Summary of Provident Group capabilities including case studies and firm biographies

1. PROVIDENT GROUP
Bringing Investment Opportunities Into Focus
May 2009

2. Provident Group Overview
Provident Group is a boutique investment banking and advisory firm founded in 1998 by
Wall Street veterans, dedicated to servicing the middle markets within the Americas and
other select emerging markets through the structuring and private placement of client
transactions.
► Provident Group differentiates itself by focusing on privately placed
and frequently cross-border transactions. Provident focuses on
serving middle market clients that require highly customized
PROVIDENT solutions. Structuring and placing these types of transactions
requires specific skills, a successful track record, local knowledge,
GROUP and deep relationships with the relevant institutional investor
community..
Asset Corporate ► Provident Group has a highly articulated global network of
Management Finance
relationships with institutional investors with which it places its
transaction flow, consisting primarily of large macro and emerging
market hedge funds, private equity funds, pension funds and
Capital insurance companies.
Raising
Distribution ► Provident Group’s most valuable asset is its professional team,
Advisory
drawn from top buy and sell side Wall Street firms including Lehman
Brothers, Salomon Brothers, Bear Stearns, JP Morgan and
Deutsche Bank Capital Partners.
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3. Corporate Finance Services
Provident’s corporate finance unit provides highly tailored solutions to its client base,
operating in markets where matching the client to the right partner is time and business
critical.
Client Base Services
► Established businesses with existing cash ► Structuring and placing privately
flows, or those that have assets/services
which can be monetized through contracts
negotiated capital:
with reliable counterparties ► Equity, quasi-equity, structured debt (including
mezzanine), as well as senior debt with
institutional sources
► Early stage capital when there is strong
sponsorship backing the initiative ► Secondary focus on Private Equity and
Mergers & Acquisition Advisory
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4. Capital Raising Capabilities
Provident’s corporate finance unit has sourced $3 billion in capital for a range of client
needs.
•Cross Border Expansion
Expansion
•Product Diversification
Capital •Market Growth
Turnaround/Recapitalizations due to:
•Balance Sheet Restructuring
Acquisition
(excess debt)
Finance
•Operating Difficulties
•Adverse Market Conditions
Provident’s track record provides with direct access to institutional capital sources in the
US and abroad, specializing in privately negotiated transactions in the middle markets. As a
result our clients benefit from these investors' expertise and patience to execute these types
of financings.
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5. Sector Coverage
Provident is able to successfully match financial partners with clients because of its
depth of sector knowledge. Provident clients range from Fortune 1000 listed companies
to privately held family enterprises in a number of sectors:
• Natural Resources
• Industrial • Services
• Commodity Sector
• Transportation • Financial Services
• Energy
Agribusiness - Row crop producers Transportation/Logistics - Financial Services - Banking,
(soybean, cotton, other), permanent Maritime, aviation and ground based specialty financial services,
crops, forestry, beef/dairy operations transportation, logistics service consumer credit, trading platforms
providers
Alternative energy - Bio-fuels, Real Estate/Housing – Low cost
thermal energy and wind power Power - Generation, transmission residential housing developments
and distribution and commercial real estate
Upstream Energy - Oil & Gas
exploration and production, oilfield Specialized Manufacturing – Retail/Consumer- Retail and
services, coal production Precision Machinery, consumer products
Thermoplastics, building products
Hospitality/Tourism – Hotel,
leisure and tourism projects
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6. Corporate Finance and Advisory Services
Provident’s corporate finance unit’s value added is providing highly tailored solutions
to its client base, typically operating under tight time constraints and difficult market
conditions where matching the client to the right partner quickly is critical.
► Provident’s core mission is to structure and place privately negotiated capital throughout the capital spectrum
including equity, quasi-equity, structured debt (including mezzanine), as well as senior debt with institutional
sources.
► Provident is typically most successful for clients who have established businesses with existing cash flows, or
those that have assets/services which can be monetized through contracts with reliable counterparties.
