms and the credit-worthiness of the borrower.

Other Income

During 2002, the Company held investments in certain limited partnerships that invest in securities. Each of the partnerships seeks to achieve returns through investments in equity and debt securities following identified strategies. As of December 31, 2002, Westminster had elected to withdraw from the limited partnerships and its interests in those partnerships were being liquidated. The Company has no plans to invest in additional limited partnerships of this type. Westminster also holds several other investments in privately owned development or early stage companies.

Business Line
A holding company with investments in point-of-purchase display and audio-visual equipment rental and sales
Subsidiary
LOGIC TECHNOLOGY GROUP INC
Advisor
DELOITTE & TOUCHE LLP
IPO date

US SIC Code
6719
Company Address
Suite M-10
9665, Wilshire Boulevard
City province or state postal code
90212, BEVERLY HILLS, CA
Phone: +1 310 278 1930
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.westminsternational.com