Ivan Lustig

Dover Madison looks to invest in businesses that have the following characteristics: •$10 million to $100 million in revenue •Accomplished management team with track record of success •Stable customer base with recurring revenue streams •Fragmented industry with opportunities for consolidation •Financial, operational or market-related company transition •Underutilized or non-core assets •Scalable business model •Defensible market position with barriers to entry www.DoverMadison.com

We are a lower middle market private equity firm that has completed more than 22 transactions and add-ons to portfolio companies and deployed more than half a billion dollars in capital. We typically invest in profitable and growing middle-market companies with strong management with revenue of $10 to $75 million, EBITDA of $3 to $10 million and Enterprise Values up to $100 million. We often find our best opportunities off the beaten track: orphan subsidiaries of large companies, private companies reluctant to go through an auction process, companies with an intrinsic value that is not readily apparent, or businesses offered for sale in imperfect auctions. We have typically recruited industry experts to help us evaluate our investment opportunities. They are former top executives from major corporations or successful entrepreneurs. We carefully study our investment targets from both an operational and financial perspective, develop our investment thesis with management and our industry experts, and determine a fair acquisition price.

Lester B. Knight, Jr. Scholar

John T. Collyer Scholar