Investor Team

Aspect Investors

Andy Love Andy is the Founder and Managing Partner of Aspect Investors, LLC, a private investment firm focused on search funds. Prior to founding Aspect, Andy served as Chief Executive Officer of Behavioral Health Group (“BHG”), a substance abuse services company that he co-founded in 2006 and sold to the Frontenac Company in 2011. He formed BHG through a search fund that he co-founded, VantageCap Partners, in December 2003. Prior to founding BHG, Andy was a founding team member of Broadband Venture Partners, a Dallas-based growth equity firm focused on the telecommunications and enterprise software industries. Earlier in his career, he was an Associate Consultant with Bain & Company. Andy is also a recipient of the Ernst & Young Entrepreneur of the Year Award, Southwest Region (2011). Andy holds a BA in Plan II Honors, magna cum laude, from The University of Texas at Austin, where he graduated with Phi Beta Kappa honors and departmental distinction. He also holds an MBA from the Stanford Graduate School of Business and an MA from the Stanford University Graduate School of Education.

Brad Buser Brad has a decade of investment experience and has spent much of that time in an operationally-focused manner across a wide variety of industries and situations. Over his investment career. Brad has led or been a key team member on more than 20 executed transactions with a combined enterprise value exceeding $1.5 billion. Prior to joining Aspect Investors, Brad was a Principal at Insight Equity, a Dallas area-based operationally intensive middle-market private equity firm with over $1 billion in capital under management. During his nearly 7 years at Insight, he helped to lead transaction sourcing and execution efforts and spent considerable time on Boards and on the ground advising and managing portfolio companies via Insight’s “hands-on” investment strategy. Before Insight, Brad was an investment professional at Wind Point Partners, a Chicago-based private equity firm. Earlier, Brad was an Associate at the Boston Consulting Group in Chicago. Brad holds an MBA from Harvard Business School and graduated summa cum laude from the University of Notre Dame where he received his BBA in Finance. Brad is a CFA Charterholder and CPA.

B.A. Cullum B.A. has extensive experience with acquisitions, business development, and real estate development. Prior to joining the Aspect team, he was the Director of Acquisitions & Business Development at ClubCorp, the largest owner/operator of private golf clubs, country clubs and business clubs in North America. During his time at ClubCorp, B.A. played a key role in the company’s acquisition of over $390 million worth of golf and country club properties. Previously, B.A. worked at JP DiNapoli Companies, a closely held real estate investment firm, and the Beck Group, a national construction and architecture company. Early in his career, B.A. was an analyst with the Dallas Cowboys, where he focused on the development of the Cowboys’ new stadium and management of the Jones family’s commercial real estate development projects. B.A. earned an MBA from the Stanford Graduate School of Business. He

1 also holds a Master in City Planning (MCP) from the Massachusetts Institute of Technology and a BA from Stanford University.

LCM Group

David Luttrell David is a Managing Director at LCM Group, a privately-owned diversified investment management company founded in 1988 with a focus in alternative asset investing. He previously served as Senior Economic Analyst and Special Assistant to President Richard Fisher at the Federal Reserve Bank of Dallas and worked in the Private Equity/ Group at Makena Capital (Menlo Park, CA) and the Financial Institutions Group at Temasek Holdings (Singapore). David earned an M.B.A. degree from Stanford University’s Graduate School of Business. He also earned undergraduate magna cum laude honors with a B.S. in Economics and B.B.A. in Finance with a concentration in Alternative Assets from Southern Methodist University. David serves on the Board of Directors for HOI (Helping Others Internationally), a community and economic development NGO in Central America. He is also a Trustee of The Light Foundation and is the Founder and Director of Dallas-based Christian stewardship ministry Ambassadors Club.

Peterson Partners

JR De Agostini JR is a Vice President at Peterson Partners. Prior to joining Peterson Partners, JR was an associate with JP Morgan’s healthcare group in San Francisco. Prior to joining JP Morgan, JR served as a Navy SEAL team leader. JR received an MBA from Stanford Graduate School of Business and B.A. degrees in Economics from the University of Utah.

Max Artz Max is a Vice President at Peterson Partners. Prior to joining Peterson Partners, Max worked as Chief of Staff at Flow Commerce. Prior to joining Flow, Max was the General Manager of China at The Aromatherapy Company, a New Zealand home goods company, based in Shanghai. Max began his career with The Royal Bank of Scotland in the International Banking division. Max received an MBA from the Stanford Graduate School of Business and a B.S. from Babson College.

