Waud Capital Partners
Transcription
Waud Capital Partners
Recent News 05/12 Adreima Announces New Chief Executive Officer 05/12 Revenue Cycle Solutions Rebrands as Optimum Outcomes 04/12 WCP Announces Acquisition of Sterling Reference Laboratories Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Waud Capital Partners Founded in 1993, Waud Capital Partners is a leading middle-market private equity firm that partners with exceptional management teams to create, acquire, and/or grow companies that address significant, inefficient, highly fragmented and underserved industry segments. We invest primarily through control-oriented growth equity investments, industry consolidations, buyouts or recapitalizations and seek companies that generate strong cash flow and can be grown both organically and through add-on acquisitions. Our current and exited portfolio is comprised of companies in the following business segments: Healthcare Services Business / Consumer / Government Services Behavioral healthcare Home infusion and specialty pharmacy Long-term acute care Medical products distribution Outsourced physician services Revenue cycle management Specialty pharmaceuticals Logistics / Specialty Distribution Petroleum and lubricants distribution Propane distribution Alarm security Corporate tax and business advisory Cybersecurity and intelligence services Outsourced litigation services Water and air filtration Value-added Industrial Automotive parts supplier Decorative home and garden products Specialty chemicals Specialty publishing Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Investment Focus Waud Capital Partners maintains a disciplined and focused investment strategy to acquire or create platforms in the lower middle market. We seek to invest $20 to $100 million in platform companies that have the following attributes critical for investment success: Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Three Phase Investment Approach Waud Capital Partners builds strategic assets and manages risk by focusing on growth and operational improvements while utilizing prudent leverage to enhance, rather than drive, returns. This may include pursuing the following types of investments: Buy and Build - initial platforms grown through add-on acquisitions Buy and Grow - pursuing organic growth to create value Management-led - partnering with executives prior to platform identification In each of these approaches, WCP utilizes its three phase investment strategy, whereby WCP typically invests a portion of its equity commitment up front and reserves the remaining capital for growth, deploying it over time and thereby generating superior risk-adjusted returns. Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Types of Investments Growth equity We invest in companies seeking capital to finance internal growth or add-on acquisitions. Industry consolidations We partner with experienced management teams to create leading companies in fragmented industries. Recapitalizations We provide owners of closely held businesses with liquidity while allowing them to retain significant ownership and day-to-day operational control. Generational changes of ownership We offer owners of family businesses complete or partial liquidity while providing an active role for subsequent generations and working to preserve a company's culture and legacy. Acquisition of corporate divisions/subsidiaries We invest with management teams to acquire non-strategic divisions/subsidiaries of larger corporations. Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Waud Capital Partners: Creating a whole greater than the sum of its parts. We’re in the business of creating long-term value. We do it with a clear focus and vision. That’s why Waud Capital Partners works actively at the Board of Directors level to create substantive long-term value for every stakeholder – employees, customers, operating partners and shareholders. To achieve optimal success at this level, our investment professionals work directly with the managers of our portfolio companies, providing expertise and comprehensive guidance in the following critical areas: Developing and executing a strategic plan to create long-term value Recruiting additional management Instituting bottom-up, top-down budgeting Creating disciplined focus on operational improvement Identifying and negotiating add-on acquisitions Financing growth Realizing value Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Active Exited Acadia Healthcare Company Behavioral healthcare Adreima Healthcare revenue cycle management Medicaid -focused Jazz Pharmaceuticals Specialty pharmaceuticals Exited November 2010 Regency Hospital Company Long -term acute care Exited September 2010 Aquion Water Treatment Water and air filtration CarePoint Partners Home infusion and specialty pharmacy Alarm Security Group Alarm security Exited October 2007 Christiana Industries Automotive parts supplier Exited October 2007 The Center for Vein Restoration Specialty physician practice management Compex Legal Services Outsourced litigation services Parish Publications Specialty Publishing Exited December 2004 Sovereign Specialty Chemicals, Inc. Specialty Chemicals Recapitalized January 2000 Exited December 2004 Cogent HMG Outsourced physician services Recapitalized April 2010 Maxum Petroleum Petroleum and lubricants distribution Recapitalized January 2009 Medical Holdings Medical products distribution Exited October 2003 Pacer Propane Holding Propane distribution Exited December 1997 National Security Partners Cyber security and intelligence Optimum Outcomes Healthcare revenue cycle management Patient account resolution ProNerve Intraoperative neuromonitoring services Sterling Healthcare Holdings Toxicology services True Partners Consulting Corporate tax and business advisory Whitehall Products Decorative home and garden products Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Acadia Healthcare Company is a platform established by WCP to acquire, develop and operate a network of inpatient psychiatric facilities, substance abuse centers, residential treatment centers and specialty behavioral programs. Industry: Headquarters: Date of Investment: Fund: Website: Healthcare Services – Behavioral healthcare Nashville, Tennessee December 2005 WCP Fund III, WCP Fund II acadiahealthcare.com Areas of Acquisition Focus Inpatient psychiatric and substance abuse hospitals Residential psychiatric and substance abuse hospitals Outpatient psychiatric and substance abuse hospitals Hospital Openings and Acquisitions Rolling Hills Hospital - March 2012 Red River Hospital - March 2012 Sonora Behavioral Health - March 2012 Pioneer Behavioral Health - November 2011 Youth & Family Centered Services - April 2011 Peninsula Village - November 2009 Acadiana Addiction Center - March 2009 Riverwoods Behavioral Health System - September 2008 Acadia Hospital of Montana - September 2006 Acadia Hospital of Hawaii - September 2006 Acadia Hospital of Lafayette - June 2006 Acadia Hospital of Longview - June 2006 “Acadia is fortunate to partner with Waud Capital’s exceptional investment team and I am eager to continue building upon the Company’s strong foundation, providing high quality behavioral healthcare services to patients and their families.” Joey Jacobs Chief Executive Officer Related News 03/12 03/12 01/12 01/12 12/11 12/11 Stock 11/11 05/11 04/11 03/11 11/09 03/09 09/08 05/07 12/06 09/06 06/06 02/06 Acadia Acadia Acadia Acadia Acadia Acadia Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Reports Fourth Quarter and Full Year Results for 2011 Acquires Three Acute Inpatient Psychiatric Facilities to Acquire Three Acute Inpatient Psychiatric Facilities Names Wade Miquelon to Board of Directors Announces Pricing of Public Offering of Common Stock Announces Public Offering of 8,333,333 Shares of Common Acadia Healthcare Completes Merger with PHC, Inc. Acadia Healthcare Company Announces Merger with PHC Inc. Acadia Healthcare Company Acquires Youth & Family Centered Services, Inc. Acadia Announces Expansion of Management Team, Adds Joey Jacobs as CEO Acadia Healthcare Announces Acquisition of Peninsula Village Acadia Healthcare Announces Acquisition of Acadiana Addiction Center Acadia Healthcare Announces Acquisition of RiverWoods Psychiatric Facility Acadia Healthcare Announces Appointment of New Chief Executive Officer Acadia Healthcare Honored as 2006 Catalyst Awards Finalist Acadia Healthcare Announces Purchase of Kids Behavioral Health Acadia Healthcare Company Acquires Two Inpatient Psychiatric Hospitals WCP Announces Formation of Inpatient Psychiatric Hospital Company Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Adreima is a leading provider of revenue cycle management (RCM) services combining patient access and reimbursement solutions with Medicaid expertise to provide eligibility, clinical auditing and accounts receivable follow-up services to hospitals nationwide. Healthcare RCM is an industry focused on helping providers receive proper and timely payment for the services they provide to patients. Demand for RCM services continues to rise as providers look for ways to maximize collections, accelerate cash flow and reduce expenses, while facing increased challenges associated with declining reimbursement rates and complex and constantly-changing reimbursement rules. Healthcare Services – Healthcare revenue cycle management Industry: Headquarters: Date of Investment: Fund: Website: Phoenix, Arizona August 2008 WCP Fund II adreima.com “Adreima is poised for continued, rapid growth, and I’m excited and honored to be a part of a company that offers a broad array of revenue cycle products. ” Areas of Acquisition Focus Eligibility services Receivables management Medicaid Medicare Third-party payors Clinical auditing Bob Wilhelm Chief Executive Officer Add-on Acquisitions Accounts Receivable Management and Data Services – January 2012 Hospital Inpatient Services – September 2010 Related News 05/12 01/12 05/11 03/11 01/11 09/10 02/10 07/09 01/09 12/08 09/08 Adreima Announces New Chief Executive Officer Adreima Expands its Northeast U.S. Presence with Acquisition Johnston Health Selects Adreima as Its Medicaid Advocate Former Cisco Systems Senior Executive Frank Grant Joins Adreima as CSMO Adreima Appoints Ken Howell as Chief Operating Officer Adreima Expands to East Coast with Acquisition of HIS Kenneth Kaufman Joins Advanced Reimbursement’s Board of Directors Connie Perez Recognized in Impact Magazine Advanced Reimbursement Announces Three Senior Management Additions Advanced Reimbursement Completes Debt Financing WCP Announces