Frontier Investment Banking

Regional Leader in the Entertainment Industry

(name withheld for confidentiality reasons)

Summary – A regional leader in the entertainment industry has implemented a growth strategy through acquisitions

Client Details – A regional leader in the entertainment industry ("Client") sought to diversify its business interests by acquiring other synergistic businesses in the food, healthcare and other industries.

Situation – The Client needed advice on valuing certain prospective acquisitions and on potential financial structures to effect the acquisitions.

Results – Frontier conducted business due diligence on a key acquisition target, related projections and the target’s industry segment. Frontier also produced a detailed valuation analysis on the target and advised Client on negotiating strategies.

Frontier acted as strategic advisor to the Client above.

Regional Leader in the Home Healthcare Industry

(name withheld for confidentiality reasons)

Summary – A regional leader in the home healthcare industry was acquired by a strategic buyer

Client Details –The principal owner of a regional leader in the home healthcare industry (the "Client") had reached retirement age and had been approached by several buyers for the Client.

Situation – The Client required advisory assistance in responding to the buyers’ inquiries, as well as in approaching other buyers.

Results – Frontier prepared an information memorandum for the Client to provide to prospective buyers. Frontier also reached out to a variety of strategic buyers and obtained multiple written offers to purchase the Client. Frontier further assisted by managing the flow of information to prospective buyers, advising the Client on negotiating strategies in general and with negotiating a Letter of Intent in particular. The Client was successfully sold to a strategic buyer.

Frontier acted as strategic advisor to the Client above.

Summary – AVP, Inc. was acquired by Towne Park Holdings, Inc., a portfolio company of Camden Partners Holdings, LLC and Harbourvest Partners, LLC.

Client Details – For more than 20 years, AVP, Inc. d/b/a Avascend ("Avascend") has been a leader in logistical solutions and superior guest services and has more recently become the first, largest and best "healthcare hospitality" company in the country.

Situation – The majority, passive owner of Avascend was interested in monetizing a portion of his ownership position in order to diversify his personal wealth and to find a financial partner to assist in growing Avascend's business.

Results – Frontier managed a marketing and sale process which, at first, was primarily focused on executing a recapitalization of Avascend with a financial partner. The process was yielding multiple attractive offers with financial partners focused on the healthcare services sector when a compelling overture was received. Based on the synergies created by combining Avascend's healthcare hospitality focus and capabilities with Towne Park’s leading parking and hospitality solutions, Avascend was able to achieve its growth objectives as well as its owners’ objectives in entering into a transaction with Towne Park.

Frontier acted as an exclusive financial and strategic advisor to, and assisted with the negotiations as representative of, AVP, Inc., in initiating and consummating the above transaction.

Summary – InkCycle has successfully completed a refinancing of its senior debt and obtained a bridge loan to fund its growth.

Client Details – InkCycle, Inc. (“InkCycle”) is the world’s leading “quality producer,” and one of the leading “volume producers,” of remanufactured inkjet cartridges, remanufactured toner cartridges and related products used by the vast majority of businesses and consumers in the United States.

Situation – InkCycle was experiencing, and anticipates that it will continue to experience, explosive organic growth in its business in an extremely challenging lending environment. InkCycle needed the type of lending relationship with a “best-fit” lending "partner" that it could grow with in order to fund the launch of several new, large customer relationships.

Results – Frontier successfully conducted a marketing process of the senior debt opportunity to over a hundred potential lenders and financing sources. The process produced multiple alternatives and culminated with a new senior lending relationship at terms commensurate to terms available before the collapse of the senior credit markets. Moreover, Frontier introduced numerous sources of bridge financing interested in providing growth capital to InkCycle with the ultimate bridge financier offering terms commensurate with the terms of the senior debt facility.

Frontier acted as an exclusive financial advisor to InkCycle on the above engagement.

Summary – Planet Group, Inc. (“Planet”) procured acquisition financing of over $80 million for the acquisition of a non-core business unit of a public company

Client Details – Planet is a business solutions provider in merchant processing and gift and loyalty cards that had recently been spun out from a public company, ACI Worldwide Inc. (NASDAQ: ACIW).

