UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
NATCO GROUP, INC.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
63227W 20 3
--------------
(CUSIP Number)
December 31, 2003
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
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* 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 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).
Page 1 of 10 Pages
CUSIP NO. 63227W 20 3
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1. Names of Reporting Person CAPRICORN INVESTORS II, L.P.
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization DELAWARE
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Number of 5. Sole Voting Power 0
Shares Bene- -------------------------------------------------------------
ficially owned 6. Shared Voting Power 3,089,589
by Each -------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power 3,089,589
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,089,589
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [X]
11. Percent of Class Represented by Amount in Row (9) 19.46%
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12. Type of Reporting Person (See Instructions)
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PN
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Page 2 of 10 Pages
CUSIP NO. 63227W 20 3
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1. Names of Reporting Person CAPRICORN HOLDINGS, LLC
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power 0
Shares Bene- -------------------------------------------------------------
ficially owned 6. Shared Voting Power 3,089,589
by Each -------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power 3,089,589
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,089,589
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [X]
11. Percent of Class Represented by Amount in Row (9) 19.46%
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------
OO
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Page 3 of 10 Pages
CUSIP NO. 63227W 20 3
--------------------------------------------------------------------------------
1. Names of Reporting Person CAPRICORN HOLDINGS, INC.
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
Number of 5. Sole Voting Power 0
Shares Bene- -------------------------------------------------------------
ficially owned 6. Shared Voting Power 1,835,951
by Each -------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: -------------------------------------------------------------
8. Shared Dispositive Power 1,835,951
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 1,835,951
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 11.56%
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12. Type of Reporting Person (See Instructions)
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CO
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Page 4 of 10 Pages
CUSIP NO. 63227W 20 3
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1. Names of Reporting Person HERBERT S. WINOKUR, JR.
I.R.S. Identification Nos. of above persons (entities only).
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization USA
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Number of 5. Sole Voting Power 4,960,968
Shares Bene- -------------------------------------------------------------
ficially owned 6. Shared Voting Power 0
by Each -------------------------------------------------------------
Reporting 7. Sole Dispositive Power 4,960,968
Person With: -------------------------------------------------------------
8. Shared Dispositive Power 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 4,960,968
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [X]
11. Percent of Class Represented by Amount in Row (9) 31.25%
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12. Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------
IN
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Page 5 of 10 Pages
Item 1.
(a) Name of Issuer:
NATCO Group, Inc.
(b) Address of Issuer's Principal Executive Offices:
2950 North Loop West
7th Floor
Houston, TX 77092
Item 2.
(a) Name of Persons Filing:
Capricorn Investors II, L.P.
Capricorn Holdings, LLC
Capricorn Holdings, Inc.
Herbert S. Winokur, Jr.
(b) Address of Principal Business Office or, if none, Residence:
The principal business office of all of the filing parties is
30 East Elm Street, Greenwich, CT 06830.
(c) Citizenship:
Capricorn Investors II, L.P. is a Delaware limited
partnership. Capricorn Holdings, LLC is a Delaware limited liability
company and the general partner of Capricorn Investors II, L.P.
Capricorn Holdings, Inc. is a Delaware corporation. Herbert S. Winokur,
Jr. is a citizen of the United States.
(d) Title of Class of Securities:
Common stock, par value $0.01 per share.
(e) CUSIP Number:
63227W 20 3
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
Page 6 of 10 Pages
(e) [ ] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J);
NOT APPLICABLE
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 4,960,968 shares.
(b) Percent of class: 31.25%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 4,960,968 shares.
(ii) Shared power to vote or to direct the vote: -0-
(iii) Sole power to dispose or to direct the disposition of:
4,960,968 shares .
(iv) Shared power to dispose or to direct the disposition of:
-0-.
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 or
Control Person.
SEE EXHIBIT 1
Page 7 of 10 Pages
Item 8. Identification and Classification of Members of the Group.
NOT APPLICABLE
Item 9. Notice of Dissolution of Group.
NOT APPLICABLE
Item 10. Certification.
NOT APPLICABLE
Page 8 of 10 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 6, 2004 CAPRICORN INVESTORS II, L.P.
By: CAPRICORN HOLDINGS, LLC, its General
Partner
By: /s/ HERBERT S. WINOKUR, JR.
-------------------------------------
Name: Herbert S. Winokur, Jr.
Title: Managing Member
Dated: February 6, 2004 CAPRICORN HOLDINGS, LLC
By: /s/ HERBERT S. WINOKUR, JR.
-------------------------------------
Name: Herbert S. Winokur, Jr.
Title: Managing Member
Dated: February 6, 2004 CAPRICORN HOLDINGS, INC.
By: /s/ HERBERT S. WINOKUR, JR.
-------------------------------------
Name: Herbert S. Winokur, Jr.
Title: President
Dated: February 6, 2004 /s/ HERBERT S. WINOKUR, JR.
-------------------------------------
Herbert S. Winokur, Jr.
Page 9 of 10 Pages
EXHIBIT 1
EXPLANATION OF ITEM 7
This Schedule 13G (Amendment No. 1) is being filed by Capricorn
Investors II, L.P., a Delaware limited partnership ("Capricorn II"), Capricorn
Holdings, LLC, a Delaware limited liability company and the general partner of
Capricorn II ("Holdings LLC"), Capricorn Holdings, Inc., a Delaware corporation
("Holdings Inc.") and Herbert S. Winokur, Jr. ("Mr. Winokur") (collectively, the
"Filing Parties"). Of the 4,960,968 shares reported as beneficially owned by Mr.
Winokur and the other Filing Parties, 3,096,089 such shares are owned directly
by Capricorn II (of which 3,087,021 shares are issued and outstanding and 9,068
shares are issuable upon exercise of presently exercisable options), 2,500
shares constituting restricted shares are held by Mr. Winokur for the benefit of
Capricorn II, 1,835,951 shares are owned directly by Holdings Inc. and 26,428
such shares are owned directly by Mr. Winokur. The shares beneficially owned by
Capricorn II do not include 2,766 shares issuable upon exercise of options held
by Capricorn II that are not currently exercisable. As general partner of
Capricorn II, Holdings LLC is the indirect beneficial owner of the shares owned
directly by Capricorn II. As the manager of Holdings LLC and the sole
stockholder of Holdings Inc., Mr. Winokur may be deemed to control each of them
and, in such capacities, possesses voting and dispositive power over the shares
held by Capricorn II and Holdings Inc. Accordingly, Mr. Winokur may be deemed
the beneficial owner of all of the shares reported as beneficially owned by the
Filing Parties. A joint filing agreement among the Filing Parties was filed as
Exhibit 2 to their Schedule 13G filed February 5, 2003.
Page 10 of 10 Pages