In Reel Time Financial Review of the Media Services Industry

L O S A N G E L E S S A N F R A N C I S C O N E W Y O R K In Reel Time Financial Review of the Media Services Industry

I. Introduction

II. Selected Recent Hadley Partners Transaction Announcements

III. Transaction News & Reviews

IV. Relevant Public Company Valuations & Performance

V. Transaction Reviews: Digital Domain goes public; or, when is a visual effects company not a visual effects company? Cisco acquires NDS Group, increases video focus

VI. Overview of Hadley Partners, Incorporated

841 Apollo Street, Suite 344, El Segundo, CA 90245 www.hadleypartners.com NAB Issue David Hadley (310) 640-7090 [email protected] Spring 2012 I. Introduction

In Reel Time

Dear Readers,

We are pleased to provide you with our Spring 2012 “NAB” issue of In Reel Time, an original publication by Hadley Partners, Incorporated (HPi) for business owners, senior managers and institutional investors. As we head into our sixth year of publication, our mission remains the same – to provide analysis, relevant financial information and insightful commentary on the media services marketplace.

Loyal readers know that we have distilled the media services landscape into seven sub-sectors: (i) systems (hardware & software); (ii) services; (iii) wireless services & applications; (iv) production, post-production and visual effects; (v) measurement & auditing; (vi) publishing libraries; and (vii) consumer-facing businesses. We consider these sub-sectors to be “first derivative” plays on the media business at large.

The U.S. economy continues its sluggish recovery from the “Great Recession” of 2008-2009. Major stock market indices have reached multi-year highs. Investors are once again “risk on.” And yet, the stock market performance of the core systems and services companies in the media services marketplace illustrate the forces pressuring the 1 industry. Consider the performance of these three equity indices from January 3, 2011 through March 26, 2012:

This underperformance is particularly striking as few investors group these companies together as HPi has done, so this is not simply “the herd” moving out of a sector. It is a universe of companies grappling with the impact of the digital revolution washing through the media business, combined with the impact of a severe financial cycle.

Of course, this underperformance of public stocks does not include other developments such as Eastman Kodak’s bankruptcy filing.

As we prepare to celebrate 13 years as an independent investment banking firm, HPi is a leading financial advisor to middle market companies. We bring a unique voice to In Reel Time – not merely the perspective of a consultant or analyst, but one with extensive M&A and capital raise transactional experience in the sector. We are highly experienced investment bankers, and truly relationship oriented. Please contact us at any time.

David Hadley (310) 640-7090 [email protected] II. Selected Hadley Partners Announcements

2 III. Transaction News & Reviews

Recent notable mergers, acquisitions and financings in the November: Adobe Systems acquired privately-held Auditude media services sector which we have arranged by sub-sector: Inc., a provider of video ad management and monetization solutions for media companies. SYSTEMS (Hardware & Software) October: BNI Video, a global software vendor offering March: Pay TV middleware provider NDS Group Holdings video back-office and content delivery network analytic agreed to be acquired by Cisco Systems for approximately $5 capabilities to service providers, was (also) acquired by Cisco. billion. NDS had filed to go public in December. Please see Cisco paid approximately $99 million in cash and retention- page 10 for more information. based incentives for 100% of BNI.

February: Online video platform Brightcove (BCOV) got October: Grass Valley acquired the privately-held Dutch a warm welcome to the public equity markets when its stock company, Publitronic, a global provider of multichannel, rose 30% on the day of its IPO. As of March 26 that positive integrated, automated playout solutions. reception had continued – BCOV was trading at $21.70 vs. its $11 initial offering price. September: KIT Digital completed a $35 million follow-on offering at $9.50 per share. That offering currently looks 3 February: Vicente Capital Partners portfolio company SMT well-timed, as KITD stock was languishing at $6.68 on March acquired Information and Display Systems. SMT and IDS 26 amid management turmoil, board resignations and rumors are both providers of live, in-stadium event-scoring, statistics of a possible buyout. and display systems for sports and entertainment events. The acquisition doubles the size of SMT and expands the range of August: MobiTV, a developer of software that allows smart- sports that the combined company serves. phone users to watch live television, filed its IPO registration statement. As of March 1 the company was on its fifth S-1 January: KIT Digital, a global provider of IP-based video asset amendment, no offering imminent. management services for enterprise clients, acquired Sezmi Corp., a developer of set-top boxes that combine traditional August: Joby, a manufacturer of photo, mobile and lighting television content with on-demand movies and internet video. products and accessories, was acquired by Daymen Group, a portfolio company of PE firm Brockway Moran. December: Telestream, a provider of digital video transcoding and workflow solutions, was acquired by San Francisco-based August: TouchTunes Interactive Networks, a provider of private equity firmThoma Bravo. Telestream co-founder and digital jukeboxes to bars and restaurants, secured $45 mil- CEO Dan Castles will continue to lead the company. lion in Series E funding. Investors included 3i Group and VantagePoint Capital Partners. November: Phorus, an LA-based startup that is building a wireless music playback ecosystem, received $2 million in July: Evernote, a software developer focused on Series A financing. The company’s initial investment round is applications that provide customers with the ability to keep being used to productize its technology. track of notes, photographs and voice memos, raised $50