Investment in Healthcare Revenue Cycle Management Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Aquion Water Treatment Products provides water and air filtration products to residential customers and serves commercial and industrial customers on a selective basis. Business / Consumer Services – Water and air filtration Industry: Headquarters: Date of Investment: Fund: Website: Elk Grove Village, Illinois December 2005 WCP Fund II aquionwater.com Add-on Acquisitions Erie Valve – October 2001 Clearwater Technologies – May 1999 Related News 05/08 11/07 12/06 12/05 Aquion Water Treatment Products Elects Albert Cantu as Chairman of the Board Aquion Water Treatment Products Taps Frank Kneller as Chief Executive Officer AWTP Announces Operations Group Organizational Changes WCP Announces Acquisition of Aquion Water Treatment Products “Waud Capital has proven to be an invaluable partner to our Aquion team. They have worked closely with us to help refine our vision as a leader in the residential and light commercial water treatment industry. As we execute against this vision, Waud Capital's ongoing support and strategic insight will continue to be of upmost importance in realizing our growth objectives.” Cal Stuart Chief Operating Officer/Chief Financial Officer & Executive Vice President Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. WCP established CarePoint Partners to acquire, develop and operate a network of infusion and specialty pharmacies. Infusion pharmacy therapy involves the intravenous and injectable administration of medications to treat diagnoses such as cancer, immune disorders and severe infections. Home infusion therapy allows patients to avoid the inconvenience and cost of a hospital visit. Healthcare Services – Home infusion and specialty pharmacy Industry: Headquarters: Date of Investment: Fund: Website: Cincinnati, Ohio September 2007 WCP Fund II carepointpartners.com Areas of Acquisition Focus Home infusion Enteral therapy Specialty pharmacy Add-on Acquisitions Mountain State Infusion Services – August 2011 ArTex Medical – June 2011 Premier Infusion – March 2011 Infusion Technologies – February 2011 ivA Lifetec – January 2011 Allied Preferred Care – October 2010 Praxair Infusion Network of Philadelphia – December 2009 Praxair Infusion Network of Louisiana – May 2009 Option Care of Northeast Ohio – January 2009 TheraPoint – December 2008 Total Health Services – December 2008 Care Partners – September 2008 Family Focus – June 2008 CIVN – December 2007 “Waud Capital not only provides strong financial backing and expertise, but also shares my vision of building a first-class infusion business by providing quality care for our patients, outstanding service for our customers and a satisfying work environment for our team members.” Dana Soper Chief Executive Officer Related News 09/11 06/11 03/11 02/11 10/10 12/09 06/09 03/09 01/09 12/08 11/08 06/08 02/08 12/07 CarePoint Partners Acquires Mountain State Infusion Services CarePoint Partners Acquires ArTex Medical CarePoint Partners Acquires Premier Infusion CarePoint Partners Acquires Infusion Technologies CarePoint Partners Expands into Texas with Acquisition of Allied Preferred Care CarePoint Partners Expands into Philadelphia CarePoint Partners Acquires Home Infusion Division of Praxair CarePoint Partners Announces Four Acquisitions CarePoint Partners Acquires Option Care of Northeast Ohio CarePoint Partners Acquires Total Health Services CarePoint Partners Acquires Care Partners CarePoint Partners Acquires Family Focus Infusion CarePoint Partners Acquires Home Infusion Therapy Company WCP Announces Formation of Infusion Pharmacy Company Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. The Center for Vein Restoration (CVR) is a leading provider of vascular medicine that operates through a network of specialty physician clinics. The company provides specialized treatment for patients suffering from vascular diseases, including vein disorders, such as varicose veins, spider veins and venous ulcers. Industry: Headquarters: Date of Investment: Fund: Website: Healthcare Services – Specialty outpatient treatment Glenn Dale, Maryland December 2011 WCP Fund III centerforvein.com Areas of Acquisition Focus Vascular medicine practices Venous disease Arterial disease “Partnering with Waud Capital presents an exciting opportunity for CVR and its employees to work with an experienced investment firm to build a leading vascular treatment practice. I believe Waud Capital’s experience with other similar sized and positioned healthcare businesses will allow CVR to achieve tremendous growth both organically and through acquisition.” Sanjiv Lakhanpal MD, FACS Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Compex Legal Services provides outsourced litigation support services to law firms and insurance companies. The company primarily provides document retrieval services, including the retrieval, reproduction and delivery of claimant records held by custodians such as hospitals and medical offices. Compex also provides deposition reporting, process serving and electronic data discovery. Business / Consumer Services – Outsourced litigation services Industry: Headquarters: Date of Investment: Fund: Website: Torrance, California January 2004 WCP Fund I compexlegal.com Add-on Acquisitions American DataMed – June 2005 OmniDox – May 2005 Related News 06/05 05/05 01/04 Compex Legal Services Acquires American DataMed Compex Legal Services Acquires OmniDox WCP Announces Acquisition of Litigation Support Service Provider Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Cogent HMG is the largest private outsourced provider of comprehensive, contract-based hospitalist physician programs to acute care facilities and community hospitals across the United States. Hospitalists are physicians whose primary focus is managing and improving the care of hospitalized patients. Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Healthcare Services – Outsourced physician services Brentwood, TN September 2006 WCP Fund II Date of Exit: April 2010 (Recapitalization Transaction): WCP remains minority investor hmgdoc.com Related News 01/12 08/11 04/11 04/10 04/09 10/07 09/06 Cogent HMG Announces New CEO The Intensivist Group Teams with Cogent HMG HMG, Cogent Merge to Form Largest Private Hospitalist Company in the U.S. WCP Completes Recapitalization of HMG with AEA Investors Dr. Stephen L. Houff Recognized in M.D. News Richard P. Gustafson Joins Hospitalists Management Group’s Board of Directors WCP Announces Acquisition of Hospitalists Management Group “We were tremendously fortunate to have partnered with Waud Capital Partners. Waud Capital has an impressive track record in healthcare services, and I believe their understanding of hospital medicine and their relationships in the healthcare industry allowed us to accelerate the growth of HMG.” Stephen L. Houff, MD Chairman and Former Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Maxum Petroleum is one of the largest independent energy logistics companies in the United States based on gallons of refined fuel and lubricants sold. Maxum has developed a comprehensive offering of refined petroleum products, value added logistics and energy management services. The company addresses customers in a diverse set of end marketsluding trucking, drilling and exploration, marine, railroad, mining and automotive. Industry: Logistics / Specialty Distribution – Petroleum and lubricants Headquarters: Date of Investment: Fund: Date of Exit: Website: Greenwich, Connecticut April 2004 WCP Fund II, WCP Fund I January 2009 (Recapitalization Transaction) maxumpetroleum.com Areas of Acquisition Focus Petroleum products marketing and service providers in North America Add-on Acquisitions DeCristo Oil - February 2011 Beard Oil - December 2010 Mid-State Industrial Lubricants – August 2009 Paulson Oil Company – December 2007 Farmington Oil Company – November 2007 Lubricant blending facility – November 2007 Petroleum Products – May 2007 Transport Services of Oklahoma – October 2006 Canyon State Oil Company – September 2006 Pecos – September 2006 McLain Truck Service – June 2006 Hartney Companies – January 2006 Trevco – June 2005 Simons Petroleum – April 2004 “Waud Capital has added tremendous value as an investor and partner for Maxum. In addition to providing capital to support our growth, WCP has assisted us with recruiting, upgrading our corporate infrastructure, and sourcing attractive acquisition candidates. WCP's extensive experience in consolidating industries has helped our management team successfully close and integrate 13 acquisitions in a seven-year period.” Perot Bissell Chief Executive Officer Related News 02/11 08/09 12/08 WCP 12/07 11/07 05/07 09/06 06/06 01/06 06/05 04/04 04/04 Maxum Petroleum Completes Purchase of DeCristo Oil Maxum Petroleum Acquires Mid-State Industrial Lubricants Company Maxum Petroleum Receives $300MM Investment from Metalmark Capital and Maxum Petroleum Acquires Paulson Oil Maxum Petroleum Acquires New Mexico & Panama Facilities Maxum Petroleum Announces Acquisition of Leading Petroleum Marketers Acquisition of Two Leading Fuel and Lubricant Distribution Businesses SPI Petroleum Acquires McLain Truck Service WCP and SPI Petroleum Announce the Acquisition of the Hartney Companies Simons Petroleum Acquires Trevco Simons Aims to be Biggest Oil Marketer WCP Completes Investment in Simons Petroleum Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials Copyright © 2010 Waud Capital Partners L.L.C. National Security Partners is a U.S. Federal Government contracting business that provides our nation’s Intelligence Community, the Department of Defense and other agencies with mission-critical services including cyber security operations, intelligence operations, national security policy analysis, systems engineering, program management, performance measurement and strategic consulting services. Federal Government Services - Cyber security and intelligence Industry: Headquarters: Date of Investment: Fund: Website: Hanover, Maryland October 2011 WCP Fund III nspfed.com Areas of Acquisition Focus Federal Government cyber security and intelligence services Policy support Engineering support Program management Add-on Acquisitions Summit Solutions – October 2011 “I am extremely excited to join the National Security Partners team and partner with Waud Capital to grow a world-class government services company that is uniquely positioned to support the most important cyber and intelligence functions of the U.S. Federal Government.” Maureen Baginski Chief Executive Officer