Letter of Recommendation from the Sale of RACE LLC in 2004

August 12, 2004
Dear Mr. Feher,

I wanted to write to you to thank you for the services provided to us by Dr. Perry Campbell of ACT in the successful re-capitalization of RACE, LLC that closed in June. This transaction and the level of service that Perry provided exceeded our expectations. In the deal Perry structured for us, the founders of RACE were able to achieve substantial liquidity at closing along with the opportunity for generous future payments, while still retaining a significant equity interest in the company so we can continue to participate in its rapid growth.

The enterprise value we achieved for RACE with Perry’s help was at least four million dollars higher than a deal we had negotiated independently just a year earlier. While we believe the inherent value of RACE justified a high price, Perry’s professional services were instrumental in achieving this success as he created a confidential and competitive market for our business. His experience, professionalism and enthusiasm were evident to us as soon as we went to market and Perry immediately began to bring us a wide variety of qualified business buyers – including both financial buyers and industry buyers – thus giving us a choice of investment partners. In the course of this process Perry brought us many professional business buyers, who review hundreds or thousands of companies each year, most of whom stated to us that the Confidential Business Review that Perry prepared for our company was one of the best they had ever seen. It was very reassuring to us to know that we had the highest quality presentation of our business in the market place. Finally, once we had narrowed our choice of investment partners to the three finalists, Perry brought highly talented tax and legal advisors to the table who represented us well in closing the transaction – producing the highest possible after tax benefit to the founders. The final deal was a home run for lIS, and we couldn’t be more pleased.

Throughout the process Perry and I developed a mutual respect and friendship that I expect will continue for years to come. I would be more than pleased to recommend Perry and ACT to any business owner who is interested in selling his business or obtaining growth capital.


Robert Applebaum, President

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