Kenneth A. Csaplar

President

Experience Summary

Mr. Csaplar serves as President and Managing Director of BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC). Before founding BDO Capital’s Boston office, Mr. Csaplar co-managed Arthur Andersen's New England Corporate Finance Group. Prior to joining Andersen, he founded and ran Fleet Financial Group's mergers and acquisitions group and was responsible for sourcing and closing transactions in Fleet's eight-state geographical foot print. While at Fleet, Mr. Csaplar's primary focus was working with and advising owners of privately owned middle-market companies implementing liquidity events including sell-side transactions, leveraged recapitalizations, ESOPs, special dividends and capital raises.

Prior to joining Fleet, Mr. Csaplar was employed at Brown Brothers Harriman & Co. in overseeing the Boston office's Corporate Finance activities. During his 13 year tenure at BBH & Co., he negotiated and closed mergers and acquisitions transactions including stock and asset sales of middle market and closely held public companies. In addition to his corporate finance skill-sets, Mr. Csaplar has valued corporate common and preferred stock, has been a panelist in numerous seminars and has sat on the board of directors of a number of public and private companies.

Before joining Brown Brothers, Mr. Csaplar was employed as an investment banker at Lepercq Capital Corp. in New York City structuring sale lease-back transactions for large real estate projects with equity interests sold through Drexel Burnham Lambert, Merrill Lynch Capital and Paine Webber Securities.

Professional Affiliations

Mr. Csaplar is qualified as a General Securities Representative and a General Securities Principal.

Education

M.B.A., Cornell University
M.S., Taxation, Bentley College
B.A., University of Pennsylvania

BDO Capital M&A Newsletter - Q3 2010

Scott Krueger

Chief Operating Officer

Experience Summary

Mr. Krueger serves as Chief Operating Officer for BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC). He has fifteen years of experience in financial operations and is responsible for the financial planning, reporting and general operations for BDO Capital Advisors.

Mr. Krueger began his career at The Walt Disney Company in the corporate financial planning and analysis department. He has since held highly visible financial planning and operations positions with other Fortune 100 companies such as The Coca-Cola Company and Ingram Micro. Mr. Krueger joined BDO from RSM EquiCo where he was an integral part of the executive management team providing analysis and insight as related to the financial planning function for the company.

Professional Affiliations

Mr. Krueger is a member of Financial Executives International (FEI).

Education

M.B.A., Pepperdine University
B.S., Finance, University of Southern California

Patrick Nguyen

Senior Vice President

Experience Summary

Mr. Nguyen is a Senior Vice President in BDO's Special Situations practice and has over 10 years of experience working with troubled and distressed companies. Mr. Nguyen's special situation experiences include advising clients in M&A, divestitures, debt restructurings (both in and out of court), loan workouts, bankruptcies and corporate turnarounds. He has advised troubled companies, secured lenders, financial sponsors, unsecured lenders, and unsecured creditors' committees in the telecommunication, bakery, manufacturing, retail, and wholesale distribution industries.

Most recently, Mr. Nguyen managed the expedited sale of Dial-A-Mattress in a §363 sale which resulted in a recovery of 85% to the unsecured creditors. Mr. Nguyen has also served in interim management and officer roles for client organizations during the restructuring process including Interstate Bakeries Corporation, the largest wholesale bread and cake distributor in the United States and the home of two American icons: Twinkies and Wonder Bread.

Prior to joining our firm Mr. Nguyen worked in the Restructuring and Turnaround Group at Alvarez & Marsal, LLC. Previous to that he worked as a management consultant at Booz Allen Hamilton.

Education

M.B.A., Cornell University
B.S., Computer Engineering, Virginia Polytechnic Institute and State University

Key Clients

Westfield Steel, Reader’s Digest, Dial-A-Mattress, Zanios Food, Cardiac Management Systems, Freedom Communications, Bag 'n Baggage, Against All Odds, CFM US, JHT Holdings, Interstate Bakeries, Quaker Fabrics, and Home Décor.