Situation – Planet was the lead bidder in a marketing process conducted by Lehman Brothers in the acquisition of a significantly larger non-core business unit of a public company whose name is withheld for confidentiality reasons. In order to consummate the acquisition, Planet needed to raise acquisition capital in an extremely expedited fashion.

Results – Frontier managed a marketing process for the acquisition financing in a fraction of the normal time. The process produced a double digit number of full priced offers with the most compelling offer granting Planet a majority position in the combined entity resulting from the acquisition.

Frontier acted as an exclusive financial advisor to, and assisted with the negotiations as representative of, Planet.

The executive officers of Planet would be pleased to serve as a referral for Frontier.

Summary – Populous, formerly known as HOK Sports Venue Event (“Populous/HOK Sport”), entered into an agreement to consummate a management buyout from its parent company, HOK, Inc.

Client Details – Populous/HOK Sport is the largest sports architectural firm in the world with offices in Kansas City, London, Brisbane, Denver, Nashville and Knoxville.

Situation – Populous/HOK Sport wanted autonomy from its parent company, HOK, Inc., the largest architectural firm in the world.

Results – Frontier professionals originally advised Populous/HOK Sport and negotiated with HOK, Inc. to consummate a recapitalization of Populous/HOK Sport, such that, among other governance issues, Populous/HOK Sport would retain the lion share of the profits it generated. Based on the leverage resulting from the original recapitalization, the governing managers of Populous/HOK Sport entered into negotiations with HOK Inc, with the assistance of Frontier, to gain full autonomy for Populous/HOK Sport by executing a management buyout of Populous/HOK Sport and spin-off from HOK, Inc.

Frontier acted as a financial advisor to, and assisted with the negotiations as representative of, Populous/HOK Sport.

Populous/HOK Sport's owners would be pleased to serve as a referral for Frontier.

Summary – Apex  Engineering International LLC ("Apex") consummated a recapitalization through mezzanine financing from C3 Capital Partners, LP and senior credit financing from Wells Fargo Business Credit.

Client Details – Apex is a leading manufacturer of aircraft parts (principally nacelles, empennage, aircraft doors, flight control surfaces and other comprehensive assemblies and sub-assemblies) for the general, commercial and military aerospace markets.

Situation – Non-management owners of Apex sought liquidity while Apex also sought a new capital structure.

Results – Frontier successfully conducted two processes:  one to obtain senior financing, and the other to obtain mezzanine financing.  Apex achieved a substantial facility from its new lender and recapitalized its equity on significantly accretive terms.

Frontier acted as an exclusive financial and strategic advisor to Apex in initiating and consummating the above described transaction.

Summary – DATACORE Marketing, Inc. ("DATACORE") was sold, in a structured sale beginning with a majority recapitalization, to Knowledge Base Marketing/Young & Rubicam, members of the WPP Group ("WPP").

Client Details – DATACORE is the category-leading data marketing and technology company providing innovative marketing solutions that are accountable to, and measurable by, its Fortune 500 clients.

Situation – The owner of DATACORE ("Owner") was interested in monetizing a portion of his ownership position in order to diversify his personal wealth and to find a financial partner to assist in growing the business.

Results – Frontier managed a marketing and sale process primarily focused on executing a minority recapitalization of DATACORE with a financial partner. The process yielded an impressive double digit number of offers for double digit multiples of DATACORE's EBITDA. Prior to selecting a financial partner, Frontier sought interest from WPP, one of the largest advertising and marketing network companies in the world, that had previously exhibited interest in acquiring DATACORE. Based on the synergies associated with combining DATACORE's capabilities with WPP's network of companies and their clients, the Owner successfully achieved his objectives through a structured recapitalization/sale, at a premium valuation of DATACORE's business, making the transaction the largest M&A transaction in the advertising and marketing sector in Kansas City history.

Frontier acted as the exclusive financial and strategic advisor to, and assisted with the negotiations as representative of, DATACORE in initiating and consummating the transaction.

DATACORE's owner would be pleased to serve as a reference for Frontier.

Turn Key Provider of Direct Mail Marketing Solutions

(name withheld for confidentiality reasons)

Summary – A turn key provider of direct mail marketing solutions was sold to a strategic buyer.

