Shattan.com - Case Study

Case Studies

(f/k/a ALLIANCE NATIONAL Inc.)

Situation Analysis: July 1996

	Company operated 15 Executive Office Suites with approximately $1 million of EBITDA
	Fifth largest participant in a highly fragmented industry
	Public, non-reporting company
	Management initially sought $4 million of equity capital to acquire additional centers -- up to 40 locations within five years

Outcome: Substantial Capital Propelled Company to Industry Leader

	Retained The Shattan Group ("TSG") as Agent
	TSG initially raised $12.9 million of equity from deep-pocketed Private Equity Funds in order to capitalize on: - Abundance of attractive acquisition candidates; and - Limited competition for acquisitions
	TSG subsequently raised an additional $8.1 million of equity from these investors, and arranged for a $20 million Acquisition Credit Facility
	Credit Facility ultimately increased to $100 million
	Renamed VANTAS Incorporated
	Sold to FrontLine Capital Group (OTC/FLCG) in late 1999
	200 centers and run rate EBITDA in excess of $30 million at the time of sale

This announcement appears as a matter of record only.

$121,108,066

ALLIANCE NATIONAL
Incorporated

$21,108,066
Convertible Preferred Stock

Cahill, Warnock & Company
Northwood Ventures
Management/Directors

$100,000,000
Acquisition Credit Facility

Banque Paribas

The undersigned privately placed the
Convertible Preferred Stock in this transaction
and arranged the Acquisition Credit Facility.

November 1996 - January 1999

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