► Provident will selectively engage clients looking for early stage capital only when there is strong sponsorship
backing the initiative.
► Provident has sourced capital for a range of client needs, including expansion capital, acquisition finance or for
turnarounds/recapitalizations for companies which need to restructure their balance sheets stemming from the
excess debt, operating difficulties or which have been impacted by adverse market conditions.
► A critical Provident advantage is its track record which provides it with direct access to institutional capital
sources in the US, Europe and within Latin America which specialize in privately negotiated transactions in the
middle markets. These firms are hallmarked by their high degree of expertise and patience to execute these
types of financings.
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7. Asset Management
Provident and it’s SEC-Registered Investment Advisor affiliate, Provident Group Asset
Management, manage a portfolio of asset management products.
LMSDF
The Longship Multi-Strategy Debt Fund
PROVIDENT
Launched on February 1st, 2004 GROUP
Provident Group Asset Management’s
flagship fund of hedge funds
Asset Corporate
Globally diversified portfolio of “best in class” Management Finance
fixed income hedge funds
Managed Accounts
Capital Raising
Distribution
Provident Group Asset Management
Advisory
manages a globally diversified portfolio of
asset management products for our global
client base in addition to the LMSDF
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8. Selected Biographies
Steven J. Carlson Mark Bishop Pavlos Mavrides Matos
Phone: +1 212-742-1852 Phone: +1 212-742-1871 Phone: +1 212-742-1851
Email: scarlson@provident-group.com Email: mbishop@provident-group.com Email: pmavrides@provident-group.com
CEO and Co-founder Partner and Co-Founder-Origination and Execution Partner and Chief Financial Officer
• 24 year veteran of Wall Street: corporate finance/advisory, • 10 year veteran of Salomon Brothers Inc. • 12-year Wall Street experience alternative asset management,
asset management and fixed income: trading, sales, corporate finance/advisory, capital markets and transaction
• Vice President-Business Unit Manager for U.S./Latin American structuring
research and capital markets.
Equities
• Managing Director, Lehman Brothers, 14-year veteran: • Principal in Deutsche Bank Capital Partners’ Latin American
• Co-Chaired Latin American Working Committee and served on Private Equity Fund (2000)
• Head of Sales (Institutional Sales Group) and FI product
Latin American Operating Committee • Managed control and minority Investments for companies in
(Private Client Services),
• 1996-1997 based in Buenos Aires, responsible for oversight of South America, Mexico and the Caribbean for Deutsche Bank
• Business Head Emerging Markets Fixed Income and Capital Partners’ Private Equity Portfolio
Derivatives, Salomon’s Joint Ventures in the Southern Cone (MBA:
Argentina, Celfin: Chile, Patrimonio: Brazil) • Former Investment Banker in Salomon Smith Barney's Latin
• Head of non-agency mortgage trading – CMO, Derivatives, American Investment Banking and Global Power Groups
pass-through and he mortgage conduit business • BA Brown University; attended Universität Rostock
• Former Corporate Attorney in Brown & Wood LLP’s Global
• Harvard’s Kennedy School of Government (M.P.P); • Fluent in German Project Finance and Latin American Securities teams
University of Maryland (B.A.). • Columbia Law School (J.D.), Yale University (B.A.)
• Fluent in Spanish, Greek, and Portuguese
James B. Roper Brian P. Mathis Matthew Yoon
Phone: +1 212-742-9176 Phone: +1 212-742-9177 Phone: +1 212-742-1158
Email: jroper@provident-group.com Email: bmathis@provident-group.com Email: myoon@provident-group.com
Partner and Chief Operating Officer Managing Partner of Asset Management Vice President, Investment Banking
• 18-year veteran of Lehman Brothers. • 10-year experience in alternative investment management. • Firefly Capital (3 yrs) – Vice President, Investment Banking for
Boston based institutional brokerage/ investment banking firm.