Related News 12/11 NSP acquires Summit Solutions; Maureen Baginski named NSP CEO Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Optimum Outcomes is a leading provider of healthcare revenue cycle management (RCM) services focused on patient account resolution for hospitals and hospita-based physician groups. Healthcare RCM is focused on helping providers receive proper and timely payment for the services they provide to patients. Demand for RCM services continues to rise as providers look for ways to maximize collections, accelerate cash flow and reduce expenses, while facing increased challenges associated with declining reimbursement rates and complex and constantly-changing reimbursement rules. Industry: Headquarters: Date of Investment: Fund: Website: Healthcare Services – Healthcare revenue cycle management Chicago, Illinois May 2011 WCP Fund III, WCP Fund II oorcs.com Areas of Acquisition Focus Self-pay follow-up Commercial insurance Bad debt collections Related News 05/12 07/11 05/11 Revenue Cycle Solutions Rebrands as Optimum Outcomes Optimum Outcomes Expands into New Headquarters Waud Capital Partners Acquires Optimum Outcomes “We are excited to be teaming up with Waud Capital to help us realize our growth plans for Optimum Outcomes. Waud Capital is a strong partner with a proven track record of growing healthcare service companies.” Mike Jacoutot Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. ProNerve is one of the leading providers of intraoperative neuromonitoring ("IONM") services in the U.S. IONM involves the use of a variety of electro-physiological monitoring procedures during surgery to allow early warning and avoidance of injury to nervous systems structures. ProNerve provides real-time onsite technologists combined with remote physician oversight to deliver a comprehensive IONM solution to acute care hospitals, specialty hospitals and ambulatory surgery centers. Healthcare Services - Intraoperative neuromonitoring services Industry: Headquarters: Date of Investment: Fund: Website: Broomfield, Colorado February 2012 WCP Fund III pronerve.com Areas of Acquisition Focus Intraoperative neuromonitoring providers Add-on Acquisitions Northwest Neurodiagnostics - February 2012 Related News 02/12 ProNerve Acquires Northwest Neurodiagnostics Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Sterling Healthcare Holdings is a CLIA and SAMHSA-certified, full-service laboratory that provides both forensic and clinical toxicology services. The company serves customers in end markets across the United States, including criminal justice, substance abuse, employment and pain management. Industry: Headquarters: Date of Investment: Fund: Website: Laboratory services - Toxicology Tacoma, Washington February 2012 WCP Fund III sterlingreflabs.com Areas of Acquisition Focus Toxicology services Drugs of abuse (addiction medicine, criminal justice, employment) Medication monitoring (chronic pain, behavioral health, other) Specimen collection and third party administrative services Diagnostic product manufacturing and distribution “I welcome the opportunity to partner with Waud Capital to build a leading organization in the toxicology services market by providing outstanding customer service and first-class testing capabilities to our clients. Waud Capital’s three-phase investment approach will serve as a solid foundation to assist Sterling in reaching its potential in a fragmented, growing industry.” Related News 4/12 WCP Announces Acquisition of Sterling Reference Laboratories David Lowenberg Chairman Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. True Partners Consulting was established by WCP to develop an independent tax and business advisory firm focused on assisting public companies and private enterprises navigate the numerous federal and state tax laws and increasingly complex financial regulations. True Partners provides “Big Four” technical expertise while avoiding the potential Sarbanes Oxley related conflicts that companies offering both consulting and audit services face. Industry: Headquarters: Date of Investment: Fund: Website: Business / Consumer Services – Corporate tax advisory Chicago, Illinois November 2005 WCP Fund II truepartnersconsulting.com Areas of Acquisition Focus Federal and state tax consulting Unclaimed property Sales and use tax Transfer pricing Add-on Acquisitions Affinity Tax Group – October 2011 Related News 10/11 10/11 05/10 02/10 03/09 09/08 07/08 03/08 11/07 04/07 02/06 02/06 Cary D. McMillan Recognized in Directors & Boards True Partners Consulting Acquires Affinity Tax Group Susan Gallagher Joins True Partners Consulting as Chief Operating Officer Michael R. Parks and Michael J. Tower Join True Partners’ Board of Directors True Partners Consulting Named to Crain’s 2009 Best Places to Work in Chicago True Partners Consulting Achieves Significant Global Expansion True Partners Consulting Completes Debt Financing True Partners recognized by Consulting magazine True Partners Launches Global Tax Consulting Network True Partners Opens First Wholly Owned International Office Andersen Alums' Firm Fills Corporate Niche WCP Announces the Formation of True Partners Consulting “We selected Waud Capital as our partner because they spent the time upfront to understand our business. Waud Capital has really helped True Partners launch its business. Their experience and great business judgment have allowed us to progress much faster than originally expected.” Cary D. McMillan Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Whitehall designs and manufactures an extensive range of decorative aluminum products. Since being acquired by WCP, Whitehall has expanded its product offerings and increased its productivity through accelerated production efficiencies and modernization of its foundry. Whitehall also has increased its revenue by opening two permanent showrooms in Atlanta and Chicago to supplement its existing catalog sales and distribution network. Value-added Industrial – Decorative home and garden products Industry: Headquarters: Date of Investment: Fund: Website: Whitehall, Michigan July 1996 WCP Pre-fund whitehallproducts.com Add-on Acquisitions Old Century Forge – May 2002 Flora and Fauna – December 2001 Related News 05/02 12/01 Whitehall Products Acquires Old Century Forge Whitehall Products Acquires Flora & Fauna “Since the inception of our partnership with Waud Capital Partners in 1996, Whitehall Products has grown by 300%. Reeve Waud's support, guidance and encouragement have enabled management to completely transform the business to the benefit of our customers, employees, suppliers and shareholders.” Brad Bruns President and Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Jazz Pharmaceuticals is a specialty pharmaceutical company focused on identifying, developing and commercializing innovative products to address unmet medical needs in neurology and psychiatry. Healthcare Services – Specialty pharmaceuticals Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Palo Alto, California April 2004 WCP Fund I November 2010 jazzpharmaceuticals.com Add-on Acquisition Orphan Medical – June 2005 Related News 06/10 05/10 12/09 06/07 02/07 01/07 09/06 06/05 04/05 04/04 Jazz Pharmaceuticals Announces Additions to Board of Directors Jazz Pharmaceuticals Announces Pricing of Public Offering of Common Stock Jazz Pharmaceuticals Submits New Drug Application Jazz Pharmaceuticals Announces Initial Public Offering Jazz and Solvay Pharmaceuticals Announce License Agreement For LUVOX Jazz Signs Licensing Agreement With Valeant Pharmaceuticals Phase III Clinical Trial to Study the Safety and Efficacy of Xyrem® Jazz Pharmaceuticals Completes Acquisition of Orphan Medical Jazz Pharmaceuticals to Acquire Orphan Medical WCP Completes Investment in Jazz Pharmaceuticals “Waud Capital was an important group within our distinguished team of investors. The firm’s network of contacts and experience investing in the healthcare industry brought value to us as we built our business. ” Dr. Sam Saks Former Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Regency Hospital Company was formed by WCP to develop and operate long-term acute care hospitals (LTACs). LTACs are specialized intensive care facilities that treat critically-ill patients who require intensive intervention over an extended period of time. The company operates 23 hospitals in nine states and is the third largest LTAC operator in the United States. Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Further Information: Healthcare Services – Long-term acute care Alpharetta, Georgia April 2001 WCP Fund I September 2010 regencyhospital.com Sample Case Summary Hospital Openings and Acquisitions Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Regency Hospital of Columbus – October 2007 Hospital of Cleveland East – July 2007 Hospital of Toledo – May 2007 Hospital of Cleveland West – April 2007 Hospital of Fort Worth – September 2006 Hospital of North Dallas – April 2006 Hospital of Jackson – April 2006 Hospital of Porter County – January 2006 Hospital of Cincinnati – January 2005 Hospital of Greenville – December 2004 Hospital of Springdale – September 2004 Hospital of Minneapolis – September 2004 Hospital of Central Georgia – April 2004 Hospital of Covington – April 2004 Hospital of Ravenna – March 2004 Hospital of NW Arkansas – November 2003 Hospital of Hattiesburg – November 2003 Hospital South Atlanta – August 2003 Hospital of Northwest Indiana – July 2003 Hospital of Odessa – January 2003 Hospital of Meridian – January 2003 Hospital of Akron – April 2002 Hospital of Florence – July 2001 “We at Regency are very fortunate to have partnered with Waud Capital. Their support in strengthening our Board with some of the best talent in healthcare, combined with their efforts in working with us as a team on the business and finance side of our company, allowed Regency to prosper and set a standard in the LTAC industry.” Bill Anderson Former President and Chief Executive Officer Related News 09/10 11/07 06/07 12/06 12/06 09/06 06/06 04/06 04/06 01/06 12/05 09/05 08/05 04/05 04/05 04/05 12/04 12/04 09/04 09/04 04/04 02/04 11/03 11/02 11/02 07/03 05/02 04/02 03/02 04/02 10/01 04/01 WCP Completes Sale of Regency Hospital Company to Select Medical Group William L. Anderson Elected CEO of Regency Hospital Company Rod Laughlin recognized in Atlanta Business Magazine Regency Hospital Company Wins 2006 Catalyst of the Year Regency Hospital Company of Hattiesburg Remains Clinical Center of Excellence Regency Hospital Company of Fort Worth Opens Doors Rod Laughlin Receives Entrepreneur of the