million in a financing round led by Sequoia Capital with August: Thought Equity Motion, Inc., a provider of video participation from Morgenthaler Ventures. Roelof Botha of platform and footage licensing services, closed on a $25 Sequoia joined the company’s board. million investment from private equity firm Shamrock Capital. Thought Equity represents more than 400 media rights holders such as BBC, Paramount, National Geographic SERVICES and the New York Times.

January: Zmags, a Boston-based mobile media and social July: Provider of online video and marketing solutions for merchandising company, announced that it had secured $7 local businesses, PixelFish, closed on $4 million in Series million in additional funding. The financing round included B funding. The round was led by Bullpen Capital, with participation from new investor Square 1 Bank and existing participation from returning investors FLOODGATE and investors OpenView Venture Partners and Northcap Partners. Mack Capital.

December: Learfield Communications, a manager of athletic June: MediaMind Technologies, Inc., a global provider of multimedia rights for more than 50 collegiate institutions digital advertising campaign management solutions to and associations, received an undisclosed investment from advertising agencies and advertisers, was acquired by DG Fast- Shamrock Capital. Channel (now known as Digital Generation, Inc.) in an all- 4 cash deal. The transaction was valued at $414 million. December: Silicon Valley-based Ning, the leading online platform for building social websites, has been acquired by Glam Media. Ning co-founder and chairman Marc PRODUCTION, POST-PRODUCTION & VFX Andreessen will join Glam Media’s board of directors.

November: Scribble Technologies Inc., a provider of real- February: Production Resource Group continued its time content publishing and delivery solutions, closed on $4 acquisition activity by acquiring Paskal Lighting. Paskal has million in new financing in a round led by Summerhill been providing lighting and grip equipment to movie and TV Venture Partners with participation from previous investor productions for over 20 years. Rogers Ventures. January: Developer of three-dimensional, long-range facial August: DG FastChannel, who subsequently changed recognition software, Digital Signal Corp., closed on an its name to Digital Generation, Inc., acquired Limelight additional $10 million in venture funding. Investors included Networks’ EyeWonder video and rich media advertising unit Novak Biddle and Columbia Capital, among others. for approximately $66 million in cash. January: Cinelease, a supplier of motion-picture lighting August: Libre Digital, a provider of digital content and grip equipment for rent to the television, feature film, distribution, e-reading software, content conversion, data commercial, and music video industries, was sold to Hertz analytics and business intelligence services, was acquired by Entertainment Services. Cinelease had been owned by PE R.R. Donnelley & Sons Company. firm Audax Group. continued on page 7

IV. Relevant Public Company Valuations & Performance

COMPARABLE MEDIA SERVICE COMPANIES ($ in millions, except per share data) Price Market Enterprise Last Twelve Months 52-Week Prices Company 3/26/2012 Cap. Value Revenue EBITDA Margin High Low

Systems (Hardware & Software)

