ROUNDTABLE ATTENDEE LIST

How and Why Search Fund CEO’s are Fired, and What Can be Done to Avoid It…?

September 12, 2019

Matthew Burr

Matthew Burr is a general partner at Matland Capital, where he is responsible for a hedge fund portfolio

and is also active in making private investments. He previously worked at Cambridge Associates, where

he was a hedge fund analyst and also assisted universities, foundations, and high net worth families with

asset allocation, investment manager selection, and market research.

Matthew Burr received his BA, cum laude, from Harvard University.

Felipe Corcuera

Felipe supports searchers in process and operations analysis, business modeling, and the overall due

diligence process. Prior to joining Relay Investments, Felipe was an investment banker at Goldman Sachs

& Co. in Mexico City, where he worked for 4 years. He participated in over 15 projects across Latin

America, guiding clients through complex M&A and capital markets transactions.

Felipe also co-founded Sertech, a data analytics consulting firm dedicated to covering and analyzing

social and digital media, and providing clients with more and better information for their decision-

making processes. Felipe holds an MBA from MIT Sloan and a B.S. in Industrial Engineering from ITAM

University. He speaks fluent German and Spanish.

Natalie Cryer

Ms. Cryer is a Vice President working in the firm’s Dallas, Texas office. She works on all aspects of the

firm’s activities and currently sits on the board of two of the firm's portfolio companies. She also

currently serves on the board of Spirit of America and is a member of Southwestern Medical Foundation

and UT Southwestern’s Cary Council.

Prior to joining Cambria, Ms. Cryer worked for Accenture as a Senior Analyst involved with Business &

Systems Integration. At Accenture, she managed the finances for a $24M software- as-a- service project,

developed sales forecasts and managed a $50M sales pipeline for the firm, and advised clients on Big

Data product growth opportunities. While getting her MBA, Ms. Cryer also worked for Salt Creek Capital,

a private equity firm focused on acquiring smaller operating businesses.

Earlier Ms. Cryer worked for three years as a Research Assistant for former Secretary of State, Dr.

Condoleezza Rice. She focused her research on the potential for further democratic development in

countries in Africa for Dr. Rice’s book Democracy: Stories from the Long Road to Freedom and assisted

Dr. Rice with her two other books, Extraordinary, Ordinary People and No Higher Honor: A Memoir of

My Years in Washington.

Ms. Cryer holds a Bachelor’s degree in Management Science & Engineering from Stanford University as

well as an MBA with a Certificate in Public Management and Social Innovation from Stanford’s Graduate

School of Business.

B.A. Cullum B.A. has extensive experience with acquisitions, business development, and real estate development.

Prior to joining the Aspect team, he was the Director of Acquisitions & Business Development at

ClubCorp, the largest owner/operator of private golf clubs, country clubs and business clubs in North

America. During his time at ClubCorp, B.A. played a key role in the company’s acquisition of over $390

million worth of golf and country club properties. B.A.’s pro-active sourcing efforts across the U.S.

served as a critical component of ClubCorp’s extensive deal pipeline and directly led to a number of

successful off-market transactions.

Previously, B.A. worked at JP DiNapoli Companies, a closely held real estate investment firm, and the

Beck Group, a national construction and architecture company. Early in his career, B.A. was an analyst

with the Dallas Cowboys, where he focused on development of the Cowboys’ AT&T Stadium and

management of the Jones family’s commercial real estate development activities.

B.A. earned an MBA from the Stanford Graduate School of Business. He also holds a Masters in City

Planning (MCP) from the Massachusetts Institute of Technology and a BA from Stanford University.

B.A. and his wife, Victoria, and their two children reside in Dallas.

