Anthony W. Zambelli
tonyz@senecapartners.com

Updated February 2009

During the last 25 years, Mr. Zambelli has dedicated his professional career to advising business owners and principals in planning business strategy and executing acquisitions, divestitures and financing transaction activities. He has provided counsel and transaction support services in connection with more than 120 acquisitions, divestitures and financings involving small and middle-market size companies located throughout the United States, North America, Europe, and Asia. In addition to his advisory work, Mr. Zambelli has been a principal investor in more than a dozen privately-held companies in which he actively participates as an advisor on strategy, growth and finance matters.

Prior to forming Seneca Partners, LLC, Mr. Zambelli founded and served as Managing Director of Manchester Capital LLC, an investment and merchant banking firm specializing in middle- market size merger, acquisition and corporate finance transactions. He has expertise in the formation and growth of ethnic minority owned companies as well as assisting business executives to navigate through the process of management buyout transactions.

Before founding Manchester Capital in 1998, Mr. Zambelli established and led the Great Lakes Region Corporate Finance practice for Deloitte & Touche LLP. Under his leadership, the practice grew to the second largest Corporate Finance practice within the firm and achieved record profitability. Before joining Deloitte & Touche, Mr. Zambelli spent seven years as Senior Manager of the Midwest Corporate Finance practice of PriceWaterhouseCoopers LLC focusing on M&A transactions. Prior to PWC, he spent three years advising on acquisition and recapitalization transactions with Tunstall Consulting, a regional investment banking firm located in the Southeast U.S. Before his experience in Corporate Finance, Mr. Zambelli was with KPMG Peat Marwick for more than three years as a financial consultant and with Michigan National Corporation for one year as Manager, gaining a broad range of accounting, finance and SEC reporting knowledge.

Mr. Zambelli serves on the Board of Directors of a number of privately held companies providing counsel on business strategy, finance and growth. These companies serve a variety of business sectors within the manufacturing, service and technology industries. In addition, he serves on the Board of Trustees as Vice Chairman and Treasurer of a Not-For-Profit company in the financial services industry that provides credit and bankruptcy counseling services to consumers throughout the U.S. Mr. Zambelli also serves as a Member of the State of Michigan Pre Seed Fund Investment Committee, representing Oakland University and Oakland County, Michigan.

Mr. Zambelli graduated from the Ross School of Business at The University of Michigan. He is a Certified Public Accountant in the states of Michigan and Florida (inactive status) and he is also a member of the Association for Corporate Growth. In addition, to his professional responsibilities, Mr. Zambelli is a State Certified Volunteer Firefighter for Bloomfield Village, Michigan.
 

Rajesh U. Kothari
rajk@senecapartners.com

With nearly fifteen years of investment and transaction experience, Mr. Kothari has spent his career analyzing, structuring, monitoring and exiting a variety of transactions in the public and private markets. His broad experience as an investor, a financial advisor, and an entrepreneur, provides a unique perspective on private equity investments and transactions. Mr. Kothari is a co-founder and Managing Director of Seneca Partners, a venture capital and merchant-banking firm. In addition to assisting companies with mergers, acquisitions, divestitures and corporate finance activities, Seneca Partners also manages Seneca Health Partners, a healthcare focused venture capital fund.


Prior to founding Seneca Partners, Mr. Kothari was a Director at GMA Capital, a boutique investment-banking firm serving the needs of middle-market businesses. Mr. Kothari led numerous divestitures, recapitalizations, acquisitions and other strategic transactions for clients in the automotive, heavy truck, healthcare, technology and other industries. In addition, he co-managed the firm’s $70 million healthcare private equity fund, InvestCare Partners. He was responsible for identifying, evaluating, structuring and providing on-going development of investment opportunities for the fund. He represented InvestCare as a member of the Board of Directors of Amicas, Inc. and VerNova, Inc. and was directly responsible for two other portfolio companies, Active Health Management and Medsite. Mr. Kothari has also served as an Investment Officer for ProVen Private Equity in London, England. Mr. Kothari began his investment career as a money manager initially for Masco Corporation where he was responsible for a portfolio of $130 million in pension assets. He left Masco to found Cranbrook Capital Management, a $650 million money management firm, where he was Treasurer and Director of International Investing.