Avid Technology, Inc. (AVID) $11.62 $449.5 $416.7 $677.9 $19.5 2.9% $22.95 $5.76 0.6 x 21.4 x Video editing, storage & management tools Dolby Laboratories, Inc. (DLB) 38.94 4,231.8 3,231.9 946.2 469.2 49.6% 51.59 25.70 3.4 x 6.9 x Audio technologies DTS, Inc. (DTSI) 30.49 496.2 410.6 96.9 35.0 36.1% 48.15 20.93 4.2 x 11.7 x Audio technologies Harmonic, Inc. (HLIT) 5.66 662.8 500.9 549.3 56.6 10.3% 10.00 3.85 0.9 x 8.9 x Video processing products RealD, Inc. (RLD) 12.84 699.4 697.0 255.1 79.8 31.3% 35.60 7.85 2.7 x 8.7 x Stereoscopic 3D technologies SRS Labs, Inc. (SRSL) 7.09 101.6 67.9 32.9 1.8 5.5% 10.14 5.43 2.1 x 37.7 x Audio technologies Brightcove, Inc. (BCOV) 21.70 572.3 563.2 63.6 (14.0) nm 22.95 14.00 8.9 x nm Cloud-based online video platform Ballantyne Strong, Inc. (BTN) 5.04 73.1 33.2 184.4 18.2 9.9% 7.33 2.56 0.2 x 1.8 x Theatre & Lighting Systems Systems (hardware & software) Median $910.8 $740.2 2.9 x 8.8 x 21%

Services 5

Cinedigm Digital Cinema Corp. (CIDM) $1.82 $68.5 $327.4 $95.7 $52.9 55.3% $2.60 $1.03 3.4 x 6.2 x Digital cinema distribution & management Digital Generation, Inc. (DGIT) 10.59 289.8 689.9 324.3 122.7 37.8% 37.48 9.66 2.1 x 5.6 x Digital distribution of advertising & other content KIT Digital, Inc. (KITD) 6.68 309.6 281.1 214.9 25.5 11.9% 12.73 5.99 1.3 x 11.0 x Video management solutions Limelight Network, Inc. (LLNW) 3.44 358.5 222.2 171.3 2.2 1.3% 7.39 1.95 1.3 x 101.0 x Digital distribution of content National CineMedia, Inc. (NCMI) 15.45 866.2 1,732.0 435.4 212.5 48.8% 19.00 11.21 4.0 x 8.2 x Digital in-theatre distribution network Services Median $378.5 $650.5 2.4 x 8.2 x 31%

Production, Post-Production & VFX

Digital Domain Media Group, Inc. (DDMG) (a) $5.79 $228.7 $364.4 $106.4 ($38.9) nm $8.60 $4.90 3.4 x nm Digital visual effects Point.360 (PTSX) 0.79 8.3 18.1 35.4 3.7 10.5% 1.20 0.39 0.5 x 4.9 x Post-production services Rainmaker Entertainment Inc. (RNK)(b) 0.41 7.1 10.6 18.3 0.7 3.8% 0.50 0.35 0.6 x 15.1 x Animation & other post-production Technicolor S.A. (TCH)(c) 2.09 621.3 1,901.5 4,596.0 664.8 14.5% 7.17 1.31 0.4 x 2.9 x Post-production, distribution & network services Production, Post-Production & VFX Median $216.4 $573.7 1.2 x 3.9 x 10%

(A) Digital Domain Media Group, Inc. Revenue and EBITDA figures reflect twelve-month period ending 9/30/2011 (B) Rainmaker Entertainment Inc. is traded on the Toronto Stock Exchange; Revenue and EBITDA figures reflect twelve-month period ending 9/30/2011 (C) Technicolor SA is traded on the NYSE Euronext Exchange

All Currencies converted into USD as of 3/26/2012 IV. Relevant Public Company Valuations & Performance

COMPARABLE MEDIA SERVICE COMPANIES ($ in millions, except per share data) Price Market Enterprise Last Twelve Months 52-Week Prices Company 3/26/2012 Cap. Value Revenue EBITDA Margin High Low

Measurement & Auditing

Arbitron Inc. (ARB) $37.29 $1,018.4 $998.7 $422.3 $116.1 27.5% $44.61 $30.46 2.4 x 8.6 x Radio rating & information services comScore Inc. (SCOR) 23.56 799.1 774.0 232.4 10.5 4.5% 31.28 12.50 3.3 x 73.7 x Digital marketing intelligence services Nielsen Holdings (NLSN) 30.42 10,952.4 17,428.4 5,532.0 1,249.0 22.6% 33.00 24.38 3.2 x 14.0 x Media Measurement Rentrak Corp. (RENT) 22.57 249.3 225.4 91.2 1.6 1.8% 27.42 11.23 2.5 x 140.9 x Movie & pay TV information services Measurement & Auditing Median $3,254.8 $4,856.6 2.8 x 14.0 x 14%