Jim Edmunds Jim joined Search Fund Partners in 2008 after running a company sourced through the search fund model. Jim and his partner found and acquired Celebrity Kids Portrait Studios, a leading provider of upscale children’s photography in 2005. Jim served as President and CFO of the company. He currently participates on the boards of Microdea, Neuro International, Consumeraffairs.com, Gogotech, and UCIT Online. Before launching a search fund, Jim was an Associate at McKinsey & Company in Palo Alto. Prior to attending business school, Jim conducted business development for PetSmart.com, managed a successful political campaign in Texas, and worked in Investment Banking and Equity Capital Markets at Bear Stearns. Jim holds an MBA from the Stanford Graduate School of Business, where he was named a Siebel Scholar, and an A.B. in History from Harvard University. He is the treasurer of Building Futures Now, a non-profit dedicated to helping high potential students in East Palo Alto.

Moises Eilemberg

Moises Eilemberg is a CEO and investor with over 20 years of experience in business operations and growth, acquisitions, private equity, venture capital and board governance in a variety of industries, with a particular focus on technology-enabled services and data analytics applications. Currently, Moises is CEO of XiltriX North America, an emerging provider of cloud-based, environmental and laboratory monitoring solutions to the life sciences industry.

Prior to XiltriX, Moises was CEO of Avadyne Health, a leading provider of technology-enabled revenue cycle services to the healthcare industry. In 2015, Avadyne Health was recognized as the #1 Self-Pay Solutions Company, and the 10th largest Revenue Cycle Management firm in the nation serving more than 275 hospitals and processing over $3 billion in new account placements annually. Avadyne was successfully sold in 2016 to a private equity firm. Prior to Avadyne Health, Moises spent 8 years in the Private Equity field, investing in, and helping develop private businesses. Moises earned a Bachelor of Science degree in Finance and Information Systems from the University of Pennsylvania’s Wharton School of Business, where he graduated Magna Cum Laude. He also earned an MBA degree from the Stanford Graduate School of Business.

August Felker

August founded Oberle on the belief that a forward-thinking, innovative insurance agency will be best-

positioned to truly thrive in the years ahead. With consolidation at its highest pace in years, the

insurance industry is undergoing rapid change. He began working in insurance at Marsh San Francisco,

where he worked in the large account group—helping to manage the insurance programs for several of

the Bay Area’s most-prestigious technology firms.

After Marsh, he acquired The Murphy Insurance Group (MIG) in Madison, Wisconsin, via my Search

Fund, Bluebird Investment Company. After leading MIG for a great run of five years, he merged the firm

with Hub International, the largest privately held insurance brokerage in North America. At Hub, in his

role as the CEO of Wisconsin, his primary responsibilities included overseeing the strategic direction for

their Wisconsin operation.

Neal Jacobs

Neal Jacobs brings a passion for entrepreneurship, a significant investment track record and a deep background in finance to Maven Equity Partners. Prior to founding Maven Equity Partners, Neal was a partner and co-portfolio manager at two public market investment firms, Cambrian Capital and Bodri Capital Management. Neal started his career at Goldman Sachs as a financial analyst and also held a number of operating roles at Jamcracker, Inc. BA Duke University, MBA from Stanford Business School.

Chris Jenkins

Chris is a General Partner at Riviera Capital. Prior to co-founding Riviera capital, Chris was the Chairman

of a southern California based healthcare company, Canaan Health Care. In that role, the business grew

from inception to profitability to become one of the leaders in the space and still achieving double digit

growth.

Previously, Chris was President/ CEO of Group A Autosports, one of the leading automotive aftermarket

companies focused on the import car sector. Under his leadership, Group A more than doubled in

revenue. Prior to Group A, Chris was part of Time Warner’s / AOL’s restructuring team and was an

instrumental member of the Member Services business unit. Chris was also the co-founder and CEO of

motoreyes, a venture capital funded automotive software company that was acquired by OnStation

Corp. in 2000. Chris served as VP Client Services at OnStation, an enterprise software company backed

by investors including Goldman Sachs, Lightspeed Venture and NEA.