Jeffrey R. Manning

Managing Director

Experience Summary

Mr. Manning is a managing director and group head of BDO’s special situations practice. With 29 years of professional experience, he has been active across the special situations market since 1983, with activity in investment banking, loan workout, operating restructuring, value investing, bankruptcy advising, and loan trading.

Prior to joining BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC), Mr. Manning was the Chief Executive Officer of FTI Capital Advisors, the wholly-owned investment banking subsidiary of FTI Consulting. Mr. Manning has also led the special situations practice at other Wall Street firms, including Legg Mason Wood Walker and Rodman & Renshaw. He started the Global Bank Debt trading at Schroder Wertheim. Mr. Manning moved to Wall Street in 1992 at S.N. Phelps & Co., a well-known Greenwich, CT based "vulture investor.” Mr. Manning began his career in 1981 with Manufacturers Hanover Trust, where he moved to “special loans” in 1983, and then did operating restructuring work for Dun & Bradstreet from 1987 to 1992.

Professional Affiliations

Mr. Manning is qualified as a General Securities Representative and as a General Securities Principal. He also holds the Certified Turnaround Professional designation.

Mr. Manning is a frequent speaker at industry and university events and authored a chapter for the Thomson Reuters / Aspatore book Inside the Minds: The Industries Most at Risk in Bankruptcy Legal and Financial Experts on What to Expect, Avoiding Financial Trouble, and Thoughts on the Future. Jeff’s chapter is entitled "Saving Technology and Service Companies from Chapter 11."

Education

M.B.A., Columbia University
B.A., Yale University

Key Clients

Freedom Communications, Reader’s Digest, Dial-A-Mattress, Health Diagnostics, SIRVA, American Home Mortgage, Harvey Electronics, CFM US, Avado Brands, Tweeter, Broadview Networks, Arcadia Healthcare, Seitel, Corban Communications, Cannondale, Devon Mobile Communications, Standard Automotive Corporation, USA Floral Product, National Record Mart.

BDO Capital Retail & Consumer Product Newsletter - Q2 2010

Kevin Sendlenski

Director

Experience Summary

Mr. Sendlenski is a Director in the Boston office of BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC). Mr. Sendlenski has more than 10 years of investment banking experience with a particular focus on advising corporations on mergers and acquisitions, leveraged recapitalizations and ESOP transactions as well as raising debt and equity capital for growth-related institutions. In addition to maintaining relationships with hundreds of middle-market private equity firms, Mr. Sendlenski has been invited to participate on leveraged recapitalization panels to discuss financing, the deal process, negotiating employment agreements and how entrepreneurs can effectively work with private equity firms.

Prior to joining Trenwith Securities, Mr. Sendlenski worked in the technology investment banking group of Alex. Brown and Deutsche Bank Securities. During his time at Deutsche Bank, Mr. Sendlenski worked on public and private capital raises and merger and acquisition transactions for clients such as Accenture, Lucent, NEC and Adtran.

Mr. Sendlenski has been selected as one of the Top 40 Investment Bankers Under Age 40 by Investment Dealers’ Digest.

Professional Affiliations

Mr. Sendlenski is qualified as a General Securities Representative.

Education

B.A., Economics, Williams College

Valentina Midura

Managing Director

Experience Summary

Ms. Midura is the head of BDO Capital Advisors' Technology Industry practice and has more than 13 years of investment banking experience. In addition to overseeing this industry vertical for BDO Capital Advisors, she also is primarily responsible for maintaining BDO Capital Advisors' relationships with the private equity community. Ms. Midura is a specialist in numerous transaction structures and processes including leveraged recapitalizations, the "auction sale" and a variety of other going to market techniques and deal structures. Ms. Midura has authored numerous industry and process related articles and routinely participates in speaking engagements, presentations and industry symposiums. Her transaction resume includes the successful sale of over 30 companies with total client consideration value approaching $1 billion.