Search Fund Partners

David Carver Dave is a co-founder of Search Fund Partners. He and his partner, Rich Kelley, have spent the last nine years developing and managing the SFP portfolio. He is on the board of iNet Interactive, Advanced Network Solutions, UnitedLayer, DataFusion, StaffOne, WebEquity, Raptor Technologies and VRI. David spent thirty years as an executive in the high tech industry and has extensive experience in all phases of business, including M&A, fund-raising, corporate strategy and operations. He was CEO of HiFive!, an application service provider; CEO of Hipbone Networks, an online collaboration company; EVP and GM at Network Associates; COO of Network General; an EIR at Institutional Venture Partners; and an executive at Hewlett-Packard, including ten years in the professional service/software divisions of HP. Dave has an MBA from Stanford Graduate School of Business and a B.S. in Mathematics from the University of Arkansas. Dave and his wife Julia have two boys, RJ and Sam. He is active in community

2 and non-profit organizations, having founded the Redwood Chapter of National Junior Basketball serving 650 children.

Rich Kelley Rich co-founded Search Fund Partners in 2004. He currently serves on the boards of SFL Data, HemaSource, Verengo, Avadyne, RIA in a Box, ISC, and Medical Positioning, Inc. Rich Kelley has been involved in numerous small businesses and start-up companies as an operator, owner, and investor. His varied experience includes: CFO of Score Learning Centers, CEO of San Jose Giants, General Partner of the Stanford Terrace Inn, developer of houses and subdivisions, owner of office buildings and hotels, investor in successful tech start-ups (Coinstar, PLX Technology, Corcept Therapeutics). He has also invested in many limited partnerships, including venture funds, and has been involved as a search fund investor since 1994. Rich has an MBA from Stanford and a BA from Stanford. Rich and his wife Gina have two children, Riley and Sam. He has served as an elected school board trustee and is active with the Positive Coaching Alliance and Sustainable Conservation as an advisor.

Jim Edmunds Jim joined Search Fund Partners in 2008 after running a company sourced through the search fund model. Jim and his partner found and acquired Celebrity Kids Portrait Studios, a leading provider of upscale children's photography in 2005. Jim served as President and CFO of the company. He currently participates on the boards of Ascentia, Consumeraffairs.com, Gogotech, and UCIT Online. Before launching a search fund, Jim was an Associate at McKinsey & Company in Palo Alto. Prior to attending business school, Jim conducted business development for PetSmart.com, managed a successful political campaign in Texas, and worked in Investment Banking and Equity Capital Markets at Bear Stearns. Jim holds an MBA from the Stanford Graduate School of Business, where he was named a Siebel Scholar, and an A.B. in History from Harvard University. He is the treasurer of Building Futures Now, a non-profit dedicated to helping high potential students in East Palo Alto. He lives in Menlo Park with his wife Christine, daughter Emiko, and son Koji.

Todd Tracey Todd joined Search Fund Partners in 2016 after acquiring, running, and successfully exiting HemaSource, a company he sourced through the search fund model. HemaSource is a distributor of medical disposable products to the blood therapies markets and at the time of the sale, it was one of the most successful ‘single searcher’ exits. Todd served as President and CEO of the company. He currently participates on the boards of ComplianceLine, TDR, Detroit Dental, and Elevated Billing Solutions. Prior to launching his search fund, Todd filled leadership roles in operations, sales, and finance for a variety of lower middle market companies. His broad industry background includes agriculture, telecommunications, web advertising and healthcare. He also worked as a Senior Associate for Mercer Management Consulting (now Oliver Wyman). Todd holds an MBA from the Kellogg School at Northwestern University where he was a Lerner Scholar and the Harry W. Gillies Management & Strategy Student of the Year. He graduated cum laude from Dartmouth College with an A.B. in Economics.

Sovereign’s Capital

Henry Kaestner Henry is a Co-Founder and previous CEO, and then Chairman of Bandwidth.com, a company that together with his business partner, David Morken, he has grown from $0 to $250 million in revenue.

3 The values of Bandwidth.com have always been: Faith, Family, Work and Fitness (in that order). Prior to co-founding Bandwidth.com Henry founded Chapel Hill Brokers (a predecessor to ICAP Energy), an institutional energy derivatives broker that became the top-ranked electricity broker in the country. Henry also co-founded DurhamCares, sits on the Board of Visitors at the University of North Carolina at Chapel Hill, and the Board of Directors of Praxis, an accelerator committed to helping Faith driven entrepreneurs. He also serves on the Board of Directors of Bandwidth, Republic Wireless, CloudFactory, ThriveFarmers, First, and RevBoss.