Consumer Facing

IMAX Corp. (IMAX) $25.14 $1,642.3 $1,679.2 $232.7 $38.6 16.6% $38.00 $12.57 IMAX movie technologies, content & theaters 7.2 x 43.5 x Live Nation Entertainment, Inc. (LYV) 9.80 1,828.9 2,867.5 5,384.0 433.4 8.0% 12.44 7.14 Live event & ticketing company 0.5 x 6.6 x Pandora Media, Inc. (P) (d) 10.53 1,737.0 1,646.4 274.3 (6.5) nm 26.00 9.15 Internet Radio 6.0 x nm RealNetworks Inc. (RNWK) 10.64 367.4 182.3 335.7 (18.5) nm 15.50 6.81 Digital media, music and software 0.5 x nm 6 Rovi Corporation (ROVI) 33.07 3,547.7 4,122.6 690.8 236.7 34.3% 60.84 23.20 Digital entertainment technologies 6.0 x 17.4 x Consumer Facing Median $1,393.9 $1,593.9 4.1 x 6.6 x 12%

(D) Pandora Media, Inc. Revenue and EBITDA figures reflect twelve-month period ending 1/31/2012

HPi B2B Media Services Index NASDAQ S&P 140

130

120

110

100

60 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12

HPi’s B2B media services index consists of AVID, DLB, DTSI, HLIT, RLD, DGIT, KITD, LLNW, NCMI, ARB, SCOR and NLSN after its January 2011 IPO (unweighted) III. Transaction News & Reviews - continued

December: Rainmaker Entertainment Group completed its products for the film production industry. The combined divestiture of Base 10 Group, Inc., a provider of payroll and company was named 3ality Technica. employer of record services to film and television producers. The seller will receive cash proceeds of $5.6 million in exchange for its equity interest and elimination of any future earn-out AUDIENCE MEASUREMENT & AUDITING interests in Base 10. January: Klout, a company that seeks to measure an December: Legend3D, a 3d conversion studio, successfully individual’s online influence, raised approximately $30 secured $19 million in Series E funding. The financing round million in Series C funding. Kleiner Perkins led the round was led by Northwater Capital Management with partici- that also included participation from Institutional Venture pation from return investors PAR Investment Partners and Partners and Venrock. Augustus Ventures Limited. December: Google purchased RightsFlow, a music licensing November: Digital Domain Media Group, a leading visual company and royalty payment technology platform. effects company, completed its initial public offering. See page 9 for more information. August: Marketing Analytics, Inc., an Illinois-based software and consulting firm specializing in analytics and advanced 7 November: Technicolor USA, Inc. purchased certain planning, was acquired by Nielsen Holdings. Deal terms assets of Cinedigm Digital Cinema Corp.’s physical and included the acquisition of other assets, including software electronic distribution business, which also includes the global and ongoing client projects. licensing of Cinedigm’s digital distribution software platform. As part of the transaction, Technicolor becomes Cinedigm’s August: adXpose, a leading digital advertising verification exclusive content distribution partner and preferred post- firm, was acquired by comScore for $22 million. Since its production partner. founding in 2005, adXpose had raised $22.8 million in venture capital funding. September: Post-production services and equipment rental house Telecorps Holdings completed a series of transactions, May: Nielsen Holdings acquired NeuroFocus Inc., a company including: (i) the sale of its west coast Laser Pacific affiliate that applies brainwave research to advertising, programming, to Technicolor USA; (ii) the acquisition of Technicolor’s and messaging. Nielsen previously held a minority stake in New York post-production services business; and (iii) a re- the company as a result of an investment in 2008. capitalization of the resulting business which is now operating under the Slate Media Group name. Slate also includes the previous operations of PostWorks New York, Hula Post and PUBLISHING LIBRARIES Wexler Video. Hadley Partners advised Telecorps Holdings in connection with these transactions. January: Spirit Music Group, a music publisher with ties to private equity firm Pegasus Capital, acquired Pete Townsh- August: 3ality Digital, owned by Clearlake Capital, end’s interests in his song catalog. The deal includes the rights acquired Element Technica, a producer of innovative accessory to music written for The Who and several solo albums. November: An investment group led by Sony Corp. agreed December: BigChampagne, a market research firm that to acquire EMI Music Publishing from Citigroup for $2.2 collects and analyzes data regarding consumers’ online music billion. Sony Corp. was joined by the estate of Michael habits and other digital media behavior, was acquired by the Jackson, Mubadala Development Company, Jynwel Capital world’s largest concert promoter and ticket seller, Live Nation Limited, GSO Capital Partners and David Geffen. The deal Entertainment Co. is currently pending regulatory approval from the European Commission; a decision is expected to come in April 2012. November: Digital newsstand and bookstore Zinio raised $20 million in new funding.

