Anthony W. Zambelli
tonyz@senecapartners.com

Updated July 2010

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 fifteen 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 served for from 1999 to 2009 on the Board of Trustees as Vice Chairman and Treasurer of significant size 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 served from 2007 to 2009 as a Member of the State of Michigan Pre Seed Fund Investment Committee, representing the Oakland University and Oakland County, Michigan Smart Zone.

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 (Bloomfield Township), Michigan.

Rajesh U. Kothari
rajk@senecapartners.com

Updated February 2010

Mr. Kothari draws on over two decades of experience as an investor, a financial advisor, and an entrepreneur. Mr. Kothari is a co-founder and Managing Director of Seneca Partners, a merchant banking and private equity firm that assists companies with mergers, acquisitions, divestitures and corporate finance activities. In addition, Seneca Partners makes are variety of control and non-control investment in companies in the industrial, business service, technology and healthcare sectors. The firm invests in emerging healthcare companies through Seneca Health Partners, a venture capital fund dedicated to emerging healthcare companies. To date, Seneca Health Partners has invested in seven healthcare companies located throughout the United States.

Prior to founding Seneca Partners, Mr. Kothari was a Director at Beringea (formerly GMA Capital), a boutique investment-banking and venture capital firm. 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 where 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 or Board representative for several of the Fund’s investments. Mr. Kothari has also served as an Investment Officer for ProVen Private Equity in London, England, a venture capital affiliate of Beringea. Mr. Kothari began his investment career as a money manager, most prominently 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.

Currently, Mr. Kothari serves on the Board of Priority Health, MedBio, Inc., and Providence Health Foundation as well as a board observer for Critical Signal Technologies and RedPath Integrated Pathology. In addition, he sits on the Investment Committee for Automation Alley and Civil Air Patrol, and the Finance Committee for Priority Health, Providence Health Foundation and the Village of Wolverine Lake, MI. Mr. Kothari is an active member of a variety of trade and community organizations, including past service on board of TiE Detroit, Michigan Venture Capital Association and the Great Lakes Entrepreneurs Quest and former Councilperson for the Village of Wolverine Lake, Michigan. Mr. Kothari is a Lieutenant Colonel in the Civil Air Patrol, a volunteer auxiliary of the United States Air Force, in which he has served for nearly 30 years. Additionally, Mr. Kothari is an Adjunct Instructor at the University of Notre Dame at the Gigot Center for Entrepreneurial Studies and honored as one of Crain’s Detroit Business’s 40 Under 40 honorees.

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

Mr. Robertson has over 15 years of combined experience in investment banking, venture capital, leveraged finance, engineering, and project management. Mr. Robertson is Vice President with Seneca Partners, a venture capital and investment banking firm headquartered in Birmingham, MI, where he advises clients on mergers & acquisitions and capital raising transactions, and serves on the Seneca Health Partners venture fund investment committee.

Prior to Seneca, Mr. Robertson spent over 5 years in the Leveraged Finance Group for Wachovia Securities, with transaction experience in leveraged buyouts, corporate restructuring, and senior and subordinated debt underwriting.

Prior to Wachovia, Mr. Robertson was an engineer with General Motors Corporation, specializing in vehicle dynamics control and software development. Mr. Robertson has an MBA from the University of Michigan and BS in Electrical Engineering from Florida A&M University.

Sean C. Hunt
seanh@senecapartners.com

Mr. Hunt has more than ten years experience sourcing and executing transactions for both clients and investors. He is a Vice President in the Seneca Partner’s Bannockburn, Illinois office. Mr. Hunt advises clients on mergers, acquisitions, divestitures, capital raises and corporate finance activities, as well as serves on the Seneca Health Partners venture fund investment committee. Prior to Seneca Partners, Mr. Hunt spent four years in the London and Chicago offices of Macquarie Capital and its predecessor organizations Giuliani Capital Advisors and Ernst & Young Corporate Finance.

Mr. Hunt focused on sourcing and executing acquisitions on behalf of Macquarie and its affiliated funds. He also advised clients on mergers, acquisitions, capital raises and restructuring transactions in several industry sectors including: Industrials, Business Services, Security & Defense, Financial Institutions and Healthcare. Prior to Macquarie, Mr. Hunt spent 6 years with Bank of America in the Middle Market Investment Banking and Credit Products groups. As a member of the Middle Market Investment Banking group, he completed mergers and acquisitions advisory engagements in the Industrials and Business Services sectors. As a member of the Credit Products group he co-managed a corporate loan portfolio of Food and Agribusiness clients, including ConAgra Foods and Cargill.

Mr. Hunt earned a Bachelors of Science from the Indiana University Kelley School of Business, holds Series 7 and 63 securities licenses and is a Chartered Financial Analyst.