Prior to joining BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC), Ms. Midura served as a Director in the investment banking division of Andersen Global Corporate Finance, LLP, joining that group in 1998. While at Andersen's Boston office she was a key architect in the firm's investment banking technology go to market strategy and a contributor to the firm's growth across a variety of technology sectors including software, hardware and IT services. In addition to technology, Ms. Midura specializes in analyzing and processing value-enhancing liquidity alternatives for companies across a wide range of industries including manufacturing, healthcare, distribution, consumer products and business services. Ms. Midura began her career with Andersen, LLP providing global business consulting and regulatory advisory services to companies within the public and private sectors.

Professional Affiliations

American Institute of Certified Public Accountants (AICPA)

Ms. Midura is qualified as a General Securities Representative and is a Certified Public Accountant. Ms. Midura is also a member of The Commonwealth Institute and ACG.

Education

B.S., Whittemore School of Business, University of New Hampshire

BDO Capital Tech Newsletter – Q1 2011

BDO Capital Tech Newsletter - Q1 2010

BDO Capital M&A Newsletter - December 2011 Update

Douglas R. Wulffleff

Senior Managing Director

Experience Summary

Mr. Wulffleff serves as Senior Managing Director of Global Banking for BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC). He is responsible for the delivery of merger and acquisition advisory services to middle market, large private and multinational clients worldwide.

Mr. Wulffleff has more than 25 years of experience as a financial advisor to clients across numerous industries including construction, financial institutions, food, electronics, publishing, pharmaceuticals, communications, chemicals, retail, information technology and consumer durables, and he has led transaction teams in over 20 countries.

Mr. Wulffleff joined BDO in 2002. He has previous experience with BT Securities Corporation, the merchant banking group of Bankers Trust New York where he advised on middle-market mergers and acquisitions on a global basis and all types of financings, and with the Corporate Finance practices of Coopers & Lybrand and Arthur Andersen LLP.

Professional Affiliations

Mr. Wulffleff is qualified as a General Securities Representative and a General Securities Principal.

Education

M.B.A., Adelphi University
Colgate University

Key Clients

ABB Inc., AEP Industries, American General, Digital Equipment Corporation, European American Bank, Dover Corporation, DynCorp, Carlisle Companies, Cooper Industries, Compaq Computer, Eastman Kodak Company, General Electric Company, General Signal Corporation, General des Eaux (now Vivendi), Hewlett Packard Company, Linamar Corporation, RPM International, and VWR International.

Robert A. Snape

Managing Director

Experience Summary

Mr. Snape serves as Managing Director within BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC) and has over 20 years of investment banking experience. Mr. Snape has successfully executed over 100 middle-market financial advisory engagements representing over $6 Billion of aggregate transaction value for a variety of cliental including family-owned businesses, Fortune 500 corporations and leading private equity firms. Mr. Snape has executed deals across most major industry groups and has particular knowledge and clients within the Industrial, Healthcare and Consumer & Retail segments. Mr. Snape has experience in leveraged recapitalizations, corporate divestitures, go-private transactions, management buy-outs and exclusive sales. In addition, Mr. Snape has completed cross-border transactions, private placements and fairness opinions on behalf of his clients and provided strategic advice on dividend policy and share repurchases.

Prior to joining BDO Capital, Mr. Snape was a Group Head and Managing Director at Scott-Macon, Ltd., where he led the Consumer & Retail investment banking practice. Prior to Scott-Macon, Mr. Snape was a Managing Director and Senior Investment Banker within the Global Mergers and Acquisitions Group at Banc of America Securities LLC. During his tenure at Banc of America Securities, Mr. Snape played an integral role in formulating and leading the firm’s middle-market M&A advisory practice and served as Head of Global Commercial Banking M&A with national M&A origination and execution responsibilities. While at Banc of America Securities, Mr. Snape was also a senior member of the Consumer & Retail middle-market investment banking group and was a founding officer of the Corporate Sales & Divestitures Group which focused exclusively on the execution of middle-market sell-side M&A transactions on behalf of large corporate and private equity clients.