September: Bug Music, a song publisher that owns the rights October: Smule, the mobile application developer responsible to songs including What a Wonderful World and Under the Board- for “I am T-Pain” and “Glee Karaoke,” completed a $12 million walk, was purchased by BMG Rights Management. The buyer capital raise. The financing round was led byShasta Ventures is a JV of Bertelsmann and PE firm KKR. with participation from Bessemer Venture Partners and Granite Ventures.

CONSUMER FACING October: Rhapsody, the on-demand music service company, acquired its competitor Napster. Under the terms of the January: Roxio, the software company owned by Rovi, best agreement, Rhapsody acquired all of Napster’s subscribers known for producing CD & DVD recording software, was while Best Buy, Napster’s previous owner, received a minority 8 purchased by Canada-based Corel for an undisclosed sum. stake in Rhapsody. Roxio had previously been acquired by Rovi in 2010 as part of the firm’s acquisition of Sonic Solutions. August: Movieclips.com, an online library of licensed movie clips, raised $7 million in Series B financing. MK Capital led January: SoundCloud, an online audio platform for music the round with participation from numerous co-investors. professionals, successfully secured $50 million in new funding. The round was led by Kleiner Perkins with participation August: Lockerz, an ecommerce company building a rewards- from GGV Capital. based program for teens, closed on approximately $45 million in a third round of fundraising. DAG Ventures and Live Nation December: Spreecast, Inc., a social video broadcasting Entertainment Co. were among participating investors. platform, successfully secured $4 million in seed funding. Investors include Frank Biondi, former CEO of Viacom; July: Scratch Music Group, a music and technology company Gordon Crawford, media and technology investor at The that provides DJ services and operates a DJ and music pro- Capital Research Group and Edward Scott, Jr., founder of duction learning center, closed on a $3.3 million capital raise. BEA Systems. Contour Venture Partners led the round with participation from the New York City Investment Fund and angel investors. December: Read Write Web, a technology blog, was acquired by digital publishing company SAY Media. Richard McManus, July: ClipSync, a provider of technology that allows multiuser founder and editor-in-chief of the blog, will remain in charge viewing and interaction with online video, received a strategic of the site’s editorial operations. investment from RealNetworks, Inc. V. Transaction Reviews

In each of our issues, we highlight a few significant through the IPO. So DDMG’s post-IPO growth strategy transactions to illustrate how financial, strategic, operat- is to leverage its VFX capabilities into as many markets as ing, competitive and other factors are affecting enterprise possible, and to get governments to pay for it. Initiatives value. We welcome your questions and comments. beyond work-for-hire VFX include:

• Producing and co-producing feature films and getting Digital Domain goes public; or, when is a visual more of its films’ economics. DDMG is a co-producer effects company not a visual effects company? of live-action fantasy Ender’s Game (scheduled release March 2013) and has launched animated film house Digital Domain Media Group (DDMG) completed its long Tradition Studios with Disney and Pixar veterans. awaited IPO in November 2011. The road to the IPO was long, and it has not been a happy ride for investors so far. • Education. CEO John Textor has publicly stated that The IPO priced at $8.50 per share, below its estimated range the business of teaching people how to create special of $10 – 12. The stock closed down 16% on its first day of effects is more profitable than special effects work itself. trading, and on March 26, 2012, the stock closed at $5.79 DDMG has launched a for-profit education venture in (off 32% from the IPO price). partnership with Florida State University. 9

At the $8.50 IPO price, DDMG had an equity market capi- • Simulation. DDMG has determined that the talization of approximately $365 million. That had declined military, intelligence, law enforcement and medical to $248 million on March 26. markets for visual simulations are far larger than the film/ advertising market, and is working to leverage its VFX DDMG is a digital production and animation company capabilities in these markets. focused on the creation of original content animation feature films and the development of computer-generated • Fund losses and growth initiatives with government imagery, including 3D, for large-scale feature films and grants. Through January 2012 DDMG had contracted advertising. It is probably best compared to privately held to gain $185 million in cash, land, low interest loans Industrial Light and Magic. DDMG was originally founded and tax credits from various government entities in in 1993 by James Cameron, and for most of its life has been Florida and Beijing. a work-for-hire VFX house serving the high-end feature film business. The company has strong creative chops, and We hope DDMG works out better for taxpayers than it has has been involved in many successful and technically so far for the IPO investors! acclaimed features including Titanic, Pirates of the Caribbean and The Curious Case of Benjamin Button.