Year 2006 Award Regency Hospital Company of North Dallas Opens Doors Regency Hospital Company of Jackson Opens Doors Regency Hospital Company of Porter County Grand Opening Regency Hospital of Central Georgia Named Quality Respiratory Care Provider Regency Hospital Company Named one of Atlanta’s Best Places to Work Rod Laughlin Named in Top 50 Entrepreneurs of Georgia Regency Hospital of Florence Awarded Full Joint Commission Accreditation Ron Spaeth Joins Regency Hospital Company’s Board of Directors Regency Hospital Company One of Atlanta’s Fastest Growing Private Companies Regency Hospital Company of Greenville Opens Doors Regency Hospital Company of Central Georgia Receives JCAHO Accreditation Regency Hospital Company Opens Hospital in Arkansas Regency Hospital Company Acquires 92-Bed Hospital in Minnesota Regency Hospital Company Opens Hospital in Macon Regency Hospital Company Opens Hospital in Louisiana Regency Hospital Company Opens Hospital in Hattiesburg, Mississippi Regency Hospital Company Announces Two New Projects Regency Hospital Company Announces South Atlanta Hospital Approved Regency Hospital Opens in Northwest Indiana Gary A. Mecklenburg Elected to Regency Board of Directors Ann Molitor Appointed VP Operations for Regency Hospital Company Regency Hospital Company Opens in Akron Anne Molitor Appointed VP Operations for Regency Hospital Company Regency Hospital Company of Florence Celebrates Grand Opening WCP Announces Acquisition of Long–Term Acute Care (LTAC) Hospital Company Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Alarm Security Group sells, installs, services, leases and monitors security alarm systems to commercial and residential customers. Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Business / Consumer Services – Alarm security Beltsville, Maryland July 2002 WCP Fund I October 2007 asgsecurity.com Add-on Acquisitions Abbot Security – March 2007 Accu-Tech – February 2007 Kane Security – November 2006 Spectrum Alarm – August 2006 Guardian Alarms – April 2006 Eagle Broadband – February 2006 Space City Alarm – February 2006 Zartek Security – February 2006 Entrust Connection – January 2006 Eagle Broadband Security III – November 2005 Techtronics Security – October 2005 Sentry Alarm – August 2005 Eagle Broadband Security II – August 2005 Guardian Alarms – June 2005 Eagle Broadband Security – May 2005 ProStar Security – March 2005 Space City Alarm, Second Closing – February 2005 Alarm Concepts – January 2005 ABC Security – January 2005 Space City Alarm – December 2004 Evolution Security – December 2004 Tri-State Alarm – August 2004 Brinkman Security – July 2004 Security Dealer Funding – July 2004 Advance-Tech – June 2004 Transtate Security – June 2004 Alarm Control Technicians – May 2004 Argus Security Systems – April 2004 Guardian Alarms – March 2004 Electronic Security Systems – May 2003 American Security Alarms – April 2003 “As our partner, Waud Capital helped establish our strategic vision and identify the key operating metrics we focused on to accomplish our goals. Additionally, with their vast acquisition experience, Waud Capital played an integral role in our growth efforts. Given the number of acquisitions we completed, we often communicated with Waud Capital daily and they always approached their relationship with me and my team fairly and with integrity. I look forward to continuing my friendship with Waud Capital in the years to come.” Joe Nuccio President and Chief Executive Officer Related News 10/07 03/06 02/06 10/05 01/05 08/04 04/04 Waud Capital Partners Completes Sale of Alarm Security Group Alarm Security Group Completes Two More Acquisitions Alarm Security Group Begins 2006 with Two Acquisitions Alarm Security Group Acquires Techtronics Security Company Alarm Security Group Completes Four Acquisitions to End 2004 Alarm Security Group Acquires Four Texas Security Companies Alarm Security Group Acquires Argus Security Systems Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Christiana Industries is a Chicago-based manufacturer of highly engineered low-voltage light assemblies to over 300 original equipment manufacturers in more than 20 industries. WCP partnered with management to acquire Christiana from a retiring owner in 1994. Following WCP’s investment, Christiana became QS9000 certified, moved its production to a new facility in Monterey, Mexico, increased productivity by installing automating production systems, converted from batch to cell manufacturing and improved working capital management. Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Value-added Industrial – Automotive parts supplier Vernon Hills, Illinois November 1994 WCP Pre-fund October 2007 christianaindustries.com “Working with Waud Capital Partners provided our management team with the resources and support to position our company as the world leader in our core business.” Hank Wisniewski President Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Parish Publishing Solutions is a niche publishing business that specializes in the production and distribution of weekly church bulletins to religious organizations in Michigan and New York. Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Value-added Industrial – Specialty publishing Sterling Heights, Michigan January 1998 WCP Fund I December 2004 parishnow.com Related News 12/04 WCP Completes Sale of Parish Publishing Solutions “The Waud Capital team has a keen sense of knowing when to step in and lend a hand and when to stand back and let the management team work independently. They have a high level of respect for the intimate knowledge that the onsite management team has that gives them a unique perspective on business issues.” Bill Douglass Former President and Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Sovereign was founded in 1996 by WCP and a well-known senior industry executive to acquire specialty chemical businesses in the highlyfragmented adhesives, sealants and coatings industries. By focusing on niche products in attractive markets, Sovereign quickly grew to more than $350 million in revenues. The company achieved substantial operational savings through on-site management, reorganization/cost improvements, focused research and development and technical service. In January of 2000, Sovereign was recapitalized in a $360 million transaction. At that time, Waud Capital Partners sold a significant portion of its interests but retained 20% of its investment in the newly recapitalized company. In December 2004, Sovereign was sold to Henkel Corporation for a transaction value of approximately $575 million. Value-added Industrial – Specialty chemicals Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Chicago, Illinois March 1996 Pre-fund WCP Investment January 2000 (Recapitalization); December 2004 sovereignsc.com Add-on Acquisitions Packaging and Coatings Business of IMPAG AG of Switzerland – 2001 Overprint Coatings business from Auchem – 2000 Imperial Adhesives – 2000 Croda Adhesives – 2000 Flexible Packaging Coatings Division of Valspar Corporation – April 1999 PL Brand Adhesives Division of ChemRex – August 1998 Coatings & Adhesives Division of K.J. Quinn & Co. – June 1998 Adhesives, Sealants and Coatings, N.A. Division of Laporte PLC – August 1997 Pierce & Stevens Corporation – August 1996 Adhesives Systems Division of B.F. Goodrich – March 1996 Related News 01/05 Sovereign Specialty Chemicals Acquired by Henkel Corporation Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. DS Medical distributes consumable medical supplies and durable medical products directly to the homes of end-users. The company targets customers who have chronic medical conditions, such as spinal cord injuries and diabetes, who require consumable products including those for bladder and bowel function, skin integrity and self care, all on a recurring basis. Logistics / Specialty Distribution – Medical products distribution Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Lawrenceville, Georgia October 1999 WCP Fund I October 2003 dsmedical.com Add-on Acquisitions The David L. Bowman Company – October 2000 Professional Medical Services – October 2000 Related News 10/03 03/02 12/01 10/00 WCP Announces Sale of DS Medical to MP TotalCare DS Medical Announces Opening of Chicago Office DS Medical Announces New Knoxville Office WCP Announces Acquisitions of Specialty Medical Distribution Companies “We were fortunate to partner with a supportive and like-minded investor. Waud Capital Partners proved invaluable to us as we grew our business organically and through acquisition. With WCP’s help, we were able to maximize value for our shareholders.” Vance Wall Former President and Chief Executive Officer Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. In 1995, WCP backed two senior industry executives to build through acquisition Pacer Propane, a multi-state, retail propane distribution company. From its founding until WCP sold its interest in late 1997, Pacer acquired seven propane retailers in California, Illinois, Michigan, Oregon, Utah and Washington. Logistics/Specialty Distribution – Retail propane distribution Industry: Headquarters: Date of Investment: Fund: Date of Exit: Website: Redmond, Washington January 1995 WCP Pre-fund December 1997 pacerpropaneredmond.com Add-on Acquisitions Valley Propane – August 1996 Don Cox Propane – July 1996 Utah LP Gas – July 1996 Carmickle’s Propane Gas – July 1996 Acme Propane – March 1995 A-1 Propane – January 1995 Pacer Propane – January 1995 Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Reeve B. Waud, Founder and Managing Partner Reeve Waud is the Founder and Managing Partner of Waud Capital Partners, a private equity firm based in Chicago, Illinois, with approximately $1 billion of capital under management. Over Mr. Waud's twentyfive year private equity career, he has acquired more than 135 companies. Today, Waud Capital's portfolio companies have revenues of approximately $7 billion and more than 8,000 employees. In addition, he has oversight and shares investment responsibility for an additional $5 billion of investments. Mr. Waud has invested in a wide variety of industries including healthcare services, business and consumer services, specialty distribution, and value-added manufacturing. He has founded or co-founded eleven companies that have become top ten in their respective industries including: the largest private adhesives company in the United States; the largest distributor of petroleum products for commercial and industrial use in the country; the second largest provider of behavioral health services; the third largest long-term