Mr. Kothari currently serves on the Board of MCM Environmental Technologies, Inc., a provider of medical waste solutions. He also serves on a variety of trade and commuity organizations. He currently serves on the Board and Executive Committee of the Michigan Venture Capital Association and is a founder and current Treasurer of TiE Detroit, a non-profit organization dedicated to promoting entrepreneurialism. In addition, he has been an active member of Civil Air Patrol, a volunteer auxiliary of the United States Air Force, for the past 20 years. Mr. Kothari, a Chartered Financial Analyst, earned both a Bachelors of Arts and a Masters of Business Administration from the University of Michigan.

Michael C. Skaff  
mikes@senecapartners.com

Mr. Skaff draws upon fifteen years of operational, transaction and senior management experience as a principal and advisor. Mr. Skaff has held senior management positions with privately held companies, advised the principals of middle-market firms regarding acquisitions, divestitures and other corporate finance transactions, and invested in several privately held companies as a principal. While many of his operational activities have centered around the healthcare industry, his experience covers a wide variety of industries, including manufacturing (automotive and non-automotive), distribution, service, information technology, healthcare and consumer products.

Prior to forming Seneca Partners, Mr. Skaff served as a Managing Director of Manchester Capital, an investment and merchant-banking firm specializing in middle market merger, acquisition, divestiture and other corporate finance transactions. He has also consulted for a number of other firms as a key strategic and financial advisor.

Prior to joining Manchester, Mr. Skaff was Vice President of Home Care Operations for MedMax, Inc. a specialty healthcare products business, where he initiated and consummated strategic relationships with integrated health systems and third party payers and led several successful corporate development initiatives for the Company, including strategic acquisitions and product line divestitures. From 1992 through 1997, Mr. Skaff served as Chief Executive Officer for Detroit Oxygen and Medical Equipment Co., Inc. and DOME Infusion Therapy Services, providers of home medical equipment, respiratory therapy and home infusion services. During this period, he also served as a founding board member of two innovative PPOs, which managed over 300,000 covered lives within 2 years. Previously, Mr. Skaff spent three years with the Midwest Corporate Finance Practice at PriceWaterhouseCoopers LLC, where he advised clients on acquisitions, divestitures and financings and led numerous business reviews and due diligence assignments.

Mr. Skaff currently serves as a Board advisor for three suppliers to the automotive industry and an advisory board member to 5nQ, Inc., a supplier of innovative inventory management applications serving hospitals.

Mr. Skaff earned both a Bachelor of Science degree in Economics and Mathematics and a Masters in Business Administration degree from the University of Michigan. He is proficient in French and actively participates in a variety of sports, including running, swimming, golf and squash.

Thomas K. Cox
tomc@senecapartners.com

Mr. Cox has over twenty years of private equity and venture investment, executive management and legal experience in Fortune 500 and small business settings. He brings a unique combination of operational, transactional and financial skills along with an in-depth knowledge of a broad spectrum of healthcare products and services industries.

Prior to forming Seneca Partners, Mr. Cox was President of White Pines Ventures, L.L.C., a private equity firm based in Lake Forest, IL and Ann Arbor, MI with combined investable capital in two funds of over $70 million. In that capacity, he sourced, led and managed a number of equity and mezzanine investments in healthcare companies. Mr. Cox served as Chairman of the Board of Directors of HealthScope Benefits, Inc. and also sat on the Boards of American Endoscopy Services, Inc., Cycle Solutions, Inc., Ischemia Technologies, Inc., PanCel Corporation and WebTPA, Inc. He continues to serve on the Board of NephRx Corporation.