Client Details – The client is a turn key provider of direct mail marketing solutions, other direct marketing solutions, Web-based marketing support programs and related fulfillment services (the "Client").

Situation – The Client's owner was interested in monetizing his investment in the Client, preferably with a strategic acquirer that would provide an opportunity to fully exploit the Client’s service capabilities.

Results – Frontier served as the exclusive advisor on the sale creating compelling marketing materials for the business, developing a strong potential buyer pool (including a number of unique potential buyers through Frontier's network) and generating competition among those potential buyers. The sale and marketing process led to a very competitive process which not only maximized value, but also created competitive tension to drive the valuation and structure of the sale transaction.

Frontier acted as the exclusive financial and strategic advisor to, and assisted with the negotiations as representative of, the Client in initiating and consummating the transaction.

The Client's owner and the Strategic Buyer's owner would be happy to serve as a referral for Frontier.

A Leading Specialty Hauler of Hazardous Materials

Client Details – Frontier represented an outside management team with substantial experience and success in managing and growing specialty niche carriers in the trucking industry.

Situation – The management team identified a target company with a strong niche leadership position but with customer concentration and a departing CEO. Frontier negotiated an exclusive Letter of Intent to acquire on favorable terms and developed strong intent from multiple equity sponsors and assisted the management team in selecting one.

Results – Frontier served as advisor in assisting the buyer in obtaining $12 million in senior and subordinated debt to complete the acquisitions.

Frontier acted as a financial advisor on the above transaction.

Summary – Hometown Equity Mortgage ("Hometown") consummated a recapitalization.

Client – Hometown provides a comprehensive range of mortgage solutions as a category-leading mortgage originator.

Situation – Hometown's minority owner had always served as Hometown's President and active manager, while Hometown's majority owners had never been active in the business. The minority owner wanted to purchase the equity of his majority "partners."

Results – Frontier acted as the exclusive advisor on the recapitalization creating compelling marketing materials for the business, developing a strong potential investor pool, and generating competition among those potential investors to serve as a financial partner to the minority owner. The sale and marketing process led to a very competitive process which served as a catalyst to drive the consummation of a transaction that was mutually satisfactory to all of the involved parties.

Frontier acted as an exclusive financial and strategic advisor to Hometown in initiating and consummating the above transaction.

Hometown's owner would be pleased to serve as a referral for Frontier.

Sun Graphics, Inc.

Summary – Sun Graphics, Inc. ("Sun Graphics") was acquired by a private investor group.

Client Details – For over 40 years, Sun Graphics provided a complete range of high-end printing solutions for discriminating clients.

Situation – Sun Graphics' owners were interested in retiring. While Sun Graphics had always been known for its quality work product and had consistently demonstrated strong financial performance, particularly when compared to its peers, Sun Graphics had previously been unsuccessful in an attempt to sell the business.

Results – Frontier served as the exclusive advisor on the sale creating compelling marketing materials for the business, developing a strong potential buyer pool (including a number of unique potential buyers through Frontier's network) and generating competition among those potential buyers. The sale and marketing process led to a very competitive process which not only maximized value, but also created competitive tension to drive the valuation and structure of the sale transaction.

Frontier acted as an exclusive financial and strategic advisor to, and assisted with the negotiations as representative of Sun Graphics in initiating and consummating the above transaction.

Sun Graphics’ owners would be pleased to serve as a referral for Frontier.

Innovative Marketing Strategies, Inc.

Summary – Innovative Marketing Strategies, Inc. ("IMS") was acquired by a publicly-traded company, Epixtar Corp. (EPXR.OB – formerly NASDAQ) ("EPIXTAR") .

Client Details – IMS is a leading, mid-sized telemarketer with call center operations located in the United States and the Philippines. The Company provides integrated direct marketing solutions, primarily through outbound telemarketing services.

Situation – The majority shareholder and original founder and President of IMS was interested in pursuing other personal and business opportunities, while other shareholders and executive officers were interested in leveraging their industry expertise in continuing their careers. The shareholders' goal was to maximize valuation of IMS with an acquirer that could propel IMS' business.

