Government Contracting M&A Update

“Market Intelligence for Business Owners” Q3 2013

Capstone Partners Investment Banking Advisors

MERGERS & ACQUISITIONS UPDATE With the nation’s attention focused on reducing government spending and sequestration, one would expect mergers & acquisitions in the government contracting space to come CAPSTONE PARTNERS LLC to a standstill. But such is not the case, with the number of acquisitions announced 200 South Wacker Drive through June totaling more than 250. 31st Floor Chicago, IL 60606 M&A Activity: Government Contractors

www.capstonellc.com 1000 964 900 852 800 786 772 786 732 751 700 568 Ted Polk 600 521 Transactions

Managing Director 500

of 398 (312) 674‐4531 400 [email protected] 300 256

Number 200 100 Lisa Tolliver 0 Director 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD (312) 674‐4532 2013 [email protected] YTD 2013 through June 30, 2013 Source: Capital IQ, Capstone Partners LLC research

While the year’s activity is currently on‐track to come in under the 2012 figure, that trend is reflective of what we are seeing in mergers and acquisitions in general. M&A activity across the board has been down in early 2013 compared to 2012, primarily the result of the market continuing to absorb the rash of transactions that were closed at the end of 2012 in anticipation of rising capital gains tax rates. But, while the number of closed transactions has slowed this year, M&A activity continues to be supported by strong market fundamentals, namely reasonably high transaction valuations; strategic acquirers with strong balance sheets; abundant private equity capital; an accessible and affordable debt market; and a modestly expanding U.S. economy. As a result, despite a slow start, 2013 is anticipated to be another solid year and we expect middle market M&A to remain active in the near term.

Within the government contracting space we continue to see transactions that indicate buyers are motivated to make acquisitions in response to the growing prospects of reduced market demand. In this belt‐tightening environment, mergers & acquisitions are perceived by the acquiring company as one of the best ways to preserve or enhance revenues and profits.

Furthermore, with so much attention being paid to spending cuts and budget deficits, we are seeing heightened interest in companies that provide products or services in support of improving government efficiency and reducing waste. Such offerings are in high demand and buyers envision opportunity in that space for years to come.

1 Q3 2013 Government Contracting

TARGETING WASTE AND IMPROVING EFFICIENCY Rising government spending and huge budget deficits have brought fiscal responsibility – and public demands for reducing government waste – back into the spotlight. Balancing federal, state and local budgets is a complex issue, with most programs passionately supported by their beneficiaries. While reform surrounding entitlement (Social Security and Medicare) spending is certainly debatable, it is evident that the government loses hundreds of billions of dollars annually on spending that most Americans would consider wasteful. The enormity of the problem is reflected in the following anecdotal examples:

 The federal government is estimated to make more than $72 billion in improper payments annually.  Government auditors have found that 22% of federal programs, costing taxpayers over $123 billion annually, fail to show any positive impact on the populations they serve.  A GAO audit classified nearly half of all purchases on government credit cards as improper, fraudulent, or embezzled. Examples of taxpayer‐funded purchases include gambling, mortgage payments, liquor, lingerie, iPods, Xboxes, jewelry, Internet dating services and Hawaiian vacations.  Federal agencies are delinquent on nearly 20% of employee travel charge cards, costing taxpayers hundreds of millions of dollars annually.  The Pentagon recently spent $998,798 shipping two 19‐cent washers from South Carolina to Texas and $293,451 sending an 89‐cent washer from South Carolina to Florida.  Healthcare fraud is estimated to cost taxpayers more than $60 billion annually.  A GAO audit found that 95 Pentagon weapons systems suffered from a combined $295 billion in cost overruns.  Auditors discovered that 900,000 of the 2.5 million recipients of emergency Katrina assistance provided false names, addresses, or Social Security numbers or submitted multiple applications.  The Defense Department wasted $100 million on unused flight tickets and never bothered to collect refunds even though the tickets were refundable.  Congress has ignored efficiency recommendations from the Department of Health and Human Services that could save $9 billion annually.  Washington state sent $1 food stamp checks to 250,000 households in order to raise state caseload figures and trigger $43 million in additional federal funds.  Medicare officials recently mailed $50 million in erroneous refunds to 230,000 Medicare recipients.  Audits showed $34 billion worth of Department of Homeland Security contracts contained significant waste, fraud and abuse.  Recent GAO reports on program redundancy and programs that are “high risk” for waste, fraud and abuse found $67 billion worth of unimplemented recommendations from federal inspectors.