acute care hospital group; the third largest hospitalist management company; the fifth largest home infusion company; and the tenth largest security monitoring company. Currently, Mr. Waud serves as the controlling shareholder and/or Chairman of the Board of Acadia Healthcare, Adreima, CarePoint Partners, Maxum Petroleum, Revenue Cycle Solutions, Inc., True Partners Consulting, and Whitehall Products. Prior to founding Waud Capital Partners in 1993, Mr. Waud was an investment professional at Golder, Thoma, Cressey, Rauner, Inc. (GTCR), a private equity investment group based in Chicago. At GTCR, Mr. Waud had investment responsibility for a wide range of portfolio companies that were built through more than thirty acquisitions. These included: Barefoot Grass, the nation's second largest lawn care company; DIMAC, the largest vertically-integrated direct mail marketing company in the U.S.; Energy Transfer Partners, L.P. (formerly Heritage Propane Partners, L.P.), the nation's fourth largest propane retailer with more than $1 billion of EBITDA and third largest Master Limited Partnership; and PTN Holding Corporation, a leading publisher of trade magazines. Before joining GTCR, Mr. Waud was in the Corporate Finance Group of Salomon Brothers, Inc, and was a founding member of its Venture Capital Group. Mr. Waud serves on the Board of Directors of Northwestern Memorial Foundation, the philanthropic arm that supports the fundraising, grant-making and stewardship activities of Northwestern Memorial HealthCare (NMHC). He is a member of the NMHC Finance Committee, which in addition to overseeing the financials of NMHC and its approximately $3 billion capital budget, has responsibility for a $2.5 billion endowment including more than $500 million in private equity, venture capital, real estate and other alternative investments. Mr. Waud currently serves as an advisor to Green Courte Partners, a private equity, real estate investment firm. In addition, Mr. Waud is a member of the Commonwealth Club of Chicago and is a member of The Economic Club of Chicago. He is a trustee of St. Paul's School in Concord, New Hampshire and the John G. Shedd Aquarium. In addition, he serves on the Visiting Committee of the University of Chicago Harris School of Public Policy. Mr. Waud holds a B.A. in Economics from Middlebury College and an M.B.A. from the Kellogg School of Management at Northwestern University. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Matthew W. Clary, Partner Matt Clary, a Partner, joined WCP in 2004 and has been involved in principal investing since 1992. Prior to joining WCP, Mr. Clary was a founding member and Partner with Banc of America Capital Investors in Chicago. Mr. Clary joined Bank of America in 1990 as a Senior Associate in the Corporate Banking Group, focused on highly structured and leveraged transactions. Mr. Clary holds a B.A. in Economics from the University of Washington and an M.B.A. from the Kellogg School of Management at Northwestern University. He currently serves as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC), CarePoint Partners, The Center for Vein Restoration, National Security Partners and Sterling Healthcare Holdings. In addition, Mr. Clary is or has been a board member of over a dozen companies, including several roles as Non-executive Chairman. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. David O. Neighbours, Partner David Neighbours, a Partner, joined WCP in 2003. Prior to joining WCP, Mr. Neighbours worked for Citigroup Investments in New York where he was responsible for the analysis, due diligence and execution of numerous private equity, mezzanine and structured product investments in a variety of industries, including communications, consumer products, financial services, healthcare and leisure. Previously, Mr. Neighbours was with Salomon Smith Barney in New York, where he worked in the firm's proprietary investment group, SSB Capital Partners, and prior to that, in the firm's investment banking division. Mr. Neighbours holds a B.B.A., cum laude, in Finance from the University of Notre Dame. He currently serves as Chairman of the Board of Adreima and Optimum Outcomes and as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC), Cogent HMG, ProNerve and True Partners Consulting. In addition to his activities at WCP, Mr. Neighbours serves as a member of the Boys and Girls Clubs of Greater Chicago's Corporate Board and as a member of the Rush University Medical Center Associates Board. Mr. Neighbours was also a founding officer of The Healthcare Private Equity Association, a nonprofit trade association that represents the U.S. healthcare private equity industry. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Eric S. Gordon, Vice President Eric Gordon, a Vice President, joined WCP in 2008. Prior to joining WCP, Mr. Gordon worked as Manager of Real Estate Investments at Ventas, Inc. in Chicago where he was responsible for the analysis, due diligence and execution of healthcare-related property acquisitions. Previously, Mr. Gordon was with Merrill Lynch in New York, where he worked in the Leveraged Finance Group. Mr. Gordon holds a B.S., magna cum laude, in Economics and Mathematics from Duke University and an M.B.A. from Harvard Business School, where he was a Baker Scholar, Henry Ford II Scholar and Wolfe Scholar. He currently serves as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC), Adreima, CarePoint Partners and Optimum Outcomes. Mr. Gordon also serves on the Finance Committee of CommunityHealth, the largest free health clinic in Illinois. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Christopher J. Graber, Vice President Chris Graber, a Vice President, joined WCP in 2005 as an Associate. Prior to that, he worked in the investment banking group of Robert W. Baird & Co. in Chicago, where he worked on a variety of M&A transactions and equity financings in the healthcare, consumer and business services industries. Mr. Graber also worked as an Administrative Fellow at a large community hospital in the Chicago area prior to rejoining Waud Capital Partners in 2010. Mr. Graber holds a B.A., magna cum laude, in Economics and Public Policy from Duke University and an M.B.A., with distinction, from the Kellogg School of Management at Northwestern University. He currently serves as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC), The Center for Vein Restoration, ProNerve, Sterling Healthcare Holdings and True Partners Consulting. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Matthew A. London, Vice President Matt London, a Vice President, joined WCP in 2007. Mr. London was previously an Associate at WCP and, prior to that, an Analyst in the investment banking groups of Deutsche Bank in Chicago, where he worked in the Industrials Group, and Morgan Keegan in Memphis. Mr. London holds a B.S.B.A., magna cum laude, in Finance and International Business from Washington University in St. Louis. He currently serves as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC), Maxum Petroleum and National Security Partners. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Patrisha A. Carlson, Senior Associate Patrisha Carlson, a Senior Associate, joined WCP in 2011. Ms. Carlson was previously a Finance Advisor for Partners In Health in Rwanda, and, prior to that, an Analyst in the investment banking group of William Blair in Chicago, where she worked on a variety of M&A transactions and equity financings in the healthcare industry. Ms. Carlson holds a B.S., with high distinction, in Finance and minors in Economics and Mathematics from Indiana University and an M.B.A. from Harvard Business School. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Bradley M. Eckmann, Associate Brad Eckmann, an Associate, joined WCP in 2011. Prior to joining WCP, Mr. Eckmann was an Analyst in the investment banking group of Morgan Stanley in New York and Chicago where he worked on a variety of M&A transactions and equity and debt financings across several sectors, including metals & mining, agriculture, chemicals, industrials, and consumer goods. Mr. Eckmann holds a B.S., with honors, in Finance and Accounting from Indiana University. He currently serves as a member of the Board of Acadia Healthcare Company (NASDAQ: ACHC) and Maxum Petroleum and as an observer of the Board of National Security Partners and Sterling Reference Laboratories. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Jeffrey S. Goodman, Associate Jeff Goodman, an Associate, joined WCP in 2011. Prior to joining WCP, Mr. Goodman was an Analyst in the Mergers & Acquisitions investment banking group of Bank of America Merrill Lynch in New York where he worked on a variety of M&A transactions in the consumer & retail, transportation, business services, and metals & mining sectors. Mr. Goodman holds an A.B., Cum Laude, in Economics from Harvard College. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. David M. Peterson, Associate David Peterson, an Associate, joined WCP in 2010. Prior to joining WCP, Mr. Peterson was an Analyst in the healthcare investment banking group of Houlihan Lokey in Chicago where he worked on a variety of M&A transactions and equity and debt financings across many healthcare services sectors, including home health, hospice, long-term care, and behavioral health. Mr. Peterson holds a B.B.A., with high distinction, in Finance and Accounting and a minor in Economics from the University of Michigan. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Mark D. Flower, Chief Financial Officer and Chief Compliance Officer Mark Flower, the Chief Financial Officer and Chief Compliance Officer, joined WCP in 2004. Prior to joining WCP, Mr. Flower worked for Vector Fund Management, the venture capital arm of the life sciences and healthcare investment bank, Vector Securities International. During his five years with Vector Fund Management, Mr. Flower held the position of CFO and Treasurer. Mr. Flower began his professional career with Arthur Andersen in Chicago, followed by accounting and finance positions with Kemper Financial Services, Kemper Asset Management Company and Iowa Grain Company. Mr. Flower holds a B.B.A. in Accounting from the University of Wisconsin and has a CPA designation from the state of Illinois. