Investment Team

We have assembled a group of private equity professionals who possess extensive investment and operating experience in private equity transactions to assist, monitor and service our investors and portfolio companies. Simply put, our staff brings trust, performance and value to each and every transaction. Our team members have operating experience as senior executives and as board representatives of a wide range of companies, including publicly traded corporations, private enterprises backed by private equity capital, and start-up concerns. Our team members have raised both debt and equity capital and executed mergers and acquisitions for their own companies, portfolio companies and corporate clients. Collectively, our team has more than 150 years of proven experience in executing each step of a successful private equity investment including identifying acquisition candidates, assessing their profit potential, valuing the underlying business, structuring the transaction, managing the company's operations for profitable growth, and planning and executing a strategic exit. More specifically, the collective talents and experience of our staff include:

• Operational experience with expertise in all functional areas of management;
• Business merger, acquisition and divestiture expertise;
• Strategic and organizational planning and execution capabilities;
• Investment banking knowledge and experience;
• Turnaround knowledge and experience;
• Public sector knowledge and experience (federal, state and local governments); and
• International business knowledge, experience and contacts.

J.P. Bolduc - Senior Managing Director, CEO

J.P. Bolduc is currently Chairman and Chief Executive Officer of JPB Enterprises, Inc., a Columbia, MD based private investment holding company. The JPB Enterprises' lines of business are organized along six functional groups:

• Mergers, Acquisition and Consulting Services
• Business Services Outsourcing (Accounting and Human Resources)
• Private Equity Services
• Family-Owned Business Portfolio
• Real Estate Development and Investment
• Real Estate Services

Previously a Presidential Appointee to three U.S. Presidents and Chief Executive Officer of a Fortune 100 company, Mr. Bolduc is frequently sought after as a speaker, consultant and advisor. Mr. Bolduc served as Chairman and Director of numerous social, civic and government Boards and commissions and is a Director of several privately held and public corporations, including Unisys Corporation, EnPro Industries, Inc. and Lance, Inc. Mr. Bolduc is also a Trustee at the William E. Simon Graduate School of Business at the University of Rochester, an Advisor at the University of Notre Dame School of Graduate Studies and a Director of the Edison Preservation Foundation.

During 2003-2004, Mr. Bolduc served as President and Chief Executive Officer and Director of J. A. Jones, Inc., a multibillion dollar global construction and engineering services company. Mr. Bolduc was previously President and Chief Executive Officer, as well as Director, of W. R. Grace & Co., a Fortune 100 company, prior to establishing JPB Enterprises, Inc. in 1995. In 1983, Mr. Bolduc joined W. R. Grace as Senior Vice President. Shortly thereafter, he was promoted to Chief Financial Officer and Vice Chairman and then onto President and Chief Executive Officer.

In 1990, Mr. Bolduc partnered with William E. Simon, Sr., the former U.S. Secretary of the Treasury and Chairman of Wesray, to form Catterton-Simon Partners ("CSP"), a Greenwich, Connecticut-based private equity firm focused on the consumer products industry. Mr. Bolduc served as a general partner of CSP's first three private equity funds.

In 1988, Mr. Bolduc was appointed Chairman of the DeRance Foundation, the world's largest Catholic Foundation, located in Milwaukee, WI.

From 1982 to 1985, Mr. Bolduc served as Chief Operating Officer for President Reagan's Private Sector Survey on Cost Control (the "Grace Commission"). As COO of the Grace Commission, Mr. Bolduc led the efforts of 161 prominent business leaders (consisting almost entirely of Fortune 500 CEOs) and more than 2,000 private sector business leaders in a study focused on identifying managerial and operational cost savings opportunities, as well as revenue enhancement initiatives in federal government operations. President Reagan also appointed Mr. Bolduc to his Task Force on Food Assistance in 1983.

Mr. Bolduc also served as a Vice President and Partner with the global management and technical consulting firm of Booz Allen Hamilton Inc. from 1977 to 1983. Prior to 1977, Mr. Bolduc served as a Presidential Appointee under Presidents Nixon and Ford.

Mr. Bolduc has been honored with several prestigious awards including the Excalibur Award presented by Sun Sentinel Newspaper in Ft. Lauderdale, FL; Outstanding Business Leader Award presented by Northwood University of Palm Beach, FL; Man of the Year Award presented by the Crohn's & Colitis Foundation of America; Junior Achievement Award presented by the Business Hall of Fame of Ft. Lauderdale, FL; the Howard County Chamber of Commerce Person of the Year Award for 2009; and the highly recognized Public and Humanitarian Services Award presented by the Appeal of Conscience Foundation, NY.

