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Backgrounds of ACF General Partners
ROBERT N. COWIN:
| For the past 29 years, Mr. Cowin has participated in the financing, investing, debt and equity placement and acquisition and divestiture of over 200 middle market companies located throughout the United States. His role in these transactions has been that of an investor, lender, investment banker, financial adviser and placement agent. |
| In 1999, Mr. Cowin co-founded Audubon Capital Fund I and Audubon Capital SBIC, L.P. (the "Audubon Funds"). In his capacity as a member and manager of the General Partner of the Audubon Funds, Mr. Cowin is active in all aspects of Audubon's management including, but not limited to, investment sourcing, investment decisions, investment documentation, portfolio management, fund administration, and DBIC regulatory compliance and reporting. In addition, he serves on the Board of Directors of, or a representative to, many of Audubon's portfolio companies. |
| Mr. Cowin began his career with J.P. Morgan & Co., where he eventually became a Vice President of Morgan Guaranty Trust Company of New York and President of J.P. Morgan Private Finance Corporation. Mr. Cowin left J.P. Morgan after seven years to assist in the formation of an investment banking group within J.W. Charles Securities, Inc., a New York Stock Exchange member securities firm, where he was responsible for developing the group's Mergers & Acquisitions Practice. |
In 1988, Mr. Cowin left J.W. Charles to pursue direct investing, both personally and on behalf of Boca Raton Capital Corporation (BRCC), a publicly-owned, diversified investment company. Subsequently, Mr. Cowin joined BRCC on a full-time basis, and was responsible for developing, structuring and negotiating acquisitions of, and investments in, a number of middle market companies. In 1990, Price Waterhouse recruited Mr. Cowin to join their Investment Banking Group as a Managing Director. In 1992, Mr. Cowin assisted in the development of PW's private equity placement capabilities. Over the ensuing two years, PW's Private Placement Group, which consisted of four individuals including Mr. Cowin, was responsible for the private placement of over $299 million of financings, including approximately $30 million of private equity placements.
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In 1994, Mr. Cowin and Mr Cryar co-founded Cari Capital Company (CCC), a Louisiana-based merchant banking company that provided investment banking and financial advisory services to, and investments in, a broad spectrum of smaller middle market companies. Over the ensuing five years, CCC consummated 20 transactions with an aggregate transaction value of in excess of $300 million. After the Audubon Funds were established in 1999, CCC's activities were dedicated exclusively to the Audubon Funds.
Mr. Cowin has a Bachelor of Arts degree from Williams College in Massachusetts. |
RICHARD W. CRYAR:
| Mr. Cryar has over 40 years of experience in the fields of financial management, financing, investing, and acquisitions and divestitures. He has participated in these industries as a principal, investor, financial advisor, a certified public accountant, and as executive management. |
| In 1999, Mr. Cryar co-founded the Audubon Funds. His involvement and management participation in Audubon is the same as that of Mr. Cowin (described above). |
| Mr. Cryar began his career at Price Waterhouse, where he was a Senior Manager specializing in mergers and acquisitions and private investments in middle market companies. While with Price Waterhouse, Mr. Cryar personally managed or participated in over 20 engagements involving private investment transactions. In 1977, Mr. Cryar joined Cari Investment Company (CIC) as Vice President-Finance. During his tenure with CIC, he was responsible for establishing CIC's financial accounting and administrative systems, as well as negotiating over $25 million in financing arrangements, private placements and expansion fundings from government supported programs. |
In 1985, Mr. Cryar was appointed President of LEEVAC Marine, Inc., a wholly-owned subsidiary of CIC. From 1985 through 1989, Mr. Cryar directed that company's change in market focus from importing foreign petroleum products to the coastal transportation of refined products. At the same time, Mr Cryar engineered the restructuring of CIC's $30 million petroleum products distribution operations, and the formation of joint venture with, and ultimate divestiture to, an international petroeum concern. Mr. Cryar was also a co-founder of Cryar-Hardouin, Inc., a financial advisory firm that represented corporations and individuals in the purchase and sale of middle market businesses from 1987 to 1989. In 1994, Mr Cryar co-founded CCC with Mr. Cowin.
Mr Cryar is a Certified Public Accountant and has a Bachelor of Science degree from Louisiana Tech University. |
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