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Jennifer N. Sammis, Controller Jennifer Sammis, the Controller, joined WCP in 2008. Prior to joining WCP, Ms. Sammis was a Manager in the Investment Management practice at PricewaterhouseCoopers in Chicago where she focused on Private Equity and Hedge Fund clients providing tax consulting and tax compliance services. Previously, Ms. Sammis worked at a local accounting firm where she worked on a variety of client accounts, including high net worth individuals and hedge funds, performing various accounting and tax services. Ms. Sammis holds a B.B.A. in Accounting from the University of Iowa and has a CPA designation from the state of Illinois. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Joseph C. Verburgt, Senior Accountant Joe Verburgt, Senior Accountant, joined WCP in 2009. Prior to joining WCP, Mr. Verburgt worked as an internal audit consultant at Protiviti, a global business risk and internal audit firm, where he focused on internal audit and Sarbanes-Oxley engagements across energy, financial services, manufacturing, and telecommunications clients. Previously, Mr. Verburgt worked as an accounting intern with Mandel Group, a Milwaukee-based real estate developer. Mr. Verburgt holds a B.S.B.A. in Accounting from Marquette University. Download vCard RETURN TO PROFESSIONALS Reeve B. Waud Matthew W. Clary David O. Neighbours Eric S. Gordon Christopher J. Graber Matthew A. London Patrisha A. Carlson Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Executive Partners Albert T. Cantu Albert T. Cantu is an Executive Partner of Waud Capital Partners. Prior to joining WCP, Mr. Cantu served as ServiceMaster Group Business President, managing four major business units, including American Residential Services, Merry Maids, ServiceMaster Clean and FurnitureMedic. He also served six years as President and Chief Operating Officer of Terminix, ServiceMaster’s pest control division. Mr. Cantu began his career with Terminix in 1985, holding various leadership positions throughout the company. Mr. Cantu currently serves on the board of trustees of Christian Brothers University, the advisory board of St. Jude Children’s Research Hospital and the University of Memphis Center for Economic Education. He has previously served on the board of directors of the Children’s Museum of Memphis, the Junior League of Memphis and the Catholic Charities of Memphis, as well as on the advisory board of the University of Tennessee Center for Health Sciences. Mr. Cantu received a B.B.A. in Economics and an M.B.A. in Finance from Memphis State University. Download vCard Gary A. Mecklenburg Gary Mecklenburg, an Executive Partner, joined WCP in 2007. Prior to joining WCP, Mr. Mecklenburg served as President and CEO of Northwestern Memorial HealthCare and Northwestern Memorial Hospital for 21 years. Mr. Mecklenburg's career has included senior management positions at the University of Wisconsin Hospitals, Stanford University Hospital and St. Joseph's Hospital and Franciscan Healthcare in Milwaukee. Mr. Mecklenburg is recognized as one of the nation's leading healthcare executives. Mr. Mecklenburg holds a B.A. from Northwestern University and an M.B.A. from the University of Chicago. He currently serves as Chairman of the Board of ProNerve and as a member of the Board of Adreima, CarePoint Partners, Optimum Outcomes and Sterling Reference Laboratories. Mr. Mecklenburg's national role has included serving as Chairman of the American Hospital Association, the Illinois Hospital Association, the Health Forum, the National Alliance for Information Technology and the Healthcare Research and Development Institute. Mr. Mecklenburg is a Director of Becton Dickinson and Company, Froedtert Health and LHP Hospital Partners. Download vCard Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Advisory Board David Burke David Burke is a founder and managing director of Makena Capital Management, an investment management firm with $15 billion of endowment assets under management. Prior to forming Makena in 2005, Dave was a Managing Director of the Stanford Management Company, overseeing the Stanford University endowment’s investments in private equity and venture capital. Prior to joining the Stanford Management Company, Dave ran the private equity investment program for The Investment Fund for Foundations. During the 1990s, Dave was an international capital markets lawyer in London and Paris with Linklaters, and practiced law with Bingham McCutchen in San Francisco. Dave has a BS in Finance, Juris Doctor, and MA in Foreign Affairs from the University of Virginia and is a frequent lecturer on venture capital and investment management topics at the Stanford University Graduate School of Business. Dave currently serves on the advisory boards of 25 private equity and venture capital firms in the US and abroad, and is an observing board member of Laureate Education, Inc. John A. Canning, Jr. John A. Canning, Jr. is Chairman of Madison Dearborn Partners, LLC ("MDP"), which specializes in management buyout and special equity investing. MDP manages over $18 billion of committed capital and portfolio investments. Prior to founding MDP in 1993, Mr. Canning spent 24 years with First Chicago Corporation, most recently as Executive Vice President of The First National Bank of Chicago and President of First Chicago Venture Capital. He currently serves on the Boards of Directors of The Economic Club of Chicago, Exelon Corporation, Milwaukee Brewers Baseball Club, Northwestern Memorial Hospital, TransUnion Corp., and Children's Inner City Educational Fund. He also serves on the Boards of Trustees of the Big Shoulders Fund, The Field Museum, Museum of Science and Industry, and Northwestern University. Mr. Canning is also a Commissioner of the Irish Pension Reserve Fund, a Trustee and Chairman of The Chicago Community Trust, and a Director and Chairman of the Federal Reserve Bank of Chicago. Mr. Canning has an A.B. from Denison University and a J.D. from Duke University. Bryan C. Cressey Bryan Cressey is a Co-founder of Cressey & Company, Golder, Thoma, Cressey, Rauner, Inc., Thoma Cressey Equity Partners. Which manage over a billion dollars of private equity funds. Numerous highly successful companies have evolved from GTCR’s industry consolidation strategy, including the world’s largest paging company, the nation’s second largest networking cable company, the fourth largest funeral home company in the U.S. and the nation’s fourth largest propane distribution company. Fortune and Time have recognized his industry consolidation leadership, and his particular expertise in the healthcare services field has been widely acknowledged. Mr. Cressey serves as Chairman of Belden, Inc., a New York Stock Exchange company, and is a Director of several other companies. Mr. Cressey holds an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A. from the University of Washington. W. James Farrell W. James Farrell is the recently retired Chairman and CEO of Illinois Tool Works Inc. (ITW), a multi-national manufacturer of highly engineered fasteners, components, assemblies and systems. ITW is comprised of approximately 825 decentralized operations in 52 countries with more than 60,000 employees and 2005 Revenues of approximately $16.2 billion. Mr. Farrell was elected Chairman in May 1996 before which he had served as President and CEO. Prior to that time, he was Executive Vice President of the company. Since joining ITW in 1965 Mr. Farrell held numerous general manager and vice president positions. Mr. Farrell is active in numerous business, educational and cultural organizations. Currently, he serves on the Board of Directors of Abbott, Allstate Insurance Company, 3M and UAL Corporation. Mr. Farrell also serves on the Board of Directors of the Economic Club of Chicago, the Lyric Opera of Chicago, Junior Achievement of Chicago, and the United Way of Metropolitan Chicago and is the former Chairman and Director of the Federal Reserve of Chicago. He serves on the Board of Trustees of the Museum of Science and Industry, Rush Presbyterian-St. Luke’s Medical Center, and Northwestern University and is the Chairman of the Campaign Steering Committee of the Kellogg Graduate School of Management. In addition, Mr. Farrell is a member of the Business Council and a member of the Civic Committee of the Commercial Club of Chicago. Mr. Farrell holds a B.S. in Electrical Engineering from the University of Detroit. He also served in the U.S Army from 1965-1967. John A. Haggerty, CFA Mr. Haggerty has been in the financial services industry since 1993, joined Meketa Investment Group in 1996 and carries consulting, management, and research responsibilities. He chairs the firm’s Private Markets Investment Committee (PMIC) and oversees the firm’s due diligence in this area, which has resulted in over $1 billion in annual client commitments. The PMIC governs client portfolio management, commitment pacing, strategic policy, and approval of individual investments. Mr. Haggerty is a member of the firm’s Private Equity, Private Debt, Real Estate, Infrastructure, and Natural Resources Investment Committees. Mr. Haggerty became a Chartered Financial Analyst in 1998 and is a member of the CFA Institute, the Boston Security Analysts Society, and the Pension Real Estate Association. He serves on the Advisory Board of select buyout and venture capital limited partnerships. Mr. Haggerty speaks at numerous industry events, including those sponsored by the International Foundation of Employee Benefits, Dow Jones, and Private Equity International. Mr. Haggerty held previous positions at IBC/Financial Data and The Boston Company. He is a graduate of Cornell University. Brian Knitt Brian Knitt is a Managing Director of Cheyenne Capital Fund. Mr. Knitt has experience in private equity as a director and an investor. In the private equity area, he has expertise in a full range of matters, including sourcing and selecting investment opportunities, due diligence, negotiating deal terms, and adding value to investments. Mr. Knitt joined Cheyenne Capital Fund in 2003. Prior to joining Cheyenne Capital Fund, Mr. Knitt focused on telecommunications and information technology private equity investments as an investment professional at Meritage Funds. Meritage is one of Colorado’s largest private equity funds with over $500 million of committed capital under management. Prior to Mr. Knitt’s private equity career, he was an officer in the U.S. Air Force. He left the service in 1998 with the rank of Captain. Mr. Knitt received a B.S. from Colorado State University, a M.S. from the University of Southern California and a M.B.A. from the UCLA Anderson School of Management. Karl Polen Karl Polen joined the Arizona State Retirement System in 2010 as its portfolio manager for private markets. In that capacity he is responsible for investments of over $4 billion in