While the above examples are egregious, they are only a small sampling of government waste, fraud, abuse and mismanagement. As transparency improves across government, due in part to the greater flow of information, taxpayers are demanding that such issues be resolved.

2 Q3 2013 Government Contracting

TECHNOLOGY’S LEADING ROLE Identifying government waste is fairly easy, but solving the problem is much more Government organizations difficult. As a result, government agencies have increasingly turned to technology have increased Big Data and automation as a way to both expose government waste as well as to provide spending on improper systems that improve efficiencies and effectiveness. payment systems, as they look to tackle fraud, waste IT research firm Gartner, Inc. recently published a study that estimated worldwide IT and abuse within the spending by government organizations will total $449.5 billion in 2013, essentially system, as well as target flat with 2012 spending as a result of continued weak economies worldwide. The errors in revenue collection. forecast includes spending by government organizations on hardware, software, IT services and telecommunications.

Despite flat IT spending, strong interest continues to grow in professional services and Big Data projects. Government organizations have increased Big Data spending on improper payment systems, as they look to tackle fraud, waste and abuse within the system, as well as target errors in revenue collection. Experts estimate that Big Data has the potential to eventually transform government by increasing efficiency. Estimates call for a savings of nearly $500 billion ‒ or 14% of agency budgets ‒ across the federal government as a result of Big Data programs.

There are numerous examples of Big Data‐induced savings that span federal, state and local agencies. For instance, in one major metropolitan area the police and criminal justice departments collaborated on a process to analyze data in order to predict crime “hot spots” based on historical and real‐timecrimedata.Thepolice department then used the data to more efficiently allocate its resources. The results were impressive. With fewer resources, the department reduced serious crime by 30% and violent crime by 15%, and quadrupled the number of solved cases. In another example, a city’s social services agency combined business intelligence software and analytical tools to create a lifecycle view of their clients’ interactions with the system. Insights from these patterns helped program administrators identity $11 million in fraud and waste reduction in just the first year of use.

Thebottomlineisthatmanygovernmentagencies‒ and government contractors ‒ are anticipating leaner times ahead. At the same time, contractors that offer products and services aimed at reducing fraud, abuse and waste or leading to improved efficiencies are experiencing a huge market opportunity. As a result, while we expect to continue to see mergers and acquisitions taking place in the many sectors and niches of government contracting, we anticipate an acceleration in the acquisition of technology and service companies that address the government’s budget issues.

The tables on the following pages show some of the many recent transactions in the government contracting space. The sampling includes several technology businesses, but also exemplifies the broad range of business types that are being acquired in the government contracting space.

3 Q3 2013 Government Contracting

RECENT TRANSACTIONS: GOVERNMENT CONTRACTORS

Enterprise EV / LTM Value Date Target Target Business Description Acquiror(mm) Revenue EBITDA Near Infinity A software development company that develops, deploys and Altamira Technologies Jun‐13 ‐‐‐ Corporation operates cloud‐based, big data entity analytic solutions. Corporation

American Radiation Offers environmental consulting services to government and Jun‐13 The Aleut Corporation ‐‐‐ Services, Inc. other clients.

Produces hydraulic and fuel system components for civil and TransDigm Group Incorporated Jun‐13 Arkwin Industries, Inc. $286.0 3.0x ‐ military aircraft, spacecraft and special applications. (NYSE:TDG)

Manufactures and sells aircraft instrumentation and sensor TransDigm Group Incorporated Jun‐13 Aerosonic Corp. $38.0 1.2x 16.1x systems worldwide. (NYSE:TDG)

Provides system engineering & software development services Jun‐13 GoldBot Consulting, Inc. Information Innovators, Inc. ‐‐‐ and intelligence analysis to DoD customers.

Flatirons Solutions Provides consulting, systems integration, engineering and Jun‐13 InfoTrust Group, Inc. ‐‐‐ Corporation program management to commercial and government clients.

Designs Web‐based physical access control systems for integrated Avigilon Corporation May‐13 RedCloud, Inc. $16.5 ‐ ‐ access control, identity management and video surveillance. (TSX:AVO)

Provides cable and wire management products for individuals, CapitalSouth Partners; May‐13 CableOrganizer.com, Inc. ‐‐‐ hospitals, government offices and corporations. KT Capital

Eagle Support Provides logistics and training support services for Department of May‐13 Argol America, Inc. ‐‐‐ Services Corporation Defense, government and commercial customers.