Luke Roush Luke co-founded Sovereign’s Capital in 2012, and is a Managing Partner for the firm. While living in Kuala Lumpur and Jakarta from 2013-2016, he opened the fund’s operations in Southeast Asia. Prior to Sovereign’s Capital, Luke had twelve years of experience in global commercialization and business development at venture-backed and Fortune 500 companies. He was Vice President for Sales, Marketing, and Business Development at TransEnterix, a medical device company that developed and commercialized a minimally invasive surgical system in the US, Europe, and Asia. Prior to joining TransEnterix (NYSE:TRXC), he served as Chief Operating Officer at Liquidia Technologies, a nanotechnology company focused on biopharmaceutical applications. Luke previously served as global marketing manager for the neurovascular stroke business at Boston Scientific’s (NYSE:BSX). He also co-founded 410 Medical, a device company focused on pediatric emergency care, in 2012. Luke graduated summa cum laude from Duke University, and later earned his MBA from The Fuqua School of Business.

William Norvell William has spent over six years in Private Equity and Investment Banking, along with over five years pursuing entrepreneurial endeavors. He has investment experience in technology, real estate, power, sports and healthcare. He co-founded an adventure race company and two technology companies. For Sovereign’s Capital, William focuses primarily on investing in traditional businesses in the lower middle market. He founded the Faith and Work ministry at Reality SF and loves engaging in any conversation about how to make work more meaningful in the world. He received an MBA from the Stanford Graduate School of Business and a BS in Finance, Summa Cum Laude, from the University of Alabama, where he was named a USA Today Academic All-American.

WSC & Company

Badge Stone Badge is a Managing Director and co-founder of WSC & Company. While at WSC, Badge acquired and operated Perimeter Security Systems, a leading provider of monitored, electric fences to commercial and industrial customers. Prior to co-founding WSC, Badge served as President of Stone Pump & Trench, an infrastructure equipment rental business. Before Stone Pump & Trench, Badge co-founded HeelHorn Partners, a search fund, and worked for VF Imagewear, a Nashville-based division of VF Corporation (NYSE: VFC). While at VF Imagewear, Badge focused on operations, , and internal growth projects. Prior to VF, Badge worked for McColl Partners and First Union Securities’ M&A Group (formally Bowles Hollowell Conner) as a middle-market investment banker focused primarily on sell-side assignments, private capital raises, and leveraged . Badge holds a Business Administration degree with Distinction from the University of North Carolina at Chapel Hill, where he was a Morehead Scholar, and an M.B.A. from Harvard Business School.

4 Macon Carroll Macon is a Partner and co-founder of WSC & Company. Prior to joining WSC & Company, Macon served as VP of Operations at Griffin Brothers Companies, a diversified family of companies with operations throughout the Carolinas. Macon focused on the C&D landfilling and the property and hospitality divisions, where he was tasked with implementing operational efficiencies in addition to business development. In addition to his role at Griffin Brothers Companies, Macon managed a closely held private investment fund, CFH, LLC. Prior to Griffin Brothers Companies, Macon worked as an investment banking analyst for Bank of America Merrill Lynch in the Financial Institutions Group. Macon holds a B.A. in Global Studies with a concentration in economics from the University of North Carolina at Chapel Hill, and an M.B.A. from UNC’s Kenan-Flagler Business School.

Brent Burgess

Brent is a Managing Partner of Concentric, where he is responsible for fundraising, investor relations, deal sourcing and overall strategy. Prior to co-founding Concentric, Brent founded and served as the President of Granville Advisers, a boutique advisory and investment firm. Prior to Granville, Brent co-founded Triangle Capital Corporation. From 2002-2016, Brent was engaged in starting, taking public and building this investment company which focused on direct lending to lower-middle market companies. As the Chief Investment Officer and Chairman of the Investment Committee, Brent led $2.3 billion of investments in 165 private companies. Prior to Triangle, Brent worked at Oberlin Capital and Cherokee Investment Partners. Brent earned a B.Ed. in History and Social Studies from the University of Regina, Canada in 1989, where he graduated with Great Distinction. He earned an MCS/MA from Regent College/University of British Columbia in Church History in 1993, where he was awarded the Board of Governor’s Prize and the History Prize.