Chris began his career in the automotive and management consulting industries. Chris was a software

engineer at Ford Motor Company and part of the team that developed hybrid electronics (printed circuit

boards) and the first anti-lock brake system for Ford. Chris holds a BS from Rensselaer Polytechnic

Institute and an MBA from the Anderson School at UCLA.

Rene Lajous

Mr. Lajous is a Principal with The Cambria Group, working in the firm’s Dallas office. He participates in all

aspects of Cambria’s activities, focusing equally on originating and evaluating investment opportunities,

negotiating and arranging financing for transactions, and providing oversight for the firm’s portfolio

companies. He has experience both as a member of and observer to the boards of directors of several

private companies.

Prior to joining Cambria, Mr. Lajous was a consultant at The Boston Consulting Group, a boutique

management consulting firm, working in Dallas, Texas and Buenos Aires, Argentina. At BCG, he advised

clients in the transportation, energy and telecommunications industries on a variety of issues ranging

from strategy and operations to merger and acquisition activity and due diligence.

Earlier, Mr. Lajous focused on logistics and operations in the consumer packaged goods industries,

working for Procter & Gamble in Canada and Mexico, as well as Pillsbury in Canada. He also draws on

broad experience developed leading projects in inventory control and supply chain management for

these companies.

Mr. Lajous earned a Bachelor of Applied Science in Industrial Engineering from the University of

Toronto, earning the W.S. Wilson Medal for academic excellence. He subsequently received an MBA

from the University of Pennsylvania’s Wharton School.

Kurt Leedy

Kurt co-founded Miramar Equity Partners in 2018. Prior to Miramar, Kurt spent more than 13

years at Ridgemont Equity Partners, a middle-market private equity firm with more than $2.5

billion of capital under management. At Ridgemont he was responsible for sourcing, executing,

and managing investments in the technology, media, and telecommunications industries. Kurt

started his career in the Dallas and Mexico City offices of Bain & Company, a leading strategy

consulting firm, where he helped companies in a variety of industries tackle challenges related to

growth and profit improvement.

Kurt graduated with Highest Honors with a BBA in Finance and a BA in Spanish from the

University of Texas at Austin. He received his MBA, with Honors, from The Wharton School at the

University of Pennsylvania, where he was a Palmer Scholar. He is a CFA charterholder and is (or

used to be) fluent in Spanish.

Kurt lives in Dallas with his wife and two daughters. He is active as an alum of the McCombs

School of Business and also serves on the board of Wesley Rankin Community Center, an

organization providing education and support services to a community in West Dallas. In his

spare time, Kurt enjoys reading, traveling, and riding motorcycles.

Chris Lueck

As CEO of FastSpring, Chris Lueck is responsible for guiding the company towards their mission of

becoming the leading end-to-end e-commerce solution for digital goods and software publishers to start

and grow their online businesses. With more than 15 years in technology and engineering, he has a

proven track record of developing, managing and scaling innovative products to meet the needs of

business executives worldwide.

Chris earned a Bachelor of Science degree in Electrical Engineering from the University of Virginia, and a

Masters of Business Administration degree in Finance & Entrepreneurship from the University of

Southern California. He currently lives in sunny Santa Barbara, California with his wife and two young

sons. Andy holds a BA in Plan II Honors, magna cum laude, from The University of Texas at Austin,

where he graduated with Phi Beta Kappa honors and departmental distinction. He also holds an MBA

from the Stanford Graduate School of Business and an MA from the Stanford University Graduate School

of Education.

Michael Miles

Michael Miles is a veteran of search fund investments since 2009. He has served as a board member and

trusted advisor for many search fund-backed enterprises, including successful outcomes with Innflux

and Workplace Answers. In 2014, Michael co-founded The Operand Group a fund that invests

exclusively in search funds.