Tests and validates electronic components and devices to ensure May‐13 Precision Test Solutions Selima Partners, LLC ‐‐‐ they meet the requirements of military and space applications.

Provides information technology consulting services and May‐13 MIS, Inc. Highstreet IT Solutions, LLC ‐‐‐ solutions.

Designs and manufactures biometric identification products and Homeland Security Corporation May‐13 Sense Technologies Inc. ‐‐‐ systems. (OTCPK:HSCC)

An information technology company that provides collaboration May‐13 FlexPoint Technology Haystax Technology, Inc. ‐‐‐ solutions to government customers.

Manufactures composite and metallic propulsion and structural Triumph Group, Inc. May‐13 Primus Composites ‐‐‐ components and assemblies for aerospace and defense industry. (NYSE:TGI)

Provides enterprise systems implementation and integration May‐13 Highstreet ESG, Inc. Highstreet IT Solutions, LLC ‐‐‐ solutions.

An enterprise software company, provides data infrastructure May‐13 GemStone/S GemTalk Systems LLC ‐‐‐ technologies.

Provides customized enterprise content management (ECM) and Perficient Inc. May‐13 TriTek Solutions, Inc. $18.5 1.0x ‐ business process management (BPM) solutions. (NasdaqGS:PRFT)

Provides communication solutions for public sectors, including Skoda Minotti Technology May‐13 DataServ ‐‐‐ state and local government, education and library markets. Partners LLC

An engineering consultancy, designs technology systems (IT, Apr‐13 Rimrock Group, Inc. BCER Engineering, Inc. ‐‐‐ telecom, AV and security).

Operates as a business process outsourcing and consulting HandsOn Ventures, LLC; Apr‐13 SourceHOV Inc. ‐‐‐ company servicing government and other accounts. Citi Venture Capital

Provides information solutions and services for life science Qiagen NV Apr‐13 Ingenuity Systems, Inc. $109.4 5.5x ‐ researchers in the United States and internationally. (NasdaqGS:QGEN)

Apr‐13 ParAccel, Inc. Provides analytic database solutions and services. Actian Corporation ‐‐‐

Provides communication and collaboration solutions to Apr‐13 KZO Innovations, Inc. Bedford Funding ‐‐‐ commercial and government markets around the world.

Develops and manufactures X‐ray and gamma‐ray detectors for Apr‐13 eV PRODUCTS, Inc. Kromek, Ltd. ‐‐‐ industrial, medical and homeland security applications.

Bohemia Interactive Apr‐13 TerraSim, Inc. Develops software solutions for geospatial technologies. ‐‐‐ Simulations s.r.o.

TrustComm Global Provides satellite based telecommunication services to energy, Apr‐13 Global Secure Networks Inc. ‐‐‐ Communications, Inc. government and disaster recovery agencies worldwide.

4 Q3 2013 Government Contracting

RECENT TRANSACTIONS: GOVERNMENT CONTRACTORS

Enterprise EV / LTM Value Date Target Target Business Description Acquiror(mm) Revenue EBITDA Provides facilities‐based solutions and network services to ABRY Partners, LLC; Apr‐13 Sidera Networks, Inc. ‐‐‐ financial, education, media, government and legal industries. Berkshire Partners, LLC

Management Provides professional development and performance Capitol Hill Management Apr‐13 ‐‐‐ Concepts, Inc. improvement training and consulting services. Services, Inc.

Keystone Engineering Engages in design and fabrication of engineered products used in Cornerstone Capital Apr‐13 ‐‐‐ Company Inc. flight‐weight aerospace and defense applications. Holdings, LLC

Provides consulting and system engineering for public transit, Apr‐13 Macro Corporation Ross & Baruzzini, Inc. ‐‐‐ public infrastructure and public safety/homeland security.

Provides real‐time situational awareness and intelligence to ORBCOMM, Inc. Apr‐13 GlobalTrak $2.8 ‐ ‐ improve logistics and security processes and operations. (NasdaqGM:ORBC)

Lattice Government Provides consulting services and related software and hardware Apr‐13 Blackwatch International, Inc. $1.4 ‐ ‐ Services (Certain Assets) to the government market.

nCircle Network Apr‐13 Provides automated security and compliance auditing solutions. Tripwire, Inc. ‐‐‐ Security, Inc.

