-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TCpBhDeA7BxJCjccGR2pepYceLYQVjyv2m5W5t7IHXbIc2goFtH5+DH5t/wcMWQ2 K9aipq1kgZ6Yc4I1D2HaWA== 0000950123-07-007886.txt : 20070524 0000950123-07-007886.hdr.sgml : 20070524 20070524163004 ACCESSION NUMBER: 0000950123-07-007886 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070524 DATE AS OF CHANGE: 20070524 GROUP MEMBERS: GLENHILL CAPITAL LP GROUP MEMBERS: GLENHILL CAPITAL MANAGEMENT, LLC GROUP MEMBERS: GLENHILL CAPITAL OVERSEAS GP, LTD. GROUP MEMBERS: GLENHILL CAPITAL OVERSEAS MASTER FUND, LP GROUP MEMBERS: GLENN J. KREVLIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SMART BALANCE, INC. CENTRAL INDEX KEY: 0001331301 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 202949397 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-81234 FILM NUMBER: 07877310 BUSINESS ADDRESS: STREET 1: 6106 SUNRISE RANCH DRIVE CITY: LONGMONT STATE: CO ZIP: 80503 BUSINESS PHONE: 3036821982 MAIL ADDRESS: STREET 1: 6106 SUNRISE RANCH DRIVE CITY: LONGMONT STATE: CO ZIP: 80503 FORMER COMPANY: FORMER CONFORMED NAME: Boulder Specialty Brands, Inc. DATE OF NAME CHANGE: 20050624 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GLENHILL ADVISORS LLC CENTRAL INDEX KEY: 0001137521 IRS NUMBER: 134153005 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 598 MADISON AVE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 646-432-0600 MAIL ADDRESS: STREET 1: 598 MADISON AVE STREET 2: 12TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: KREVLIN ADVISORS LLC DATE OF NAME CHANGE: 20010402 SC 13G/A 1 y35470a1sc13gza.txt AMENDMENT #1 TO SCHEDULE 13G -------------------------- OMB APPROVAL -------------------------- OMB Number: 3235-0145 -------------------------- Expires: February 28, 2009 -------------------------- Estimated average burden Hours per response 10.4 -------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G/A UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1)* SMART BALANCE, INC. (F/K/A BOULDER SPECIALTY BRANDS, INC.) (Name of Issuer) Common Stock (Title of Class of Securities) 10153P108 (CUSIP Number) May 21, 2007 (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) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) * 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). Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMD control number. SEC 1745 (3-06) CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenhill Advisors, LLC 13-4153005 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) ----------------------------------------------------------- 6 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 0 BY EACH REPORTING ----------------------------------------------------------- PERSON WITH: 7 SOLE DISPOSITIVE POWER 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 19.9% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA, HC - -------------------------------------------------------------------------------- CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenn J. Krevlin - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) ----------------------------------------------------------- 6 SHARED VOTING POWER NUMBER OF SHARES BENEFICIALLY OWNED 0 BY EACH REPORTING ----------------------------------------------------------- PERSON WITH: 7 SOLE DISPOSITIVE POWER 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 0 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock ) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 19.9% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC - -------------------------------------------------------------------------------- CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenhill Capital Management, LLC 13-4146739 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ----------------------------------------------------------- 6 SHARED VOTING POWER 6,781,353 (consisting of 3,170,241 shares of Common NUMBER OF SHARES Stock, 555,556 shares of Series A Convertible BENEFICIALLY OWNED Preferred Stock, and warrants to purchase 3,055,556 BY EACH REPORTING shares of Common Stock) PERSON WITH: ----------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,781,353 (consisting of 3,170,241 shares of Common Stock, 555,556 shares of Series A Convertible Preferred Stock, and warrants to purchase 3,055,556 shares of Common Stock ) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 19.9% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA, HC - -------------------------------------------------------------------------------- CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenhill Capital Overseas GP, Ltd. 98-0426124 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ----------------------------------------------------------- 6 SHARED VOTING POWER 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible NUMBER OF SHARES Preferred Stock, and warrants to purchase 1,094,833 BENEFICIALLY OWNED shares of Common Stock) BY EACH REPORTING ----------------------------------------------------------- PERSON WITH: 7 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,094,833 shares of Common Stock) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,094,833 shares of Common Stock) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA, HC - -------------------------------------------------------------------------------- CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenhill Capital LP 13-4149785 