Michael also has 25+ years of experience building, growing and operating recruiting businesses. In 1988,

Michael founded SeatonCorp, a leading provider of recruiting, vendor-on-premise staffing and end-to-

end supplier management solutions for strategic users of contingent labor. In 2014, Michael and his

investor group sold SeatonCorp to True Blue (NYSE: TBI). Under Michael’s leadership, SeatonCorp grew

from a staff of two to one of Crain’s “Largest Privately Held Companies” in Chicago, with more than

2,500 employees. SeatonCorp achieved consistent, organic growth resulting in a 20%+ compounded

annual growth rate over a 25-year period, earning more than $700 million in revenue during 2014.

Michael has been recognized with several awards including: the Staffing Industry Analysts’ Peter Yessne

Workforce Innovator Award, a finalist in the Ernst & Young Entrepreneur Of The Year® program, and is

listed on The Staffing 100 (the 100 most influential people in the staffing industry). In 2012, Michael

founded INCubatoredu (non-profit), a national program teaching high school students how to start a

business. Michael is a Board member at Caravel, RIVS, EmployBridge, Insertech and Penn Foster. He is a

member of the Economic Club of Chicago and earned a Bachelor of Science in Finance from Arizona

State University.

Harold Motett

Harold (Hal) Mottet is a successful CEO and Board Leader and has led the profitable growth of operating

companies through both organic growth and mergers and acquisitions. Mottet has also used mergers

and acquisitions, along with targeted private equity investments, to grow companies, both as CEO and

as a Member of Boards of Directors.

In 2016, Mottet successfully sold Empire Packaging and Displays, a Los Angeles manufacturer of

corrugated retail packaging, to Smurfit-Kappa of Dublin, Ireland. Mottet purchased Empire in 2007 and

grew it organically, improving its capabilities, operations and practices, and then sold it for a multiple of

original investment. Mottet operates a family investment office, with equity investments in about 25

small to mid-market companies.

Before purchasing Empire, Mottet started a plastics recycling firm, Environmental Logistics Company,

which was successfully merged into NW Polymers in Molalla, Oregon. In addition, he has developed

several pieces of commercial real estate, including the factory buildings currently occupied by NW

Polymers. Mottet also invested in and as CEO, he led American Security Products, a privately-owned

steel safe manufacturer, as it successfully fought off a Steelworkers Union organizing campaign and

modernized its manufacturing leadership practices. Hal has an MBA from the Stanford University

Graduate School of Business, along with a Bachelor of Science degree in Forestry from the University of

Washington.

Michael-Kevin (M-K) O’Connell

Michael-Kevin joined M2O, Inc. as a Managing Director in 2009. He is responsible for sourcing and

reviewing new investment opportunities as well as monitoring the performance of portfolio companies.

Prior to joining M2O, M-K was a Manager with L.E.K. Consulting. During his tenure there, M-K led project

teams across a diverse range of industries and business issues. His projects included the strategic due

diligence of a $1 billion building materials company, the development of a customer contact and

support strategy for a legacy airline, the strategic realignment and long-term plan for a major Los

Angeles attraction, and the strategic due diligence of a leading equipment supplier to solar cell

manufacturers.

Before L.E.K., M-K worked in commercial real estate as the Director of Research for CB Richard Ellis in

New England. M-K also sits on the board at Origo Commodities Management and is an advisor to Veri-

Tax and Yates & Associates Insurance.

M-K received his B.S, magna cum laude, from Boston College and his MBA from The Wharton School at

the University of Pennsylvania where he was the recipient of the Thomas P. Gerrity Leadership Award

for achieving “excellence in both academic and co-curricular pursuits.”

Peter Schober

Peter Schober started his career in venture capital during his MBA. Two years after graduating, he co-

founded MVP Ventures, investing in information technology, telecommunications, hospitality, and

manufacturing companies. Later, he launched and ran the international activity of Boston-based M/C

Partners, a leading telecommunications venture capital fund emphasizing proprietary deal flow

generation.

Peter launched Milk Street Ventures in 1997 with a successful early-stage tech fund. In 2004, he turned

his attention to secondary transactions involving the acquisition of stakes in venture-backed technology

companies near liquidity events, a strategy that produced above-average returns.