Infoglide Software Develops and markets identity resolution software for Fair Isaac Corporation Apr‐13 $7.0 ‐ ‐ Corporation government and other markets. (NYSE:FICO)

Provides Web analytics and digital measurement consulting Mar‐13 Semphonic Ernst & Young LLP ‐‐‐ services to corporations, government agencies and non‐profits.

Manufactures and supplies material identification products for Mar‐13 DeltaNu, LLC SciAps Inc $1.5 ‐ ‐ commercial, law enforcement and academic markets.

Lighter Than Air Provides aerial surveillance systems for government and World Surveillance Group Inc. Mar‐13 $0.9 ‐ ‐ Systems Corp. commercial customers. (OTCPK:WSGI)

Provides ultra miniature mechanical switch products for military Rosenberger Mar‐13 HT MicroAnalytical Inc. ‐‐‐ and industrial applications. Hochfrequenztechnik Gmbh

Provides information technology (IT) infrastructure services to Sysorex Global Holdings Corp. Mar‐13 Lilien, LLC $5.4 0.1x ‐ government agencies. (OTCPK:SYRX)

Secure Enterprise Provides information security solutions that manage risk, meet Mar‐13 Agio Technology, LLC ‐‐‐ Computing, Inc. compliance requirements and improve efficiency.

Offers threat and risk analysis and monitoring software in Mar‐13 Digital Sandbox, Inc. Haystax Technology, Inc. ‐‐‐ National Security and Homeland Security fields.

Provides energy consulting, information and spent fuel Mar‐13 NAC International Inc. Hitz Holdings U.S.A. Inc. $42.4 ‐ ‐ management to utilities and government agencies.

Provides digital investigations software solutions to law Mar‐13 AccessData Group, Inc. Sorensen Capital ‐‐‐ enforcement agencies and government agencies worldwide.

Provides data clearing, inventorying and asset recovery solutions Mar‐13 2nd Solutions, LLC Aerc.Com, Inc. ‐‐‐ for mobile, wireless and computer technologies.

First Support Mar‐13 Provides operations and maintenance services. Parsons Corporation ‐‐‐ Services, Inc.

Luna Innovations (Secure Provides research and development services focused on military Mar‐13 Macaulay‐Brown, Inc. $6.7 ‐ ‐ Computing & Comm.) and national security applications.

Antares Technology Develops custom software solutions for corporate, industrial, Feb‐13 e‐Gov Systems LLC ‐‐‐ Solutions, Inc. small business and government clients in the United States.

O'Gara‐Hess & Designs and integrates armor systems for military and commercial Feb‐13 The O'Gara Group, Inc. $10.0 0.2x ‐ Eisenhardt Armoring Co. vehicles.

Manufactures and markets processors that protect software and Boeing Integrated Feb‐13 CPU Technology, Inc. ‐‐‐ systems from reverse engineering. Defense Systems, Inc.

Target Logistics Provides solutions for housing, transportation, security and Feb‐13 Algeco Scotsman, Inc. $625.0 ‐11.0x Management LLC logistics for those working in remote or hostile environments.

Sells equipment and training for military, law enforcement and Feb‐13 Grey Group Training LLC Mission Ready Equipment, LTD. ‐‐‐ armed professionals.

5 Q3 2013 Government Contracting

RECENT TRANSACTIONS: GOVERNMENT CONTRACTORS

Enterprise EV / LTM Value Date Target Target Business Description Acquiror(mm) Revenue EBITDA Offers information security testing, defense Feb‐13 dubsec Labs LLC Urbane Security LLC ‐‐‐ and research services.

Develops, produces and sells fuel cells for on‐site power, Feb‐13 UTC Power, LLC ClearEdge Power, Inc. ‐‐‐ transportation, space and defense applications.

Cogility Software Provides solutions for the design, deployment and maintenance Feb‐13 Drumright Group, LLC $7.0 ‐ ‐ Corporation of enterprise‐wide composite applications.

Provides energy engineering, facility infrastructure improvement Ameresco, Inc. Feb‐13 Ennovate Corporation ‐‐‐ and other services to improve facilities. (NYSE:AMRC)

Western Shelter Manufactures and distributes shelter solutions and Jan‐13 Gorge Holdings, LLC ‐‐‐ Systems supporting products.

Capital Public Operates as a government relations and public affairs company in Jan‐13 MWW Group, Inc. ‐‐‐ Affairs, Inc. New York, New Jersey, Pennsylvania and Washington D.C.