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ----------------------------------------------------------- 6 SHARED VOTING POWER 4,351,405 (consisting of 2,034,293 shares of Common Stock, 356,389 shares of Series A Convertible NUMBER OF SHARES Preferred Stock, and warrants to purchase 1,960,723 BENEFICIALLY OWNED shares of Common Stock) BY EACH REPORTING ----------------------------------------------------------- PERSON WITH: 7 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 4,351,405 (consisting of 2,034,293 shares of Common Stock, 356,389 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,960,723 shares of Common Stock) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,351,405 (consisting of 2,034,293 shares of Common Stock, 356,389 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,960,723 shares of Common Stock) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.3% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- CUSIP No. 10153P108 - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Glenhill Capital Overseas Master Fund, LP 98-0426132 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTION) (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZEN OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ----------------------------------------------------------- 6 SHARED VOTING POWER 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible NUMBER OF SHARES Preferred Stock, and warrants to purchase 1,094,833 BENEFICIALLY OWNED shares of Common Stock) BY EACH REPORTING ----------------------------------------------------------- PERSON WITH: 7 SOLE DISPOSITIVE POWER 0 ----------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,094,833 shares of Common Stock) - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,429,948 (consisting of 1,135,948 shares of Common Stock, 199,167 shares of Series A Convertible Preferred Stock, and warrants to purchase 1,094,833 shares of Common Stock) - -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN - -------------------------------------------------------------------------------- ITEM 1(A) NAME OF ISSUER Smart Balance, Inc. (F/K/A Boulder Specialty Brands, Inc.) ITEM 1(B) ADDRESS OF ISSUERS PRINCIPAL EXECUTIVE OFFICES: 6106 Sunrise Ranch Drive Longmont, Colorado 80503 ITEM 2(A) NAME OF PERSONS FILING: Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital Management, LLC, Glenhill Capital Overseas GP, Ltd., Glenhill Capital LP, and Glenhill Capital Overseas Master Fund, LP Glenn J. Krevlin is the managing member and control person of Glenhill Advisors, LLC. Glenhill Advisors, LLC is the managing member of Glenhill Capital Management, LLC. Glenhill Capital Management, LLC is the general partner and investment advisor of Glenhill Capital LP, a security holder of the issuer, and sole shareholder of Glenhill Capital Overseas GP, Ltd. Glenhill Capital Overseas GP, Ltd. is general partner of Glenhill Capital Overseas Master Fund, LP, a security holder of the issuer. ITEM 2(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE RESIDENCE: 598 Madison Avenue, 12th Floor New York, NY 10022 ITEM 2(C) CITIZENSHIP: See the response(s) to Item 4 on the attached cover page(s). ITEM 2(D) TITLE OF CLASS OF SECURITIES: Common Stock ITEM 2(E) CUSIP NUMBER: 10153P108 ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B) OR 13D-2(B) OR (C), CHECK WHETHER THE PERSON FILING IS A: Not Applicable ITEM 4 OWNERSHIP (a) Amount Beneficially owned: See the response(s) to Item 9 on the attached cover page(s). (b) Percent of Class: See the response(s) to Item 11 on the attached cover page(s). (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s). (ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s). (iii) Sole power to dispose or direct the disposition of: See the response(s) to Item 7 on the attached cover page(s). (iv) Shared power to dispose or direct the disposition of: See the response(s) to Item 8 on the attached cover page(s). 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 BY THE PARENT HOLDING COMPANY. Not Applicable ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. Not Applicable ITEM 9 NOTICE OF DISSOLUTION OF GROUP. Not Applicable ITEM 10 CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 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. DATE: May 24, 2007 GLENHILL ADVISORS, LLC By: /s/ GLENN J. KREVLIN ------------------------------------ Name: Glenn J. Krevlin Title: Managing Member GLENHILL CAPITAL MANAGEMENT, LLC By: GLENHILL ADVISORS, LLC Managing Member By: /s/ GLENN J. KREVLIN ------------------------------------ Name: Glenn J. Krevlin Title: Managing Member /S/ GLENN J. KREVLIN ---------------------------------------- Name: Glenn J. Krevlin GLENHILL CAPITAL OVERSEAS GP, LTD. By: GLENHILL CAPITAL MANAGEMENT, LLC Sole Shareholder By: GLENHILL ADVISORS, LLC Managing Member By: /s/ GLENN J. KREVLIN ------------------------------------ Name: Glenn J. Krevlin Title: Managing Member GLENHILL CAPITAL LP By: GLENHILL CAPITAL MANAGEMENT, LLC General Partner By: GLENHILL ADVISORS, LLC Managing Member By: /s/ GLENN J. KREVLIN ------------------------------------ Name: Glenn J. Krevlin Title: Managing Member GLENHILL CAPITAL OVERSEAS MASTER FUND, LP By: GLENHILL CAPITAL OVERSEAS GP, LTD. General Partner By: GLENHILL CAPITAL MANAGEMENT, LLC Sole Shareholder By: GLENHILL ADVISORS, LLC Managing Member By: /s/ GLENN J. KREVLIN ------------------------------------ Name: Glenn J. Krevlin Title: Managing Member -----END PRIVACY-ENHANCED MESSAGE-----