Making cool effects for others’ feature films, however, does not seem to be a good way for DDMG to make money. The company’s total losses approached $200 million from 2008 Cisco acquires NDS Group, increases video focus and (iii) hedging its bets. On the latter point Cisco has been under some pressure to divest its Scientific Atlanta set-top On March 15, Cisco Systems (CSCO) announced that box business, and NDS’ portfolio of products may benefit if it would acquire privately-held NDS Group Ltd. for ap- traditional set-top box configurations fall out of favor. proximately $5 billion in cash and assumed debt. The deal comes on the heels of NDS filing in December 2011 to go Cisco CEO John Chambers has indicated that the firm public. Due to the cross-border nature of the transaction, anticipates spending another $5 billion on acquisitions Cisco will be able to utilize a portion of its $40 billion+ in the next 12 months, so we are likely to see more non-U.S. cash balances to fund the transaction. It is expected activity in the video middleware arena in 2012. No that the purchase will close in the second half of 2012. comment on whether News Corp. was listening to Cisco executives’ voicemail messages during negotiations! NDS was taken private in 2009 by its current owners, private equity fund Permira (51%) and media conglomerate News Corp. (49%) for approximately $3 billion in enterprise Valuation – Cisco acquires NDS value (see our Spring 2009 In Reel Time). The firm supplies pay TV operators with software that enables them to deliver Purchase Price - Enterprise: $4,965 million programming across devices, while allowing only paying 10 viewers to receive the content. DIRECTV, BskyB, Sky Italia, 2011 Revenue: $989 million and CCTV are among NDS’ largest customers. According Revenue Multiple: 5.0x to the firm’s IPO registration statement, it generated $989 million in revenue and $283 million in EBITDA in 2011. 2011 EBITDA $283 million Permira and News Corp. did well as sellers, with a 42% EBITDA Multiple: 17.5x increase in EBITDA and a 67% increase in valuation in about three years.

Cisco, well-known for producing routers and switches that manage internet traffic, has signaled with this acquisition a continued commitment to video as a key revenue driver for the firm’s future. This is not the first acquisition for Cisco in the space. Other significant video-related purchases include BNI Video in 2011, Tandberg in 2009 and Scientific Atlanta in 2005.

Cisco’s rationale for this deal seem to include (i) growing its portfolio of video/pay TV middleware technologies, (ii) increasing its recurring revenue since NDS enjoys a mix of upfront and recurring royalty and maintenance revenues, Hadley Partners, Incorporated 841 Apollo Street, Suite 344 El Segundo, CA 90245

V. Overview of Hadley Partners, Incorporated

Hadley Partners is a boutique investment bank. With our experienced team of Wall Street veterans, we offer the following services to emerging-growth companies:

Mergers and Acquisitions Advisory Financial Advisory

• Sales of businesses, or significant • Joint ventures/strategic business subsidiaries/operations partnerships • Purchases of businesses • Leveraged buyouts/management • Consolidations/industry “roll-ups” buyouts/recapitalizations • Transaction sizes $15 - 250 million+ • Debt financings • Non-transactional advisory and consulting services

Private Placements of Equity Restructuring Advisory

• Institutional Private Equity • Family business restructurings • Venture Capital • Debtor advisory • Early rounds (after founders, “friends • Creditor/investor advisory & family” rounds) • Portfolio advisory (for significant • Transaction sizes $5 - 50 million+ institutional investors)

Our managing directors have worked on dozens of transactions for an aggregate value in excess of $50 billion, and each of them has more than 20 years of investment banking experience. We have completed transactions with a large number of middle market and emerging growth companies. We also have strong relationships with an extensive network of investing institutions that look to our firm for investment opportunities.

Not only does our firm bring Wall Street experience to each assignment, but we understand that Hadley Partners, Incorporated needs to go further for you than bulge bracket firms will go for their clients. We know that you don’t have the depth of resources that larger companies do, and you need more from your investment banker. We are prepared to provide that level of service.

For more information please contact: David Hadley Hadley Partners, Incorporated (310) 640-7090 [email protected]