Thomas Cassutt

Mr. Cassutt has made investments in more than one hundred and thirty private companies, and is CFO of American Security Products, a leading manufacturer of high-security safes. From 1984 to 2011, Mr. Cassutt was Co-President of Nelson Nameplate Company, a manufacturer of membrane switches and product identification based in Los Angeles, California. Prior to joining Nelson, Mr. Cassutt was the Controller of Bristol Corporation, the parent company of ten manufacturing companies, from 1978-1984. He has served on the boards of American Security Products, Columbia Sanitary Products, Dynamic Growth Dental, EZ Shipper Racks, Nelson Nameplate Company, Scottish American Services, and Positive Coaching Alliance. Mr. Cassutt received his Bachelors degree in Physics in 1982 from the University of California, Irvine where he was a Phi Beta Kappa graduate. Mr. Cassutt received an MBA in 1986 from Stanford University’s Graduate School of Business, where he was an Arjay Miller scholar and the recipient of the Alexander A. Robichek Award, given to the top student each year in finance.

Jay Davis

Jay is a co-founder of The Nashton Company. The Nashton Company is a holding company investing in recurring revenue services businesses. Nashton builds leading companies in niche markets over a very long period of time. Prior to co-founding the firm, Jay served as the CEO of Vector Disease Acquisition, a holding company that provides vector-borne disease prevention programs and lake management services. Under Jay’s leadership, the company made 14 acquisitions and grew at a CAGR of 43%. Vector Disease Acquisition was acquired by Rentokil Initial (FTSE: RTO) in November of 2017. Jay obtained a Master in Business

5 Administration from Harvard Business School and graduated Phi Beta Kappa from Vanderbilt University with a degree in Economics.

Matt Estep

Matt is the Managing Partner and founder of Bosworth Capital Partners, a Chicago-based private investment partnership founded in 2008. In 2010, Matt acquired Midwest Supplies and assumed the role of President. Over the next 2 years, he worked at building out a leadership team and scaled the rapidly growing e-commerce company to over $100M in sales. Matt previously worked at Peoples Energy in Chicago, Illinois. Prior to Peoples, he spent time pursuing a career as a professional race car driver. Matt holds a Master of Business Administration degree from Harvard Business School and also graduated from Purdue University with a Bachelor of Science degree in Mechanical Engineering.

Peter Kingston

Pete is a Vice President at PRIMECAP Management Company. Prior to PRIMECAP, he was a counterintelligence/human intelligence officer in the United States Marine Corps. Previously, Pete spent two years at Princeton University Investment Company (PRINCO) and one year at the Council of Economic Advisers. Pete graduated from Princeton University with a bachelor’s degree in Economics and also has an MBA from the Stanford Graduate School of Business.

David Lazier

Mr. Lazier is a private investor who has made more than 130 investments in search funds. He is also the president of American Security Products, a leading manufacturer of high-security safes. From 1984 to 2011, Mr. Lazier served as Controller, Vice President of Sales and then Co-President of Nelson Nameplate Company, a manufacturer of membrane switches and product identification based in Los Angeles, California. From 1982 to 1984, he worked as an engineer for IBM Corporation. Mr. Lazier currently sits on the boards of American Security Products, Columbia Sanitary Products, Datum Technologies, and Gogotech. He has previously served on the boards of Glendale Memorial Hospital Foundation, the San Gabriel Valley Habitat for Humanity and St. Mark’s Episcopal Church. He received his Bachelor’s Degree in Industrial Engineering from Northwestern University.

Harold Mottet

Hal is a successful CEO and board leader and has led the profitable growth of operating companies through both organic growth and mergers and acquisitions. Organic growth strategies involved executing operational excellence through continuous improvement, improving the customer focus of organizations, and developing new products and production capabilities through capital investments. Mottet has also used mergers and acquisitions, along with targeted private equity investments, to grow companies, both as CEO and as a Member of Boards of Directors. Hal has an MBA from the Stanford University Graduate School of Business, along with a Bachelor’s of Science degree in Forestry from the University of Washington.

6 Jason Pananos

Jason is a co-founder of The Nashton Company. The Nashton Company is a holding company investing in recurring revenue services businesses. Nashton builds leading companies in niche markets over a very long period of time. Prior to co-founding the firm, Jason served as the President of Vector Disease Acquisition, a holding company that provides vector-borne disease prevention programs and lake management services. Under Jason's leadership, the company made 14 acquisitions and grew at a CAGR of 43%. Vector Disease Acquisition was acquired by Rentokil Initial (FTSE: RTO) in November of 2017. Jason obtained a Master in Business Administration degree from Harvard Business School and a BBA in finance from the University of Massachusetts Amherst.