Results – Frontier helped IMS develop an exit strategy for the business, respond to an initial offer from an interested acquirer, and manage a marketing and sale process that culminated in the acquisition by EPIXTAR, which had existing operations in the telemarketing space.

Frontier acted as the financial and strategic advisor to, and assisted in the negotiations as representative of, IMS in initiating and consummating the above transaction.

IMS’ owner would be pleased to serve as a referral for Frontier.

Empire Candle, LLC

Summary – Empire Candle, LLC ("Empire Candle") merged with Langley Candle Company.

Client Details – Empire Candle is a designer, manufacturer, and marketer of premium quality scented candles and related products.

Situation – The owners of Empire Candle had never been active in managing the business. With the dramatic changes in the candle market, the owners felt that the business could better capitalize on opportunities under ownership that was more "hands-on" and "in-tune" with the industry and consumer trends. Frontier was engaged to identify the appropriate buyer or partner to achieve the owners' objective.

Results – After an extensive search, an ideal candidate, Langley Candle, was identified. Langley's product development and marketing savvy were a perfect compliment to Empire's production excellence. The two companies consummated a merger positioning the combined entity to prosper within the candle sector.

Frontier acted as the exclusive financial and strategic advisor to, and assisted with the negotiations as a representative of, Empire Candle initiating and consummating the above transaction.

Arrow Materials Handling

Summary – Arrow Materials Handling ("Arrow MH") acquired Sydney Manufacturing

Client Details – Arrow MH is a "just-in-time" materials handling provider supplying forklifts, grapplers and related products to the industrial market.

Situation – Arrow MH was acquired by Gaslight Equity, a private equity firm in Chicago ("Gaslight"). After the acquisition, Gaslight was interested in growing Arrow MH through acquisitions.

Results – Frontier assisted Arrow MH and Gaslight in researching, identifying, and targeting Sydney Manufacturing and continued to assist by researching, identifying and targeting appropriate acquisition targets.

Frontier acted and continues to act as an exclusive financial and strategic advisor to, and assisted with the negotiations as representative of, Arrow MH in initiating the above transaction.

Arrow MH's owner would be pleased to serve as a referral for Frontier.

Heartland Physicians Health Network, Inc.

Summary – Heartland Physicians Health Network, Inc. ("HPHN") sold its minority equity position of FirstGuard Kansas , Inc. to FirstGuard Health Plan in connection with the sale of FirstGuard Health Plan for $93 million to Centene Corp (CNC:NYSE) ("Centene").

Client Details – HPHN was the exclusive network of physicians in Kansas providing medical care for patients of the State's Medicaid program through an agreement with FirstGuard Health Plan Kansas, Inc. ("FirstGuard Kansas"). FirstGuard Kansas is one of the primary operating subsidiaries of First Guard, Inc. ("FirstGuard Health Plan").

Situation – In connection with FirstGuard Health Plan's contemplated sale to Centene, FirstGuard Kansas was seeking to repurchase the minority position in its company owned by HPHN. HPHN needed financial and strategic advice regarding the proposed transactions and, if the transactions were to be consummated, a fairness opinion for its Board of Directors regarding the transactions.

Results – In connection with its sale of its ownership of FirstGuard Kansas and FirstGuard Health Plan's sale to Centene for $93 million, Frontier provided strategic and financial advice and delivered the fairness opinion under a tight deadline, facilitating consummation of the transactions and an extremely positive outcome for HPHN and its stockholders.

Frontier rendered a fairness opinion and provided financial advice to the Board of Directors of HPHN in connection with the above transactions.

The executive officers of HPHN would be pleased to serve as a referral for Frontier.

Category-Leading Manufacturer of Office Products

(name withheld for confidentiality reasons)

Summary – A category-leading manufacturer of office products is in the process of negotiating and closing several different acquisitions.

Client Details – The Client is one of the world's largest, and known as the highest quality manufacturer of, certain office products.

Situation – The Client was interested in growing its business in a manner that diversified its customer base.

Results – Frontier assisted the Client in developing, implementing and executing an acquisition strategy that expands the Client's product offerings, diversifies its customer base and increases market share in its sectors.

Frontier acted and continues to act as the exclusive financial and strategic advisor to the Client.