His involvement with search funds began as a personal investment strategy in 2013. He finds that the

most fulfilling value creation comes from working directly with ambitious entrepreneurs looking to

become company owners and CEOs. By 2015, he had committed all his investing time to search and in

2016 invited a former partner and a small group of successful entrepreneurs to join him as limited

partners to broaden the network and resources available to his searchers.

Peter grew up in Europe and earned a bachelor's degree in international economics from Georgetown

University's School of Foreign Service and an MBA from the Wharton School of Finance at the University

of Pennsylvania. As a Fellow at Penn's Lauder Institute, he also received an MA in International Studies.

Mark Sinatra

Senior executive and entrepreneur. Experience in increasing enterprise value through significant organic

growth and inorganic growth within strict budget guidelines. Led consistent improvement in employee

engagement and client retention, and drove the annual strategic planning and budgeting process. Self-

sourced and closed on a platform acquisition, operated the company, and then led the sale process to

the largest privately-held competitor at the time. Served as a Board Member and worked closely with

lenders, investors and key stakeholders to increase enterprise value.

Alex Stavros

Prior to joining InnerChange Programs, Alex lived in California and was the Managing Partner of an

investment fund, which he founded, focused on acquiring and leading mission-driven businesses. Prior

to Lia Capital, Alex lived in Boston and was the Associate Director of Firm-Wide Operations – working

directly for the President and COO – of Cambridge Associates, the world’s largest global investment

advisory firm to not for profit organizations.

Alex also has experience in public service having worked at the Overseas Private Investment

Corporation, a U.S. government agency that mobilizes private capital to help solve critical, global social

and poverty challenges. And he worked on the Capitol Hill in Washington DC for a Minnesota

Congressman. Alex has also earned a Certificate of Public Management from Stanford University. And,

while at Stanford, was a Rising Fellow at the Hoover Institution, a world-renowned public policy think

tank.

Alex graduated with Honors from American University with both an Economic Theory and International

Relations degree and he earned an MBA from Stanford’s Graduate School of Business. Alex is on the

Board of Peruvian Partners, a nonprofit established to connect North Americans in a real and significant

way with Peruvian families that live in abject poverty.

Alex Wang

Alex is General Partner at Riviera Capital. Prior to co-founding Riviera capital, Alex was the CEO of a

leading healthcare revenue cycle management company. In that role, Alex grew the company’s size and

revenue by 4x before completing its sale to a Prudential Capital portfolio company.

Previously, Alex was President of Resource Directory Group, one of California’s leading healthcare

publishing companies. Under his leadership, RDG doubled in size before being acquired by James

Publishing and returning 9x his original investment. Alex was also the co-founder and CFO of motoreyes,

a venture capital funded automotive software company that was acquired by OnStation Corp. in 2000.

Alex served as VP Corporate Development at OnStation, an enterprise software company backed by

investors including Goldman Sachs, Lightspeed Venture and NEA.

Alex began his career in the investment banking and private equity industries. Alex has helped advise

and invest in various high-tech start-up ventures through his work experience with Intel Capital, AIG

Investment Corp., and JP Morgan Chase.

Alex holds a BA and BSBA from Boston University where he was elected to Phi Beta Kappa, and an MBA

from the Anderson School at UCLA where he was a Venture Development Program Fellow.

Lacey Wismer

Lacey joined Hunter Trust in 2009 and manages the sourcing, assessment, and management of new

investment opportunities with an emphasis on search funds. She sits on the board of a health care

manufacturing and distribution company and has board observer seats at several other operating

companies. Prior to joining Hunter Trust, Lacey consulted for health care start-ups and the Center for

Entrepreneurial Studies at the Stanford Graduate School of Business. Before that, she was a health care

investment banker at Deutsche Bank. Lacey received a BA from the University of Colorado and an MBA

from the Stanford GSB. Lacey resides in Park City, Utah.