• Leadership of key businesses such as Fixed Income Sales • Former member of Investment Management Committee at Established investment banking practice focused on advising
and Research, and Global CM Recruiting. PAAMCO, a $7.5 billion fund of hedge funds; responsible for middle market issuers in cross border transactions between N.
directional hedge fund strategies, portfolio allocation and Asia and the Americas
• Member Fixed Income Operating Committee.
guiding strategic initiatives. • Bear Stearns & Co. (Boston) (2 yrs) – Associate, focused on
• Founder and CEO of Treeba, Inc, proprietary cutting edge middle market fixed income distribution and fixed income
• Vice President, JPMorgan Capital & Lab Morgan, investing in
recruiting software. instruments: municipal bonds, auction rate securities, CDOs,
multiple sectors, including private equity and the hedge funds
• Previously at Wells, Rich, Greene Inc.; BBDO Inc. ABS, MBSs.
space.
• Accenture – Analyst, High Tech/ Communication Unit & BKL in
• Boston College (B.S.). • Harvard Law School (J.D.); Harvard’s Kennedy School of M&A team
Government (M.P.A.); University of Michigan Business School
• Brandeis University, M.A. in Economics & Int'l Finance
(B.B.A.). Korea University, B.A. in Business Administration
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9. Selected Biographies
Caroline Lovelace William Liu Andrew Reynolds
Phone: +1 212-742-9192 Phone: +1 212-742-9388 Phone: +1 646-723-7626
Email: clovelace@provident-group.com Email: wliu@provident-group.com Email: areynolds@provident-group.com
Asset Management Due Diligence and Product Managing Director, Head of Risk Management Investment Banking Execution
Development • Former broker of emerging markets fixed income both
• Formerly VP of Investment Management at Ivy Asset
sovereign and corporate debt with Tradition Asiel and Tullett
• More than 11 years experience in global financial services. Management, a $14 billion fund of hedge funds, where his
Prebon.
responsibilities included risk analysis & monitoring, fund risk
• 5-year veteran in alternative asset management. • 3 years experience in Media industry as a media planner
policy and implementation, hedge fund research, due
developing advertising campaigns for clients such as Citibank
• UBS (3 yrs) - Investment Banking primarily financial services diligence and portfolio management Private Banking, Novartis, and HIP of New York among others.
in Southern Europe; Equity Capital Markets, pan-Europe
• Former SVP in Lyra Capital LLC, a $1.9 Billion Fund of Funds, • Esade Business School (M.B.A.);
• J.P. Morgan Chase (6 yrs) - Investment Banking, Financial where he co-managed hedge fund risk research and due
Denison University (B.A.).
Institutions Group / JP Morgan Capital / JP Morgan Private diligence and set up and managed a firm-wide VaR analysis
Bank. Identified, evaluated and structured private equity and stress testing process. • Basic Spanish
investments and managed ongoing portfolio of companies
• Former Consultant in CDO Group/Structured Finance
and member of the Board of Directors Advisors.
Department, at Bank of New York, responsible for deal
• The Wharton School, University of Pennsylvania (M.B.A); indenture research, risk analysis and reporting, model
Harvard University (B.A.). implementation and portfolio credit risk monitoring of A $2.4
• Fluent in Spanish billions CDO portfolio.
• Ph.D in Science of Engineering, Columbia University, M.S. in
Science of Engineering, Northeastern University, China, B.S.
in Science of Engineering, Jiangxi University of Science and
Technology, China.