The Client's owner would be pleased to serve as a referral for Frontier.

Lakin Enterprises, Inc.

Summary – Lakin Enterprises, Inc. d/b/a Professional Builders ("Lakin") was acquired by a strategic buyer seeking to execute a market entry strategy.

Client Details – Lakin was a construction management firm specializing in retail interior construction or "tenant infill," principally for national chains of apparel retailers, such as Nike, Limited Brands, and Abercrombie & Fitch, among others.

Situation – The owner of Lakin ("Owner") was seeking a successful transition out of the business. The key issues for the Owner were a solid valuation given the cyclical nature of the industry and the ability for the Owner to phase out active participation in the business as quickly as possible.

Results – Frontier, through a targeted marketing and sale process to strategic, financial and entrepreneurial buyers, fostered a competitive environment that ultimately achieved an attractive price and structure that met the client's objectives.

Frontier acted as an exclusive financial and strategic advisor to Lakin Enterprises in initiating and consummating the above transaction.

Southern Theatres, LLC

Summary – Southern Theatres, LLC ("Southern Theatres") completed a $28.0 million equity investment from Veronis Suhler Stevenson

Client Details – Southern Theatres is a family-owned and operated business that manages and develops stadium-style movie theatres in middle to small urban or suburban markets of Louisiana and neighboring states.

Situation – The Chief Executive Officer ("CEO") of Southern Theatres had successfully exited his ownership of a leading movie theatre chain to AMC Entertainment and Entertainment Properties for over $100 million and, after the expiration of the CEO's non-competition agreement related to the sale, wanted to raise capital to develop another chain of theatres.

Results – Frontier served as financial and strategic advisor in the marketing and investment process, which was met with strong interest from a number of prestigious private equity groups in the media sector. The process produced a $28 million investment from a marquee financial investor and very favorable terms and ownership structure for the CEO and his management team.

Frontier acted as financial and strategic advisor to Southern Theatres on the above transaction.

The CEO would be pleased to serve as a reference for Frontier.

Data Technology Company

(name withheld for confidentiality reasons)

Summary – Data technology company (the "Client") consummated a minority recapitalization of approximately $15.0 million with a prominent private equity firm.

Client Details – The Client is a data technology company that is the largest privately held business within its niche.

Situation – The owner of the client was interested in monetizing a portion of his ownership position in order to diversify his personal wealth and to find a financial partner to assist in growing the business.

Results – The Client had already had substantive discussions with one of the nation's more prominent, middle market private equity firms about becoming the Client's financial "partner" and was seeking assistance in analyzing and structuring the proposed investment. Frontier provided analysis and advice in connection with the Client's consummation of a minority recapitalization with the private equity firm.

Frontier acted as financial and strategic advisor on the above transaction.

Ventria Bioscience

Summary – Ventria Bioscience ("Ventria") consummated a supplemental capital raise.

Client Details – Through internal research and development and collaborations with world-renowned biotech and industry leaders, Ventria created a rich product pipeline with innovative products in human nutrition and human therapeutics.

Situation – Ventria was seeking capital to fund additional product development and expansion of its internal capabilities to grow the business.

Results – Frontier was engaged by Ventria to assist the company with securing additional capital to help fund its growth in an abbreviated timeframe. After developing interest and managing a marketing and investment process with several credible investors, an investor with the ability and interest in adding meaningful strategic value made a multi-million dollar investment allowing Ventria to support its efforts to commercialize its various products.

Frontier acted as a financial and strategic advisor to Ventria Bioscience on the transaction.

Category-Leading Retail Clothier

(name withheld for confidentiality reasons)

Summary – A category-leading retail clothier (the "Client") instituted a strategic growth plan in connection with an overall strategic objective.

Client Details – The Client is a category leading retail clothing company with stores across the nation, serving certain niche markets for over 40 years.

Situation – The Client was contemplating certain strategic alternatives, one of which was to more aggressively grow its operations. Frontier was engaged to analyze the Client's strategic alternatives, recommend certain alternatives and strategies to implement such alternatives, and analyze the associated risk and expected rate of return for such alternatives and strategies.