Before joining White Pines in 2000, Mr. Cox served as President and CEO of Peiser's, Inc., a private-equity backed distributor of home medical supplies. In a transaction led by Chicago-based Svoboda Collins, L.L.C., Mr. Cox participated in the initial buy-out of Peiser's from Invacare Corporation in September 1998. Peiser's was acquired by Byram Healthcare Corporation in March 2000.

From 1997 through 1998, Mr. Cox served as Vice President, Corporate Development for CareMonitor, Inc., a venture-backed provider of software and services for the alternate site care industry. He began his healthcare industry career with Baxter Healthcare Corporation, a $10 billion global manufacturer and provider of medical products, in 1988. While at Baxter, Mr. Cox held progressively responsible general management, marketing, and legal positions over a nine-year period. Before joining Baxter, Mr. Cox served as an attorney with Sidley & Austin, a global full-service law firm headquartered in Chicago, IL from 1984 through 1988. Working with the firm's Commercial and Banking Group, he represented lenders in structuring, documenting and negotiating multi-million dollar secured and unsecured financing transactions, including leveraged buy-outs, stock/asset acquisition financings and working capital loans.

Mr. Cox received a Bachelor of Arts degree from Williams College, a J.D. from Boston College Law School, and an M.M. from the J.L. Kellogg Graduate School of Business at Northwestern University. He is a member of the Illinois Bar Association. Mr. Cox is married and has four children. He volunteers his time in a variety of youth and community activities in his hometown of Lake Forest, IL.

Ron R. Reed
ronr@senecapartners.com

Mr. Reed has a thirteen year history of active venture capital and private equity investing. He began his professional investing career as General Partner of Endeavor Capital Management of Westport, CT in 1993. At Endeavor, he led activities in technology companies including Harbinger, CareerSite, and Online Technologies. He was significantly involved with the operations of several portfolio companies including Supply Tech (Harbinger Corporation) where he led strategic acquisitions and business development that resulted in the development of Harbinger Corporation as one of the largest public eCommerce/EDI businesses.

Mr. Reed stepped away from Endeavor from 1998 to 2003 to found and finance Fullscope, an IT services company. He led the effort to raise $18 million for Fullscope and ultimately merged Fullscope with Red Klay. Today, Fullscope is a significant software development partner with Microsoft and is on plan to achieve more than $14MM in revenue in 2006.

In 2003, the Limited Partners of funds managed by Endeavor Capital Management requested that he assume the role of General Partner of the Strome Endeavor Partners Funds I and II, which had a combined $60MM of investment capital. Mr. Reed accomplished this by forming Endurance Ventures, which focused Endurance's activities on two portfolio companies (NWP Services Company and EcoDuro) into which he made follow-on direct investments that totaled an additional $4MM. Mr. Reed is currently a board member of NWP Services Company and is the Chairman of EcoDuro. During his tenure with NWP, he negotiated and closed the sale of a software subsidiary (Open-C) to Accenture for cash and a ten year management agreement for outsourced IT support that immediately lowered NWP's IT costs.

Mr. Reed began his career in software development, sales and general manager. He developed his IT experience at companies such as Emerald Intelligence, where he managed the business through a turnaround, American Way Life Insurance, where he was the VP of Information Technology. He began his IT career at UMI a Xerox subsidiary, where he was on the team to develop the first commercial CD ROM product.

Mr. Reed was a founding limited partner of Pennell Ventures' Marathon Funds and currently serves as a member of both the advisory board member and the investment committee. He is also a limited partner and venture partner at Greenhill Partners, a $100MM fund based in New York. He sits on the boards of the Michigan Venture Capital Association, the Michigan State University Center for Venture and Private Equity, NWP Services Company, 7th Online, EcoDuro, Inc. and is on the advisory board of SOHO Capital.

Mr. Reed has Bachelor of Science in Physics-Engineering from Eastern Michigan University. He has his private pilot license and is an accomplished rock climber.