Steven W. Plotycia
Phone: +1 212-742-1804
Email: splotycia@provident-group.com
Vice President, Controller
• Responsible for finance & controls, hedge fund administration,
investor relations and accounting
• 4 years experience in alternative asset management
• B.A. in Mathematical Economics from Colgate University
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10. Selected Transactions – Emerging Markets
Brazil 2009 Brazil 2009 South Korea 2008 Argentina /United States 2008
Jin Young Precision
Low-Income Housing Developer Brazilian Farm Operator
Machine Co., LTD Non Performing Loans
Precision Manufacturer Capital Raising
Capital Raising Asset Divestiture US$ 90,000,000
R$ 26,000,000 Equity / Mezzanine Financing
US$ 30,000,000
________ US$ 11,000,000
______ ____________
Exclusive Financial Advisor ______ Sole Lead Manager
Exclusive Financial Advisor
Exclusive Financial Advisor
Brazil 2008/ 2007 Argentina /Brazil 2007/ 2006 Argentina /Brazil 2007/ 2006
Agribusiness
Term Debt Facility Logistics Logistics
US$ 10,000,000 Senior Debt Financing
Private Equity Financing Asset Purchase
US$ 37,200,000 US$ 24,000,000
US$ 50,000,000
Equity Financing
Private Equity/Mezzanine Financing
US $1,000,000 US$ 10,000,000 ________
__________________________
________ Exclusive Financial Advisor
Exclusive Financial Advisors Exclusive Financial Advisor
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11. Selected Transactions – Emerging Markets
Brazil 2006 Brazil 2005 Ecuador 2004
Agribusiness
Agribusiness Private Equity Placement
Membership Units (Private Equity) US$ 21,000,000
US$ 30,000,000 US$ 32,000,000
Secured Pre-Export Facility _________ ________
_________ Exclusive Financial Advisor Exclusive Financial Advisor
Placement Agent
Brazil 2004 Costa Rica 2002 Central America 2002
PVC Pipe Manufacturer
Convertible Preferred Shares Commercial Banking
Agribusiness
US$20,000,000
IPO – Common Shares Secondary Listing
Secured Pre-Export Finance Facility
US$ 11,000,000 US$ 200,000,000
US$ 65,000,000 Commercial Paper Common Shares
US$ 6,000,000 @ US$2 per share
_________ ____________ ____________________________
Joint Arrangers Sole Lead Manager Exclusive Financial Advisor
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12. Selected Transactions – U.S. and Canada
United States 2008 United States 2007 United States 2006
Turbine Vada Energy LLC
Energy Solutions
Energy Equipment Parts Distribution Exploration
Agora-X, LLC & Production Company
Private Equity
Commodity Trading Platform Private Equity Financing
US$ 5,000,000
Development Capital Raise US$ 35,000,000
Senior Secured Debt
US$ 7,500,000 ______
US$ 75,000,000
______ Exclusive Financial Advisor
______
Exclusive Financial Advisor
Exclusive Financial Advisor
United States 2004 United States 2004 / 2003
PVC Pipe Technology &
Service Provider Special Purpose Finance Company
Common A Shares M&A Advisory – Sell Side
US$ 19,000,000 US$ 6,000,000
Series A Convertible Preferred Shares
Equity Financing
US$ 5,000,000
US$ 4,000,000
Bridge Financing
US$ 1,095,000 ________
Exclusive Financial Advisor
Merchant Banker
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13. Current Pipeline (In Progress)
Brazil 2009 Australia 2009 Panama 2009 United States 2009 Brazil 2009
CUBBIE GROUP
Multiner S.A. Australian Agribusiness International Renewable Energy
Provider Brazilian Real Estate Developer
Power Generation Restructuring & Capital Raising Repo Client Financing BD
A$ 300,000,000 Private Equity Fund Capital Raise Project Financing
Project Level Financing Debt Refinancing
US$ 90,000,000
Exclusive Financial Advisors ________ ______ ______
Exclusive Financial Advisor
Exclusive Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor
Peru 2009 Brazil 2009 Guyana 2009 United States 2009 Brazil 2009
Iowa Participacoes, S.A.