real estate, private equity and opportunistic investments. From 2002 to 2010, Karl was the Executive Vice President in charge of real estate operations for Pivotal Group, an investor in real estate and private equity projects. From 1987 to 2002, Karl was chief financial officer of Robson Communities, a general contractor and developer of age restricted resort communities where he handled acquisitions, finance, entitlements, utility operations and commercial real estate. Karl served twelve years on the board of the Arizona State Retirement System including terms as chairman of investments and chairman of the board. Karl also served on the board of the Central Arizona Project and the Boys and Girls Clubs of Metropolitan Phoenix, where he and his wife established the Jemeille Ackourey scholarship fund to provide music and art lessons for talented youth in need of financial assistance. Karl is a CPA (inactive license), holds an MBA degree from Vanderbilt University and a Bachelor of Music degree from the University of Illinois. Hunter S. Reisner Hunter Reisner is a Managing Director of ACI Capital. Prior to joining ACI, he was the Founder and Managing Partner of Citigroup Investments Private Equity Group and became Senior Partner of its successor, Citigroup Private Equity. In these capacities, Mr. Reisner was responsible for investing over $3 billion and managing over $6 billion of proprietary and client capital in over 30 private equity direct investments and over 125 private equity partnerships. Previously, he invested in private equity as well as public equity and equity-related securities at Butler Capital, Salomon Brothers and Morgan Stanley. He has also served as a senior equity capital markets professional at Smith Barney and Salomon Brothers. Mr. Reisner has held seats on the advisory boards, investment committees and boards of directors of over 20 private equity funds and portfolio companies, most of which operate in the middle market. He received a B.A. in Economics and Mathematics from Yale University, graduating summa cum laude, and an M.B.A. from Stanford University's Graduate School of Business. Joseph Rest Joseph Rest, CAIA, is a Private Equity Investment Officer for the 430,000 member New York State Teachers’ Retirement System (NYSTRS). Mr. Rest works on a team that manages 143 partnerships with 66 private equity firms and $14 billion in commitments which account for approximately 7% of the System’s invested assets. Mr. Rest has been a part of the NYSTRS Private Equity team since December 2008. Prior to joining NYSTRS, Mr. Rest was employed as an Internal Auditor at Trans World Entertainment (Nasdaq: TWMC), the parent company of independent media chain For Your Entertainment (FYE) stores. Prior to Trans World Entertainment, Mr. Rest spent approximately two years as an Internal Auditor at Trustco Bank (Nasdaq: TRST), a retail bank based in Upstate New York with branches in New York, Massachusetts, Vermont, New Jersey, and Florida. Mr. Rest received his MBA from Hawaii Pacific University and a BS in Business Administration from The College of Saint Rose. Mr. Rest is a CAIA Charter Holder and a CFA Level II candidate. Jennifer W. Steans Jennifer W. Steans is the President of Financial Investments Corporation ("FIC"), where she oversees private equity investments and the Steans family office operations. Prior to founding FIC in 1994, Ms. Steans served as Treasurer of Prime Graphics, Inc. and as a Senior Consultant then as Manager for the Management Consulting arm of Deloitte & Touche, primarily in the finance and health care industries. Ms. Steans’ business affiliations include service as a Chairman of MCS Holdings, LLC and USAmeribancorp, Inc., a privately held Tampa Bay area middle market bank. She is also a Director of Provest Holdings, LLC and Elektra Holding Company, LLC. Ms. Steans also actively helps lead a number of nonprofit entities, including serving as past Chair of Leadership Greater Chicago. She currently serves as Trustee of Eleanor Foundation, City Year Chicago, Ravinia Festival, The Steans Family Foundation and Swedish Covenant Hospital. Ms. Steans received her Masters of Management from the Kellogg School of Management at Northwestern University and holds a B.S. degree from Davidson College. Cornelius B. Waud Ron Waud is a former senior executive of Illinois Tool Works Inc. Mr. Waud joined ITW, a company founded by his grandfather in 1963, when it had $33 million in revenues. Today ITW is a $16 billion multinational corporation with over 825 operating units in 52 countries. During his tenure at ITW, Mr. Waud held a variety of positions, including General Manager, Chief Engineer, Vice President, Group President and, finally, President of one of ITW’s worldwide business units. Mr. Waud has a B.A. in Economics from St. Lawrence University. In addition, he serves as a Director of American Louver Company and Whitehall Products, L.L.C. He was previously a director of the Chicago Crime Commission and Junior Achievement of Chicago. From 1996 until 1999, Mr. Waud served as the Mayor of Lake Forest, Illinois. Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Catch up on what’s new 05/12 Adreima Announces New Chief Executive Officer 05/12 Revenue Cycle Solutions Rebrands as Optimum Outcomes 04/12 WCP Announces Acquisition of Sterling Reference Laboratories 03/12 Acadia Healthcare Reports Fourth Quarter and Full Year Results for 2011 03/12 Acadia Healthcare Acquires Three Acute Inpatient Psychiatric Facilities 02/12 ProNerve Acquires Northwest Neurodiagnostics 01/12 Acadia Healthcare Names Wade Miquelon, EVP and CFO of Walgreens, to Board of Directors 01/12 Acadia Healthcare to Acquire Three Acute Inpatient Psychiatric Facilities 01/12 Adreima Expands its Northeast U.S. Presence with Acquisition 01/12 Cogent HMG Announces New CEO 12/11 Acadia Healthcare Company, Inc. Announces Pricing of Public Offering of Common Stock 12/11 Acadia Healthcare Company, Inc. Announces Public Offering of 8,333,333 Shares of Common Stock 11/11 Acadia Healthcare Completes Merger with PHC, Inc. 10/11 Cary D. McMillan Recognized in Directors & Boards 10/11 True Partners Consulting Acquires Affinity Tax Group 09/11 Waud Capital Partners Hires Three Associates 09/11 CarePoint Partners Acquires Mountain State Infusion Services 08/11 The Intensivist Group Teams with Cogent HMG 07/11 Revenue Cycle Solutions Expands into New Headquarters 06/11 CarePoint Partners Expands Presence in Texas and Louisiana with Acquisition of ArTex Medical 05/11 Johnston Health Selects Adreima as Its Medicaid Advocate 05/11 Acadia Healthcare Company Announces Merger with PHC Inc. 05/11 Waud Capital Partners Acquires Revenue Cycle Solutions, Inc. 04/11 HMG, Cogent Merge to Form Largest Private Hospitalist Company in the U.S. 04/11 Waud Capital Partners Closes $463 Million Fund, Exceeding Target 04/11 Acadia Healthcare Company Acquires Youth & Family Centered Services, Inc. 03/11 Acadia Healthcare Announces Expansion of Management Team, Adds Joey Jacobs as CEO 03/11 Former Cisco Systems Senior Executive Frank Grant Joins Adreima as CSMO 02/11 Maxum Petroleum Completes Purchase of DeCristo Oil 01/11 Adreima Appoints Former Vanguard Health Systems Hospital CEO Ken Howell as COO 01/11 CarePoint Partners Enters Houston Market with its 10th Acquisition 10/10 CarePoint Partners Expands into Texas with Acquisition of Allied Preferred Care 09/10 WCP Announces Vice Presidents, Chris Graber and Matt London and Associate, David Peterson 09/10 Advanced Reimbursement Expands to the East Coast with Acquisition of Hospital Inpatient Services 09/10 WCP Completes Sale of Regency Hospital Company to Select Medical Group 07/10 Waud Capital Partners Announces Formation of Optimum Outcomes 06/10 Jazz Pharmaceuticals Announces Additions to Board of Directors 05/10 David Neighbours Joins HCPEA as an Officer and Vice President of Membership 05/10 Jazz Pharmaceuticals Announces Pricing of Public Offering of Common Stock 05/10 Susan Gallagher Joins True Partners Consulting as Chief Operating Officer 04/10 WCP Completes Recapitalization of HMG with AEA Investors 02/10 Kenneth Kaufman Joins Advanced Reimbursement’s Board of Directors 02/10 Michael R. Parks and Michael J. Tower Join True Partners’ Board of Directors 01/10 Waud Capital Partners Announces Promotions 12/09 Jazz Pharmaceuticals Submits New Drug Application 12/09 CarePoint Partners Expands into Philadelphia 11/09 Acadia Healthcare Announces Acquisition of Peninsula Village 08/09 Maxum Petroleum Acquires Mid-State Industrial Lubricants Company 07/09 Connie Perez Recognized in Impact Magazine 06/09 CarePoint Partners Acquires Home Infusion Division of Praxair 04/09 Dr. Stephen L. Houff Recognized in M.D. News 04/09 WCP Healthcare Portfolio Companies Seeking Acquisitions 03/09 Acadia Healthcare Announces Acquisition of Acadiana Addiction Center 03/09 CarePoint Partners Announces Four Acquisitions 03/09 True Partners Consulting Named to Crain’s 2009 Best Places to Work in Chicago 01/09 CarePoint Partners Acquires Option Care of Northeast Ohio 01/09 Advanced Reimbursement Announces Three Senior Management Additions Click to View News Archives Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Archives 12/08 Advanced Reimbursement Completes Debt Financing 12/08 CarePoint Partners Acquires Total Health Services 12/08 Maxum Petroleum Receives $300MM Investment from Metalmark Capital and WCP 11/08 CarePoint Partners Acquires Care Partners 09/08 Acadia Healthcare Announces Acquisition of RiverWoods Psychiatric Facility 09/08 WCP Announces Investment in Healthcare Revenue Cycle Management 09/08 True Partners Consulting Achieves Significant Global Expansion 07/08 Grant D. Wilson Joins Waud Capital Partners as an Associate 07/08 True Partners Consulting Completes Debt Financing 07/08 Eric S. Gordon Joins Waud Capital Partners as Vice President 06/08 CarePoint Partners Acquires Family Focus Infusion 05/08 Aquion Water Treatment Products Elects Albert Cantu as Chairman of the Board 04/08 True Partners Opens First Wholly Owned International Office 03/08 True Partners recognized by Consulting magazine 02/08 CarePoint Partners Acquires Home Infusion Therapy Company 02/08 Albert Cantu Joins Waud Capital Partners as Executive Partner 01/08 Waud Capital Partners Announces Promotions 12/07 WCP Announces Formation of Infusion Pharmacy Company 12/07 Maxum Petroleum Acquires Paulson Oil 11/07 Aquion Water Treatment Products Taps Frank Kneller as Chief Executive Officer 11/07 Maxum Petroleum Acquires New Mexico & Panama Facilities 11/07 True Partners Launches Global Tax Consulting Network 11/07 