David M. Thomas
davidt@senecapartners.com

Mr. Thomas has almost 25 years of investment experience in the technology sector. His career spans 14 years on Wall Street, where he became one of its first software and IT services analysts in the early 1980s. He has managed a $25 million hedge fund, acted as CEO of a start-up software company, and has run four investment funds. Mr. Thomas' unique background as an analyst, advisor and entrepreneur in both the public and private markets offer uncommon insight into the investment process.

From 2003 until joining Seneca, Mr. Thomas served as a Member of Endurance Ventures, LLC. Endurance is the manager of two traditional venture capital funds with total assets of over $60 million, and two sole-purpose investment funds totaling almost $5 million. Mr. Thomas' duties at Endurance Ventures included evaluating, researching, and assessing market opportunities for existing portfolio companies. In addition, he assisted with acquisitions, divestitures and other strategic initiatives, including advising National Water & Power Services Corp, a portfolio company, in the sale of its software division to Accenture, and closing a $30 million outsourcing contract between Accenture and the selling company.

Mr. Thomas began his Wall Street career at Hambrecht & Quist in 1983 as an Associate Analyst covering the software and IT services industries. Mr. Thomas was involved is a variety of IPOs including Informix, SHL Systemhouse, and Paychex, among others. His coverage universe included Oracle, Microsoft, Sybase, EDS, Computer Sciences, Ashton-Tate, Lotus, CA, Cognos, Business Objects, Shared Medical Systems, HBO & Company, among many others. He was also the first Wall Street technology analyst to publish a software and services industry index that covered the price movements of the component stocks as well as their earnings movements. Mr. Thomas was also a member of the H&Q research team that published Wall Street's first Hospital Information Systems industry investment report. Following Hambrecht & Quist, Mr. Thomas worked as an analyst at Prudential Securities and First Albany-META Technology Research.

Prior to joining Hambrecht & Quist in 1983, Mr. Thomas was an intern in the equity research department of Prudential Bache Securities. While there he spear-headed the conversion of the entire analytical department from pencil and paper ledgers to the Lotus 1-2-3 spreadsheet technology.

In 1993, in between his buy-side roles on Wall Street, Mr. Thomas joined the sell-side at O'Connor and Associates in Chicago, then a division of Swiss Bank Corp. Mr. Thomas managed a hedge fund consisting of the firm's own capital, focusing on investments in the technology arena. He also directed the firm's equity options trading team (then the world's largest) with the mandate of successfully marrying the volatility inherent in fundamental event-driven research information with the Black-Scholes Options Pricing Model to enhance capital returns.

Mr. Thomas' career has also included raising the seed funding for a start-up software company in 1998 and serving as its CEO. He was also hired personally by Larry Ellison and Jeff Walker (CFO) to work at Oracle to help launch the Company's first applications software solutions in 1990 and 1991.

Mr. Thomas is an avid golfer and scuba diver. He attended Brown University and earned a Bachelor of Arts degree in Economics. Mr. Thomas lives with his wife and daughter in Ann Arbor, Michigan.

Alfred Robertson
alr@senecapartners.com

Kirk A. Ziehm
kirkz@senecapartners.com

Mr. Ziehm has nearly ten years of work experience in management consulting, operations, and investment banking. Prior to joining Seneca Partners, he was an Associate in investment banking with Merrill Lynch in New York where he worked on transactions in the retail industry coverage group.

Previously, Mr. Ziehm spent several years as a management consultant at Kurt Salmon Associates, a retail, consumer products, and healthcare specialty consulting firm. Additionally, he worked as an operations process engineer at Kinko's Corporate Office following a financial sponsor equity investment prior to the sale to FedEx.

Mr. Ziehm earned an M.B.A. with high honors in finance, accounting, and economics from the University of Chicago Graduate School of Business and was selected as a Siebel Scholar for outstanding academic achievement and leadership. He graduated cum laude with his B.S. in industrial and operations engineering from the University of Michigan. In addition, Mr. Ziehm is fluent in Spanish and completed a one-year study abroad program at La Universidad de Sevilla.