Mr. Snape joined Banc of America Securities from Fleet Securities, Inc. where he was a founding officer and Managing Director of Fleet M&A Advisors and a senior member of the Fairness Opinion Review Committee. Prior to Fleet, Mr. Snape was a Director of Corporate Finance at KPMG LLP where he was responsible for executing mergers and acquisitions and private placement transactions for KPMG's international client base. Mr. Snape also had prior experience at JP Morgan (formerly Chase Manhattan Bank) and began his career at The Vista Group, a private equity firm, as an Investment Analyst.

Professional Affiliations

Mr. Snape is qualified as a General Securities Representative and is a member of ACG.

Education

B.A. and M.B.A., Boston University

Key Clients

Darden Restaurants, Brinker International, Compass Group, GTECH Corporation, Cargill, Madison Dearborn Partners, Brazos Private Equity Partners, Delta Dental, Corrugated Services Inc., Amide Pharmaceutical, American Securities Capital, Fenway Partners

Jeffrey T. Varsalone, JD

Managing Director

Experience Summary

Mr. Varsalone is a Managing Director with over 10 years of experience in bankruptcy and insolvency, debtor/creditor relations, workouts, commercial transactions, commercial litigation and forensic investigations. Mr. Varsalone has represented chapter 11 debtors-in-possession, unsecured creditor committees, secured and unsecured creditors, interest holders, investors and asset purchasers.

During his career Mr. Varsalone has advised clients on asset sale transactions, debt restructurings and recapitalizations, out of court restructurings and has structured plans of reorganization. Additionally, while a Director within the Business Restructuring Services Group at BDO Consulting, he routinely assessed the viability of business operations of troubled businesses, evaluated critical assumptions in business plans, evaluated liquidity issues and conducted fraudulent transfer investigations. He has particular industry expertise in the retail, construction, consumer products, media, manufacturing, real estate, restaurant, technology and transportation industries.

Some of Mr. Varsalone’s recent engagements include advising a chapter 11 debtor-in-possession clothing retail company in an asset sale transaction, advising a committee of unsecured creditors of an off-site airport parking company in an asset sale transaction, advising a committee of unsecured creditors in a multi-billion dollar debt restructuring of a media company and advising committees of unsecured creditors in two media related asset sales in chapter 11.

Mr. Varsalone has prepared expert reports on the solvency and valuation of distressed businesses and has testified in U.S. Bankruptcy Courts on a variety of issues.

Professional Affiliations

Turnaround Management Association
American Bankruptcy Institute
Association of Insolvency and Restructuring Advisors

Education

J.D., St. John’s University School of Law
B.A., Boston College

Special Situations 2010 Year-End News

Daniel Shea

Managing Director

Experience Summary

Mr. Shea serves as Managing Director for BDO Capital Advisors, LLC (formerly Trenwith Securities, LLC). He has over twenty years of experience providing transaction advice to public and private companies as well as private equity firms. He has a varied range of experience in industries including e-commerce, food, health and wellness, aerospace and defense, energy, transportation, electronics, computer hardware, media, and retail. Noteworthy past clients include: Textron, Catalytica Energy Systems, TRW, AllHeart.com, Frozen Food Express Industries, Sarcom, MascoTech, Thyssen, and Yokohama.

Before joining BDO, Mr. Shea was a Managing Director with Hadley Partners. Prior to Hadley, he served as Managing Director with middle-market boutique W. Y. Campbell & Company, most recently establishing and heading up the firm’s Los Angeles office. Prior to that, he held a senior position with Ernst & Young Corporate Finance LLC.

Professional Affiliations

FINRA General Securities Representative (Series 7 and 63)

Education

M.B.A., Finance, Weatherhead School of Management, Case Western Reserve University
B.S., Economics, University of Michigan

BDO Capital Industrial Markets Sector - Q1 2012 Transaction Review and Outlook