Noah Riner

Noah is the CEO of NeuroInternational. Noah’s background is in entrepreneurship, leading teams, and empowering organizations to become the best they can be, from startups to medium-sized businesses to large corporations to the US military. Previous to his role at NeuroInternational, Noah led business development initiatives at Palantir Technologies, a data analytics company co-founded by Peter Thiel, the founder of PayPal and one of the first investors in Facebook. Prior to that, Noah was part of launching a health and wellness company in Silicon Valley. Earlier in his career, Noah led a team of consultants at Booz Allen Hamilton, solving clients’ most pressing strategic problems. Additionally, Noah currently serves as an officer in the US Navy Reserve. Noah graduated from Dartmouth College and received his MBA from the Stanford Graduate School of Business.

Andrew Saltoun

Andrew is the CEO of Integra Partners, a healthcare services company acquired in 2011. Prior to acquiring Integra, Andrew held roles at Goldman Sachs as an investment banker and Vestar Capital Partners as an investor for the multi-billion-dollar private equity fund. Andrew is an active investor in entrepreneurial, growth companies including Bonobos, Axial Markets, and numerous search funds and their acquired businesses. He is a board member of Integra Partners, Light Wave Dental, Datacor, and the Brooklyn Museum. Andrew received a bachelor degree in business administration from Emory University and an MBA from Stanford’s Graduate School of Business.

Trevor Smith

Trevor is President of Maupin Travel, a Durham-based travel management company serving corporate, university and vacation travelers. Previously, Trevor worked with One Equity Partners, a New York-based mid-market private equity firm, Endeavor South Africa, a nonprofit organization that identifies and supports high-growth entrepreneurs, and Goldman Sachs’ Private Wealth Management group. Trevor and his wife are active members of Christ Central Church and live in Durham, NC. They enjoy entrepreneurship, traveling, college basketball and spending time with their six children. Trevor has a B.A. from Princeton University and an MBA from Harvard Business School.

7 Alex Stavros

Alex is the CEO of Embark Behavioral Health, an organization comprised of four distinct companies, each with its own focus on reversing the negative mental health trends in our country. Prior to this, Alex was the Managing Partner of Lia Capital Partners, focused on growing the impact of mission-driven businesses. Prior to then, Alex was the Associate Director of Firm-Wide Operations – working directly for the President of Cambridge Associates, the world’s largest investment advisory firm to not for profits. Alex has experience in public service having worked at the Overseas Private Investment Corporation, and he worked on Capitol Hill in Washington DC for a Minnesota Congressman. Alex earned a Certificate of Public Management from Stanford University and was a Rising Fellow at the Hoover Institution. Alex graduated with Honors from American University with both an Economic Theory and International Development degree and he earned an MBA from Stanford’s Graduate School of Business with a focus on Social Entrepreneurship.

Kent Weaver

Kent is the founder, CEO and Managing Member of Granite Point. Kent has invested in over 75 middle market companies as an individual investor and with Granite Point. Kent is currently Executive Chairman and former CEO at a Northern California-based home health care company acquired using a self-funded search fund model. Previously, Kent held executive positions in marketing and product management for a VC-backed marketing automation startup, as a regional CFO and business analyst in Pepsico’s Pizza Hut Division, and as a management consultant at Ernst & Young. He received his MBA at the University of California, Los Angeles and BS in finance from the University of Southern California.

Charbel Zreik

Charbel is a mentor, board member, and investor in medium-sized private companies and search funds. He enjoys working closely with talented CEOs to help them achieve their full potential in both finding and running great companies. Charbel, as CEO and board member, sourced, acquired and grew DCI, an IT and Telecom services company in the hospitality sector, before exiting very successfully in 2018. He acquired the company as Managing Principal and founder of LightBeam Capital. Prior to that, Charbel was a senior manager at McKinsey and Company in both New York and Dubai, where he worked with CEOs in large companies to solve people, process and strategy problems. He was at JP Morgan for a number of years where he invested in and incubated FinTech startup companies. He also was a founding member of an early stage VC fund and an emerging markets hedge fund, both of which are still highly successful today. Charbel has a BS in mechanical engineering from Cornell University and an MBA from the Wharton School at the University of Pennsylvania.

Selling your business and interested in learning more about Pinebrook Capital?

Call CJ:​ (813) 777-4859 Email CJ:​ [email protected]​

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