Results – Frontier recommended a growth strategy as part of a larger strategic objective, driven by (i) an aggressive expansion of new stores in targeted cities supported by tangible demographic and other research and (ii) a plan of increasing financial margins while also building the infrastructure to support more retail locations. The result was a "road map" for more profitable growth for an already successful business that also aligned with the strategic objectives of the Client's owners.

Frontier acted as an exclusive financial and strategic advisor to Client on the above engagement.

The Client would be pleased to serve as a reference for Frontier.

Payment Systems Processor

(name withheld for confidentiality reasons)

Summary – A payment systems processor entered into a joint venture with a strategic industry player.

Client Details – The Client is an international payment systems processor that utilizes proprietary technology for providing turnkey, private-label gift cards.

Situation – The Client was approached by one of its strategic competitors (the "Competitor") regarding merging or otherwise combining operations in order to synergistically mesh the Client's IT transaction processing and client support expertise with the Competitor's sales capabilities. The Client's management and owners were struggling with (i) whether to merge with the Competitor whose historical revenue and EBITDA were materially larger than the Client's revenue and EBITDA and (ii) if a merger were pursued, what valuation for the Client and the Competitor, among other terms and conditions, would be advisable to the Client. Frontier was engaged (i) to assess the Client's current valuation and the Competitor's current valuation, (ii) to analyze and assess the terms and conditions of the proposed merger, (iii) if the merger was pursued, to advise on how to most effectively consummate the proposed merger and to advise and negotiate on behalf of the Client, and (iv) if the merger was not pursued, to advise and assist in effecting certain alternative strategic growth initiatives.

Results – Notwithstanding the fact that the Competitor was in a stronger financial position than the Client with higher historical revenue and EBITDA, Frontier assisted the Client in determining that (i) the Client's business model and future prospects were significantly stronger than the Competitor such that the Client's valuation was most likely higher than the Competitor's valuation, (ii) a merger between the Client and Competitor, while a prudent idea in concept, was not nearly as compelling or as financially prudent to the Client as a strategic joint venture where the Client would autonomously realize the potential value that the Client had created, but which the Client had yet to experience in the market. Frontier advised, and the Client decided, to reject the merger offer from the Competitor and instead engaged the Competitor in a negotiation to form a joint venture, into which the Competitor ultimately agreed to enter.

Frontier acted as the exclusive financial and strategic advisor to the Client on the above matter.

The Client's owners would be pleased to serve as a referral for Frontier.

Intermodal Logistics and Transportation Management Company

(name withheld for confidentiality reasons)

Summary – None

Client Details – The Client is a category leader in intermodal asset based and non-asset based transportation services both domestically and internationally, including full-service logistic management services, drayage, freight forwarding, shipping container depot operations, rail ramp and maintenance services, leasing of transportation equipment, and international transportation through its "non-vessel operating common carrier" designation.

Situation – The Client was contemplating certain strategic alternatives and engaged Frontier (i) to identify the Client's strategic monetization alternatives and strategic growth alternatives and (ii) to evaluate the expected return and associated risk for each alternative.

Results – As a result of Frontier's research and advice, the Client was able to more prudently and more definitely evaluate its strategic alternatives and select the optimal steps to achieve a larger strategic objective of the Company and its owner.

Frontier acted as an exclusive financial and strategic advisor to Client on the matter.

Preeminent Digital Fulfillment Company

(name withheld for confidentiality reasons)

Summary – A preeminent digital fulfillment company (the "Client") has implemented, and continues to implement, a growth strategy through acquisitions.

Client Details – The Client developed a proprietary technology that permits the publishing and fulfillment of infinitely variable content to "audiences of one." With its technology and infrastructure, the Client is the largest publisher of certain publication categories and a category leader in other categories in the United States.

Situation – The Client wanted to develop acquisition strategies to dominate certain publication niches and to pursue multiple publication verticals.

Results – Frontier assisted the Client in strategizing how to most effectively consolidate and dominate certain niche verticals and develop disciplined acquisition formulas, as well as assisting in researching, identifying and targeting acquisition targets.

Frontier acted as the exclusive financial and strategic advisor to, and assisted with the negotiations as representatives of, the Client in initiating and consummating the transaction.

The Client's owner would be pleased to serve as a referral for Frontier.