Jerry Widman

Mr. Widman has enjoyed a distinguished 30-year career in healthcare as a financial executive and management consultant. Most recently, Mr. Widman served as the Chief Financial Officer for Ascension Health, successor to the Daughters of Charity National Health System. Under his leadership from 1982 through 2001, Ascension Health/Daughters of Charity revenues grew from $1 billion to over $7 billion, becoming the largest not-for-profit multi-hospital healthcare system in the country. As a member of Ascension’s senior management team, Mr. Widman was responsible for corporate finance, purchasing and materials management, including a key role in major decisions on over $4 billion in capital projects and a multitude of mergers, acquisitions, and divestitures. In addition, Mr. Widman oversaw treasury operations that included investment pools with a combined amount in excess of $5 billion. Before joining Ascension Health, Mr. Widman served as a management consultant with Ernst & Young, where he focused on healthcare and finance. For nearly twelve years, Mr. Widman led projects in materials management, productivity improvement and financial/operational improvement for over 100 hospital clients. Mr. Widman started his professional career in manufacturing at General Motors.

Mr. Widman currently serves on the Boards of Bon Secours Health System, CareMedic Systems, Inc. and The Audit Group. His past Board activities include: Carondelet Health System, Consorta Group (group purchasing organization), Catholic Materials Management Alliance, Catholic Managed Care Consortium, Sisters of Charity of Nazareth Health System, Sisters of St. Joseph of Wichita Health System, and Franciscan Sisters Health Care Inc. He is also an advisor in Healthcare Finance to Wellsprings Partners Ltd., a financial turnaround and interim management firm serving hospitals and hospital systems.

Ronald Williams, Ph.D.

Dr. Williams has spent a 30-year career developing and innovating products to better serve the healthcare industry. In 1984, Dr. Williams joined as President, DLP, Inc. a small start-up organization that developed a line of medical disposables products used during open heart surgery. From this platform, the organization continued to introduce innovative new products such as arterial cannula, venous cannula, retrograde coronary sinus perfusion cannula; and numerous ancillary products. By 1994, the Company reached more than $30 million in revenue from 30 countries, and employed over 300. Dr. Williams assisted with the sale of DLP, Inc. to Medtronics, Inc., in 1994. Upon the sale of DLP, Inc., Dr. Williams was named Vice President, Medtronic/DLP, and continued to lead DLP and begin the integration into the Medtronic organization.

Before his role with DLP, Dr. Williams held various leadership positions at Baxter Travenol Laboratories, Inc., including Manager - Product Exploration, Vice President of Product Development and ultimately Vice President and General Manager of Hemapheresis Systems. He began his career as a Researcher at Battelle Columbus Labs and progressed to Task Force Leader for Bioengineering and Biomaterials prior to joining Baxter Travenol Laboratories.

Spike Dietrich

Mr. Dietrich has spent over 25 years as a principal and senior executive assisting the growth and development of several successful health care services and technology businesses. He is particularly experienced in working with providers, employers and health plans to develop and implement successful managed care programs. For the past 4 years, Mr. Dietrich has provided financial and management support to several early stage healthcare technology and services companies. Previously, he co-founded Burgett & Dietrich, Inc., a national provider of community-based managed care delivery systems for large self-funded employers. The firm subsequently merged with Administrators Network to form CoreSource, a national third party administrator serving over 500 employer clients with 1.6 million covered lives. He subsequently participated in the sale of Burgett & Dietrich to CNA Insurance Company, where he served as President & CEO of CNA Health Partners. He began his career with Baxter Healthcare Corporation, where he developed, implemented, and managed community-based managed care delivery systems for all domestic Baxter facilities.

Alan Parver, Esq.

