Shattan.com - Case Study

Case Studies

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Situation Analysis: November 1999

	Company provides "mission critical" industrial cleaning and coating services to industrial and utility clients
	Large and fragmented markets (greater than $10 billion)
	Had grown rapidly in less than two years through a series of acquisitions
	Initially sought approximately $5 million of equity to fund its most recent acquisition
	Existing investors consisted of several "Angels" and small Venture Capitalists (including one Venture Capital firm that was seeking liquidity)

Outcome: Obtained Substantially More Equity Without Giving Up Control

	Engaged The Shattan Group ("TSG") as lead Agent
	TSG arranged 20 meetings with potential investors over five days
	Received four "circles" totaling $100 million
	Increased the transaction size to $31.25 million
	Selected a "deep-pocketed" Private Equity Fund to propel its growth
	Cashed out the Venture Capitalist with $15 million of proceeds - initial investment was $4.3 million.
	CEO also sold shares for $1.25 million
	Larger financing allowed Kenny to accelerate the execution of its business strategy

This announcement appears as a matter of record only.

$31,250,000

KENNY MANTA INDUSTRIAL
SERVICES, LLC

Class A Interests

Saunders Karp & Megrue, LLC
TSG Co-Investors, LLC
Value Investing Partners, LLC

The undersigned privately placed the
Class A Interests in this transaction.

Value
Investing
Partners,
Inc.

April 2000

The Shattan Group LLC
730 Fifth Avenue - Suite 933 - New York, NY 10019
Copyright 2003 The Shattan Group LLC

Tel: (212) 659-7723
Fax: (212) 659-7736