PIERCE

Pierce is an unusual investment firm in that our key executives and their families have contributed a significant portion of our capital that we deploy and it represents a meaningful portion of their net worth. With our interests well aligned with other outside investors', we are concerned with both the financial success of our investments and with the ethical and moral standards of high integrity and good governance... We have always believed that an operational focus is critical to creating sustainable value in businesses. Pierce enjoys a network of industrial and financial partners, many of whom we have done business with for years. We routinely rely on operating executives of current or former portfolio businesses as well as investors and fund managers to develop proprietary insights into our partnership and investment opportunities. Through many years of experience building businesses and our ability to draw on the talents and knowledge of our operating executives, we are able to..