Mr. Parver has been serving the needs of healthcare providers with expert legal counsel and advice, emphasizing third-reimbursement and coverage, as a Managing Partner at Powell, Goldstein, Frazer & Murphy, LLP. A significant portion of his practice concerns Medicare coverage and reimbursement for medical equipment and technology. Clients of Mr. Parver include high-tech health care manufacturers and providers, as well as several start-up ventures in health care. He currently serves as counsel to the National Alliance for Infusion Therapy, an organization of national providers and manufacturers of infusion therapy supplies, equipment and services. Mr. Parver has played an active role in the passage of legislation to establish Medicare reimbursement for certain high-tech services and equipment. He also serves as a frequent lecturer on Medicare policies and issues.

Jeff Rice, M.D.

Dr. Rice has drawn on his medical background and leadership experience in serving as an executive in several public and private healthcare services organizations over the past 18 years. Dr. Rice founded and served as CEO of CareSteps and Axonal Health Solutions, providing high-end technology solutions for population health management and disease management programs. CareSteps and Axonal were acquired by American Healthways (NASD: AMHC) in 2001; Dr. Rice subsequently served as a member of AMHC’s executive team and than as advisor until early 2003. Before founding CareSteps, Dr. Rice spent three years in executive positions with several operating subsidiaries of NYLCare Health Plans (an affiliate of New York Life). These responsibilities included roles as Senior Vice President of NYLCare Health Plans of the Southwest, a 200,000 member HMO; President of ETHIX Southeast, a PPO covering over 100,000 lives; and Chief Operating Officer of WellPath Community Health Plans, a joint venture between New Your Life and Duke University offering group health insurance products in the Carolinas.

Dr. Rice received his combined medical and legal degrees from Duke University Schools of Medicine and Law and received postgraduate clinical training in radiology. He has authored numerous publications and frequently speaks on managed care, clinical research, evidence based medicine and predictive modeling in health care.

Pat McDonnell

Mr. McDonnell has spent his 35-year career managing and advising professional service, healthcare, distribution and other private and public companies as CEO, Board member and advisor. In recent years, Mr. McDonnell has served as a board member and advisor to a variety of businesses requiring operational reorganization or management restructuring. He currently serves on the board and audit committees of two public companies – SS&C Technologies, Inc., a $70 million enterprise software company and First Midwest Bancorp, a $7 billion bank holding company.

Previously, Mr. McDonnell served as the CEO of Jordan Professional Services, a developing professional services firm, and as President of LAI Worldwide, Inc., a $90 million publicly traded executive search and consulting firm.

For nearly three decades, Mr. McDonnell supported the needs of clients while at Coopers & Lybrand. Prior to his 1998 retirement, he served as Vice Chairman of Business Assurance (Audit), the firm’s largest business line, with revenues of $1.25 billion.

A frequent lecturer and an adjunct professor at the Lake Forest Graduate School of Management, he is the author of Everybody Wants to Go to Heaven: Six Steps to Organizational Excellence.

E. F. (“Skip”) Heizer, III

Mr. Heizer is an experienced developer and financier of high growth businesses with over 20 years of operating, investment and legal expertise. Mr. Heizer currently serves as Principal of The Heizer Companies, which provides strategic, financial and leadership support to rapidly growing healthcare businesses. Mr. Heizer also serves as Executive Chairman of Manus Health Systems, a leading owner and operator of oral health care centers in the Greater Chicago Metropolitan Area. Manus Health Systems was also founded by and developed under Mr. Heizer’s leadership.

Previously, Mr. Heizer was a Principal and Co-Founder of Heizer Capital, LLC, a business development and venture capital concern, and a Partner of Gardner, Carton & Douglas, a large Chicago based law firm where he specialized in representing rapidly growing private and public companies. Mr. Heizer has developed, advised and invested in growth companies in a variety of industries, including health care, insurance, financial services and specialty consumer products.

Mr. Heizer received his Juris Doctorate from Northwestern University School of Law in 1984 and a Bachelor of Science in Management Science Engineering and a Bachelor of Business Administration from Southern Methodist University in 1981.