Mr. Bolduc has served as Director of numerous private and public company Boards. Here are but a few of these Directorships:

Mr. Bolduc possesses a B.A. Degree in Accounting from St. Cloud State University and has completed graduate studies in finance, human resources and general management. He is married to his wife of 47 years, and has four adult children.

James R. Bolduc - Managing Director

Mr. Bolduc joined JPBE in 1997 and has been the principal architect of the JPBE private equity portfolio. He is a Managing Director for JPB Capital Partners II. Prior to joining JPBE, Mr. Bolduc was an Associate in the Investment Banking Group of Merrill Lynch. During his tenure at Merrill Lynch, Mr. Bolduc led or participated in a myriad of acquisitions, divestitures, and equity and debt public offerings with an aggregate value in excess of $25 billion. Prior to working at Merrill Lynch, he served as a Management Associate with the venture capital subsidiary of Marshall & Ilsley Corporation (now called Mason Wells).

Currently, Mr. Bolduc is a board member of several privately held corporations including Davis Inotek Instruments, LLC, N'Site Solutions, Inc. and Controlled Infrared Networks, Inc. Mr. Bolduc is on the Capital Campaign Steering Committee for the YMCA of Central Maryland, Howard County Family Branch.

He earned a Bachelor of Business Administration degree in Finance and Business Economics from the University of Notre Dame and a Master of Business Administration from the Colgate Darden Graduate School of Business Administration at the University of Virginia.

Gregory C. Carey - Managing Director

Mr. Carey joined JPBE in 1998 and is a Managing Director for JPB Capital Partners II. He brings experience in mergers, acquisitions and senior operations management to the company. Since joining JPBE, Mr. Carey has participated in and led more than 35 financial advisory assignments with an aggregate value of over $1 billion and more than ten strategic-growth consulting assignments for lower-middle market companies in the Mid-Atlantic and Southeastern U.S.

Prior to joining JPBE, Mr. Carey was a Director of Mergers and Acquisitions for Townsend, Inc., a privately owned processor of prepared foods. Prior to Townsend, he served in various capacities with W.R. Grace & Co., including President of Grace Culinary Systems, and President of American Caf Restaurants. Mr. Carey was also actively involved in a broad range of acquisitions and divestitures at W.R. Grace as a Senior Assistant to the Chairman.

He earned a Bachelor of Arts degree in Political Science from Trinity College and a Master of Business Administration from the New York University Graduate School of Business.

Norwood H. Davis - Senior Managing Director, Advisor

Mr. Davis is the former Chairman and CEO of Trigon Healthcare, Inc. ("Trigon") and is a Senior Managing Director for JPB Capital Partners II. He first joined Trigon's predecessor company, Blue Cross Blue Shield of Virginia, as House Counsel in 1968 and was elected Chairman and CEO in 1981, a position he held until his retirement in 2000. Mr. Davis successfully led the organization through a demutualization and its initial public offering on the New York Stock Exchange in 1997. Under Mr. Davis' leadership, Trigon grew into the largest managed healthcare provider in Virginia with approximately 2 million members, and revenues and investment assets each over $2 billion.

Mr. Davis currently serves or has served on a number of boards of publicly and privately held companies, including Trigon Healthcare, Wachovia Corporation, First Union Corporation, Signet Banking Corporation, Hilb, Rogal & Hamilton Co., Home Nutritional Services, American Bankers Insurance Group, Harbert Venture Partners, Harren Equity Partners, Kings Entertainment, Kellam Petroleum, and Security Federal Savings & Loan. Mr. Davis is the former Chairman of the Metropolitan Richmond Chamber of Commerce and the U.S. Olympic Committee for Virginia. He is a former trustee of Hampden-Sydney College and Hampton University and was the President of the Hampden-Sydney College Alumni Association. Mr. Davis serves on the Business Advisory Council of the University of Virginia School of Law. Mr. Davis is currently a board member of the Mariner's Museum, the Science Museum of Virginia and the Boys and Girls Club Foundation. He is a member of the President's Club of the United States Sailing Association and serves on the boards of Schooner Virginia and the Volvo Ocean Race (Chesapeake), formerly the Whitbread Around the World Race. Mr. Davis is a member of the Virginia State Bar, the Virginia Bar Association and the American Bar Association.

Mr. Davis earned a B.S. from Hampden-Sydney College in 1963 and a J.D. from the University of Virginia in 1966. He also attended The Executive Program at the University of Virginia Colgate Darden Graduate School of Business in 1975.