Provides geospatial information and insight for decision makers DigitalGlobe, Inc. Jan‐13 GeoEye, LLC ‐‐‐ and analysts worldwide. (NYSE:DGI)

T&M Protection Jan‐13 Fulfills Explosive Detection Canine Contracts. MSA Security ‐‐‐ Resources, LLC

A123 Systems, Inc. Develops and commercializes advanced battery technologies for Jan‐13 Navitas Systems, LLC $2.0 ‐ ‐ (Government Business) critical military and government applications.

Computer Security Jan‐13 Provides technology solutions for the intelligence community. Gladiator HoldCo, LLC ‐‐‐ Solutions, Inc.

Martinic Manufactures precision machined parts for commercial and Monogram Aerospace Jan‐13 $19.0 1.5x ‐ Engineering, Inc. military aerospace applications. Fasteners, Inc.

BitSec Global Provides computer forensics and information security training Jan‐13 Network Designs, Inc. ‐‐‐ Forensics, Inc. services in the United States and internationally.

McElroy Provides translation and localization services in various languages Jan‐13 TranslateMedia LLC ‐‐‐ Translation Company to business and government clients internationally.

Jan‐13 Alerting Solutions, Inc. Develops public warning systems for government and industry. AtHoc, Inc. ‐‐‐

Develops and delivers technology and services to customers with Jan‐13 Tresys Technology LLC Behrman Capital ‐‐‐ high security requirements.

Jan‐13 Capstrat, Inc. Operates as a strategic communications company. Ketchum, Inc. ‐‐‐

Provides information technology and professional services to ManTech International Corp. Jan‐13 ALTA Systems, Inc. ‐‐‐ government and commercial sectors. (NasdaqGS:MANT)

Develops physical security and identity management software Jan‐13 Codebench, Inc. HID Global Corporation ‐‐‐ solutions.

Provides language services for healthcare, business and Jan‐13 Pacific Interpreters, Inc. LL Services, Inc. ‐‐‐ government markets in the United States and Canada.

Technology Provides information technology, business and management Jan‐13 Vistronix, Inc. ‐‐‐ Associates International consulting services to government and commercial clients.

Pictometry Provides geo‐referenced aerial image libraries and related Jan‐13 EagleView Technologies, Inc. ‐‐‐ International Corp. software for government and commercial applications.

Develops high power laser solutions for laser materials Jan‐13 Arbor Photonics, Inc. nLIGHT Corporation ‐‐‐ processing and defense applications.

Insight Consulting Operates as a lobbyist offering governmental relations, campaign, Martin Bontempo Matacera Jan‐13 ‐‐‐ Services, LLC fundraising and business‐to‐government services. Bartlett, Inc.

Multi Service Provides specialized credit card services to fleet, commercial and World Fuel Services Corp. Jan‐13 $137.0 ‐ ‐ Corporation government clientele. (NYSE:INT)

SpearPoint Security Provides security services to corporate and government Jan‐13 Cylance, Inc. ‐‐‐ Services, LLC organizations.

Sources: Capstone Partners LLC research; Capital IQ; public filings and press releases

6 Q3 2013 Government Contracting

CAPSTONE’S EXPERIENCE Capstone Partners has represented numerous companies that serve the needs of federal, state and local or foreign governments, as well as the needs of civilian and defense‐related agencies. We understand the nuances associated with sole‐sourced, multi‐year or subcontracted awards, the value of partnerships, GWACs, IDIQs and GSA schedules. We have completed transactions requiring complex CIFIUS filings, ITAR registrations and contract negotiations and those involving classified information. Our advisory work has spanned multiple industries and involved companies of diverse specialties. Capstone’s professionals have completed transactions and/or developed sector‐specific expertise in the following areas:

 Battlefield Simulation Software  Intelligence Data Processing/Decision Support  Biometric Identification Software Systems  Large Aperture, Deep‐Space Antennas  C4ISR Products and Services  Military Infrastructure Construction  Cryptography  Mobile and Flyaway VSAT Antennas  Data Communication Systems  Photogrammetry  Educational Training of Defense/Government Personnel  Post‐Conflict/Disaster Support  Enterprise IT Support  Remote Sensing Systems  Enterprise Software Systems for State Governments  Satcom Antennas  First Responder Public Safety Software  Tactical Data Linking and Remote Monitoring  Geospatial Information and Analysis  Testing Body & Vehicle Armor, Explosives & Ordnance  High Level Consulting  Trailers & Shelters for the Military  Infantry Back Packs  Workforce Automation and Efficiency Tools

Representative Government Contractor Transactions

H.P. White Laboratory, Inc.