William L. Anderson Elected CEO of Regency Hospital Company 10/07 Richard P. Gustafson Joins Hospitalists Management Group’s Board of Directors 10/07 Waud Capital Partners Completes Sale of Alarm Security Group 09/07 W. James Farrell Joins Advisory Board of Waud Capital Partners 08/07 Matthew A. London and Peter B. Tedesco Join Waud Capital Partners 08/07 Waud Capital Partners Announces Opening of Downtown Chicago Office 06/07 Rod Laughlin recognized in Atlanta Business Magazine 06/07 Jazz Pharmaceuticals Announces Initial Public Offering 05/07 Acadia Healthcare Announces Appointment of New Chief Executive Officer 05/07 Maxum Petroleum Announces Acquisition of Leading Petroleum Marketers 04/07 True Partners Opens First Wholly Owned International Office 02/07 Jazz Pharmaceuticals and Solvay Pharmaceuticals Announce License Agreement For LUVOX 01/07 Gary A. Mecklenburg Named Executive Partner of Waud Capital Partners 01/07 Waud Capital Partners Promotes David O. Neighbours to Vice President 01/07 Jazz Pharmaceuticals Signs Licensing Agreement With Valeant Pharmaceuticals 12/06 Acquion Water Treatment Products Announces Operations Group Organizational Changes 12/06 Acadia Healthcare Honored as 2006 Catalyst Awards Finalist 12/06 Regency Hospital Company Wins 2006 Catalyst of the Year 12/06 Regency Hospital Company of Hattiesburg Remains Clinical Center of Excellence 09/06 WCP Announces Acquisition of Hospitalists Management Group 09/06 WCP Announces Acquisition of Two Leading Fuel and Lubricant Distribution Businesses 09/06 Acadia Healthcare Announces Purchase of Kids Behavioral Health 09/06 Regency Hospital Company of Fort Worth Opens Doors 09/06 Jazz Pharmaceuticals Announces Phase III Clinical Trial to Study the Safety and Efficacy of Xyrem® 06/06 Rod Laughlin Receives Entrepreneur of the Year 2006 Award 06/06 SPI Petroleum Acquires McLain Truck Service 06/06 Acadia Healthcare Company Acquires Two Inpatient Psychiatric Hospitals 04/06 Regency Hospital Company of North Dallas Opens Doors 04/06 Regency Hospital Company of Jackson Opens Doors 03/06 Alarm Security Group Completes Two More Acquisitions 02/06 Alarm Security Group Begins 2006 with Two Acquisitions 02/06 Andersen Alums' Firm Fills Corporate Niche 02/06 WCP Announces Formation of Inpatient Psychiatric Hospital Company 02/06 WCP Announces the Formation of True Partners Consulting 01/06 WCP and SPI Petroleum Announce the Acquisition of the Hartney Companies 01/06 Regency Hospital Company of Porter County Grand Opening 12/05 Regency Hospital Company of Central Georgia Named Quality Respiratory Care Provider 12/05 WCP Announces Acquisition of Aquion Water Treatment Products 10/05 Alarm Security Group Acquires Techtronics Security Company 09/05 Regency Hospital Company Named one of Atlanta’s Best Places to Work 08/05 Rod Laughlin Named in Top 50 Entrepreneurs of Georgia 08/05 Christopher Graber Joins Waud Capital Partners 07/05 Charles E. Edwards Joins Waud Capital Partners 06/05 Jazz Pharmaceuticals Completes Acquisition of Orphan Medical 06/05 Compex Legal Services Acquires American DataMed 06/05 Simons Petroleum Acquires Trevco 05/05 Compex Legal Services Acquires OmniDox 04/05 Waud Capital Partners Announces Closing of Fund II 04/05 Regency Hospital Company of Florence Awarded Full Joint Commission Accreditation 04/05 Ron Spaeth Joins Regency Hospital Company’s Board of Directors 04/05 Jazz Pharmaceuticals to Acquire Orphan Medical 04/05 Regency Hospital Company One of Atlanta’s Fastest Growing Private Companies 01/05 Sovereign Specialty Chemicals Acquired by Henkel Corporation 01/05 Alarm Security Group Completes Four Acquisitions to End 2004 12/04 WCP Completes Sale of Parish Publishing Solutions 12/04 Regency Hospital Company of Greenville Opens Doors 12/04 Regency Hospital Company of Central Georgia Receives JCAHO Accreditation 10/04 Matthew W. Clary Joins Waud Capital Partners 09/04 Regency Hospital Company Opens Hospital in Arkansas 09/04 Regency Hospital Company Acquires 92-Bed Hospital in Minnesota 08/04 Alarm Security Group Acquires Four Texas Security Companies 08/04 Regency Hospital Company Completes Debt Financing 04/04 Alarm Security Group Acquires Argus Security Systems 04/04 Regency Hospital Company Opens Hospital in Macon 04/04 Simons Aims to be Biggest Oil Marketer 04/04 WCP Completes Investment in Simons Petroleum 04/04 WCP Completes Investment in Jazz Pharmaceuticals 02/04 Regency Hospital Company Opens Hospital in Louisiana 01/04 WCP Announces Acquisition of Litigation Support Service Provider 12/03 Regency Hospital Company Opens Hospital in Arkansas 11/03 Regency Hospital Company Opens Hospital in Hattiesburg, Mississippi 10/03 WCP Announces Sale of DS Medical to MP TotalCare 09/03 David O. Neighbours Joins Waud Capital Partners 07/03 Regency Hospital Opens In Northwest Indiana 11/02 Regency Hospital Company Announces Two New Projects 11/02 Regency Hospital Company Announces South Atlanta Hospital Approved 05/02 Whitehall Products Acquires Old Century Forge 05/02 Gary A. Mecklenburg Elected to Regency Board Of Directors 04/02 Ann Molitor Appointed VP Operations for Regency Hospital Company 03/02 DS Medical Announces Opening of Chicago Office 03/02 Regency Hospital Company Opens In Akron 12/01 DS Medical Announces New Knoxville Office 12/01 Whitehall Products Acquires Flora & Fauna 10/01 Regency Hospital Company of Florence Celebrates Grand Opening 04/01 WCP Announces Acquisition of Long–Term Acute Care (LTAC) Hospital Company 10/00 WCP Announces Acquisitions of Specialty Medical Distribution Company 04/99 WCP Announces the Closing of $100 Million Private Equity Partnership Click to View Recent News Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Investor Access Username Password I Forgot My Login If you are an investor and want to gain online access or are having issues with the online investor access, please email InvestorAccess@waudcapital.com or call (312) 676-8400. Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials Copyright © 2010 Waud Capital Partners L.L.C. Waud Capital Partners welcomes investment proposals and referrals from business owners, executives, investment bankers, lenders, business brokers, attorneys, accountants and other parties. Potential transactions will be considered in a confidential and timely manner. Waud Capital Partners 300 North LaSalle Street Suite 4900 Chicago, Illinois 60654 t. 312.676.8400 f. 312.676.8444 info@waudcapital.com Please direct proposals or inquires to any of the investment professionals listed below or info@waudcapital.com. Partners: Reeve B. Waud Matthew W. Clary David O. Neighbours 312.676.8450 312.676.8406 312.676.8407 rwaud@waudcapital.com mclary@waudcapital.com dneighbours@waudcapital.com Download vCard Download vCard Download vCard Vice Presidents: Eric S. Gordon Christopher J. Graber Matthew A. London 312.676.8404 312.676.8405 312.676.8412 egordon@waudcapital.com cgraber@waudcapital.com mlondon@waudcapital.com Download vCard Download vCard Download vCard Senior Associate: Patrisha Carlson 312.676.8413 pcarlson@waudcapital.com Download vCard Associates: Bradley M. Eckmann Jeffrey S. Goodman David M. Peterson 312.676.8422 312.676.8403 312.676.8421 beckmann@waudcapital.com jgoodman@waudcapital.com dpeterson@waudcapital.com Download vCard Download vCard Download vCard Executive Partners: Albert T. Cantu Gary A. Mecklenburg 312.676.8400 312.676.8409 info@waudcapital.com gmecklenburg@waudcapital.com Download vCard Download vCard Finance & Accounting: Mark D. Flower Jennifer N. Sammis Joseph C. Verburgt Chief Financial Officer Chief Compliance Officer 312.676.8425 Controller 312.676.8426 Staff Accountant 312.676.8427 jsammis@waudcapital.com jverburgt@waudcapital.com mflower@waudcapital.com Download vCard Download vCard Download vCard Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Directions to WCP Waud Capital Partners is located in Chicago at 300 North LaSalle Street, Suite 4900. For your convenience, we have provided directions and other travel information for our location. Directions: From O’Hare Airport From Midway Airport Door-to-door driving directions by Yahoo! Maps: Chicago Taxis & Trains: American-United Taxi: 773.248.7600 Checker Cab: 312.243.2537 Flash Cab: 773.561.1444 Yellow Cab: 312.829.4222 CTA Schedule Useful Websites: Chicago 10-Day Weather Forecast Traffic Check Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Materials for printing. For your convenience, the following documents are provided in PDF format for downloading, viewing and printing. Printable Website Firm Overview Current and Prior Investment Areas Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C. Regulatory Information Waud Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Waud Capital Partners may only transact business or render personalized investment advice in those states and international jurisdictions where it is registered, has notice filed, or is otherwise excluded or exempted from registration requirements. Any communications with prospective investors residing in states or international jurisdictions where Waud Capital Partners is not registered or licensed shall be limited so as not to trigger registration or licensing requirements. All information contained herein is for informational purposes only. This is not a solicitation to offer investment advice or services in any state where to do so would be unlawful. Past results are no guarantee of future results and no representation is made that an investor will or is likely to achieve results that are similar to those described. An investor should consider Waud Capital Partners Funds’ investment objectives, risks, charges and expenses carefully before investing. This and other information about the Waud Capital Partners Funds are contained in each Fund’s Private Placement Memorandum. We have no control over or responsibility for other websites that may be accessible from this website, the contents thereof, their security or privacy policies, or any products/services that may be offered by them. If you access any third party website through this website or because it is referred to in this website, you do so at your own risk. Links to or from this website do not constitute an endorsement by Waud Capital Partners of the parties or businesses which are so linked, nor do they necessarily indicate any affiliation between us and such parties or businesses. Home | About Us | Portfolio | News | Investor Access | Contact Us | Map/Directions | Printable Materials | Regulatory Information Copyright © 2010 Waud Capital Partners L.L.C.
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