SSI US Coal
International Consolidated Simon & Shock Int’l, LLC
Producers
Minerals Brazilian Cotton Farming Platform
Hardwood Lumber Company
Polymetallic Peruvian Mine Equity Financing Canadian Graphite Mine
Capital Raising Capital Raising / Asset Sale
Senior Secured Debt US$ 50,000,000
US$ 45,000,000 ______ Capital Raising / Asset Sale
US$ 65,000,000
______ ________ Exclusive Financial Advisor ______
________
Exclusive Financial Advisor Exclusive Financial Advisor Exclusive Financial Advisor
Exclusive Financial Advisor
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14. Case Study – Private Equity
Brazil Iowa Farms
► Business: Integrated large scale agribusiness company headquartered in the Brazil 2008/ 2007
US that owned/operated 22,550 acres of producing farmland and a cotton gin in
the Brazilian state of Bahia Agribusiness
Term Debt Facility
► Company’s need: The Company was in its second year crop year and critically US$ 10,000,000
Private Equity Financing
US$ 50,000,000
needed capital to finance crop inputs. Longer term, the Company also needed Equity Financing
US $1,000,000
equity capital to scale its operations by acquiring new land to create a business __________________________
Exclusive Financial Advisors
which could be exited via a strategic sale or local public issuance.
► Challenges Involved:
Pre-cash flow positive, thinly capitalized balance sheet
Depressed commodity prices for cotton, lack of quality off-takers with good credit profiles
Lack of a recognized strategic and technical partner
► Provident Solutions:
Refinanced existing debt with a $10MM 5 year debt facility structured to defer principal amortization
Raised $1MM of equity from a strategic off-taker/advisor which included a multi-year agreement that
intermediated off-taking risk for both local and international off-takers for cotton
Provided expansion capital raising $50MM of private equity (2.5x oversubscribed)
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15. Case Study-Balance Sheet Restructuring/Expansion Financing
Fluviomar International Limited
► Business: 2nd largest barge transportation company (30% market share) on the Argentina /Brazil 2007/ 2008
Hidrovia, Latin America’s primary North-South inland river complex
► Company’s need: Restructure Balance Sheet, replacing expensive short term debt Logistics
with longer term structured debt facility, expansion capital required to grow fleet and 1. Asset Purchase
US$24,000,000
exploit rising commodity price environment
2. Strategic Investment
► Challenges Involved:
US$ 10,000,000
____
Exclusive Financial Advisor
Complex ownership and capital structure, multiple legal jurisdictions
Highly over-leveraged Balance Sheet
High cost bridge debt and sellers notes created drag on cash flows
Argentina /Brazil 2007/ 2006
► Provident Solutions:
Replaced high cost bridge and term financing with Senior Secured Bullet Logistics
Amortizing facility, freeing up cash flow Senior Debt Financing
US$ 37,200,000
Financed acquisition of major asset purchase enabling company to increase Private Equity/Mezzanine Financing
US$ 10,000,000
cash flow and accommodate larger bridge financing ________
Exclusive Financial Advisor
Ongoing engagement to restructure entire balance sheet and source equity
capital to de-leverage the balance sheet , as well as provide expansion financing
to grow barge fleet
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16. Contact Information
PROVIDENT GROUP
654 Madison Avenue, Suite 1009
New York, NY 10065
Tel: (212) 742.4900 ● Fax: (212) 742.1890
www.provident-group.com
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17. Disclaimer
This document is for informational purposes only and is not intended as an offer to sell or a solicitation with
respect to the purchase or sale of any security. This document has been made available through Provident
International Securities, Inc. a FINRA registered broker-dealer and wholly owned subsidiary of Provident
Group Limited. This document does not take into account the investment objectives, financial situation or
particular needs of any particular person. Although the information in this document is based on information
obtained from sources Provident Group believes to be reliable, Provident Group does not guarantee the
accuracy of the information and it may be incomplete or condensed. Any unauthorized use, duplication or
disclosure is prohibited by law and will result in prosecution. © Provident Group Limited, 2008.