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CMS SMALL-CAP PRIVATE EQUITY FUND

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L-1 Investment CASTLE ISLAND Partners, LLC PARTNERS, LLC

Command System, Inc.

has been has been has been has been has been has acquired acquired by acquired by acquired by acquired by acquired by

CERTIFIED IT & ITRICITY FREEDOM DATA

7 Q3 2013 Government Contracting

THE GOVERNMENT & DEFENSE TEAM Ted Polk, Managing Director [email protected] • (312) 674‐4531 Ted is Managing Director and Head of the Central Region at Capstone, based out of Chicago. Prior to Capstone, Ted ran the corporate finance practice in the Central region for Morgan Stanley Smith Barney’s Capital Strategies Group and its predecessor, Citi Capital Strategies. He has over 20 years of experience, having completed strategic sale and recapitalization transactions across a variety of industries. Ted is a frequent public speaker on the topic of business exits and recapitalizations of privately owned businesses. In 2008, Ted was recognized by The M&A Advisor for the Cross‐Border Middle‐Market Deal of the Year. In 2009, another of his transactions was recognized as the Middle‐Market M&A Financing Deal of the Year and in 2011 he was recognized for lead‐managing the Middle‐Market Deal of the Year. Previously, Mr. Polk worked at Valuemetrics, Inc. and in the Corporate Banking Group at The Bank of New York. Ted received his BSBA degree from Georgetown University and MBA from the University of Chicago. He is a Chartered Financial Analyst (CFA), a Series 7 and 63 Registered Securities Representative, and a Series 24 Registered Securities Principal.

Lisa Tolliver, Director [email protected] • (312) 674‐4532 Lisa has 15 years of experience in the investment banking industry, primarily focused on advising private business owners in liquidity related transactions. Presently, Lisa is a Director in Capstone’s Chicago office, supporting the management of the Central Region. Prior to Capstone, Ms. Tolliver worked in the Capital Strategies Group at Morgan Stanley Smith Barney, where she was involved in the evaluation, marketing and closing of numerous transactions across a wide range of industries. Specifically, Lisa has developed expertise within various industries including government and defense, software and technology, manufacturing, and outsourced business services. Lisa received her BA on academic scholarship from Illinois State University and is a Series 7 and 63 Registered Securities Representative.

Daniel Schultz, Vice President [email protected] • (617) 619‐3368 Dan oversees Capstone’s national business development and industry coverage activities, working closely with current and prospective clients of the firm on matters related to corporate sales, recapitalizations, mergers & acquisitions and growth financings. In his role, Dan is able to deliver specific market intelligence to clients regarding M&A, financing, strategic, industry and competitive trends. Prior to spearheading the firm’s business development and market initiatives, he was a Vice President in Capstone’s M&A group, managing numerous successful transactions across a variety of industries. Dan also gained hands‐on transaction experience as an investment banker at Headwaters MB. He started his career with Ernst & Young’s National Professional AABS practice in New York and later worked in Assurance and Advisory Business Services in the Denver office. Dan received a BE in Biomedical Engineering with a Business Minor from Vanderbilt University. He earned an MBA and a Master of Accountancy from the Daniels College of Business at the University of Denver.

8 ABOUT CAPSTONE PARTNERS

Capstone Partners LLC is a leading international investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. The firm provides merger & acquisition, private placement, corporate restructuring, valuation and financial advisory services. Capstone maintains various industry specialties including one in the Government & Defense sector. The firm also possesses merchant banking capabilities to actively co‐invest in transactions.

Additional information about Capstone Partners can be found at www.capstonellc.com.

LEADERSHIP TEAM

NATIONAL CHICAGO LOS ANGELES SAN DIEGO & SILICON VALLEY John Ferrara Ted Polk David Bench David Michaels Founder, President Managing Director Managing Director Managing Director (617) 619‐3325 (312) 674‐4531 (949) 460‐6431 (858) 926‐5950 [email protected] [email protected] [email protected] [email protected]

BOSTON LONDON PHILADELPHIA CORPORATE RESTRUCTURING Jacob Voorhees John Snead Eric Williams Brian Davies Director and Principal Managing Director Managing Director Managing Director (617) 619‐3323 +44 7979 704302 (215) 854‐4065 (617) 619‐3328 [email protected] [email protected] [email protected] [email protected]

Capstone Partners Investment Banking Advisors

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