Michael F. Donoghue, General Partner and Co-founder. Prior to co-founding Spring Capital in 1999, he was a Principal of CoreStates Enterprise Capital Group ("CECG"), CoreStates Bank's mezzanine finance subsidiary, from 1987 until June 1998, the last seven of those years as its President. Mike was actively involved in all aspects of managing the funds, including deal origination, underwriting, due diligence, deal structuring and pricing, company monitoring and troubleshooting. He also investigated, initiated and spearheaded the formation of a wholly-owned SBIC, CoreStates Enterprise Capital, Inc., which was licensed in 1996, and served as its President. From 1980 to 1987, he was a commercial banker in CoreStates' Communication and Media Group, responsible for the bank's cable television and broadcast portfolio in the eastern half of the United States.

Mike currently serves as a Board observer to several portfolio companies. He has been a member of the Executive Committee of the Northeast Regional Association of Small Business Investment Companies (NERASBIC) since 2000 and served as President of NERASBIC in 2004 to 2005. Mike was also a member of the Board of Governors of the National Association of Small Business Investment Companies during 2004 and 2005.

Mike is a graduate of Georgetown University and the University of Virginia (MBA).

Email: mfd@springcap.com 

Robert M. Stewart, General Partner and Co-founder. Prior to co-founding Spring Capital in 1999, he was a Managing Director of CrossHill Financial Group LLC (and its predecessors), which were active in investment banking advisory services in the Northern Virginia area from 1995 to 1998. Previously, he was a Principal in the formation of Armata Partners, a merchant banking firm from 1993 to 1995. Prior to that, he was a Vice President in the investment banking department of Legg, Mason and from 1985 to 1989 he was in the mergers and acquisition departments of Irving Trust and Daiwa Securities America, Inc. Bob has initiated, invested in and closed numerous transactions involving a variety of financing techniques, including, subordinated debt with warrants, bridge loans with warrants, convertible and participating preferred stock and common stock. He also has closed merger and acquisition transactions ranging from $5 million to $350 million; completed initial public offerings and follow-on equity offerings ranging in size from $25 million to $150 million; and conducted overall analysis, due diligence, valuation, investment negotiation and ongoing oversight of these investments.

Bob has served as Board observer to several portfolio companies and has been a director to numerous companies including DIGEX, Inc. He also is currently President of the Southern Regional Association of Small Business Investment Companies (SORASBIC) and is on the Executive Committee of the National Association of Small Business Investment Companies (NASBIC).

Bob is a graduate of Hampden-Sydney College and Wake Forest University (MBA).

Email: rms@springcap.com 

John C. Acker, General Partner. Prior to joining Spring Capital in April, 2001, Jay was a Vice President in the Capital Markets Group of Allfirst Bank, where he was responsible for originating, structuring and managing leveraged transactions for middle market companies. Typically, portfolio companies generated revenues between $20 million and $500 million and were located in the eastern half of the United States.

Jay currently serves as a Board observer to several portfolio companies and is on the regional Board of Directors for the Association for Corporate Growth.

Jay is a graduate of Gettysburg College.

Email: jca@springcap.com 

Robert J. Palmer, Vice President. Prior to joining Spring Capital in March, 2001, he was a Vice President with the Philadelphia office of Brown Brothers Harriman, providing lending and advisory services to middle market companies. From 1987 to 1995, he was a commercial lender with CoreStates Bank lending to corporate banking clients.

Bob currently serves as a Board observer to several portfolio companies. He also serves on the board of the Philadelphia chapter of the Risk Management Association and is co-chairman of the Philadelphia ACG M&A East Conference.

Bob is a graduate of Gettysburg College.

Email: rjp@springcap.com 

Peter B. Orthwein, Jr., Vice President. PJ joined Spring Capital in August 2003 as an Associate with responsibility for investment analysis, due diligence and portfolio company administration. Previously, PJ was an associate with Brooks, Houghton and Company and held operating and financial positions within three start-up businesses at Starwood Hotels & Resorts Worldwide and Priceline.com. He began his career in the Executive Development Program at Hannaford Brothers, Inc., a supermarket chain based in Portland, ME.

PJ is a graduate of Cornell University with a BS and MBA.

Email: pbo@springcap.com 

F. Stuart Knott, Vice President. Stuart joined Spring Capital in May 2007 having spent the past 10 years working on middle market transactions in both an advisory capacity and as a principal investor. Previously, he was a Vice President with KPMG Corporate Finance, LLC, where he advised clients on mergers, acquisitions and capital raising initiatives ranging in size from $5 million to $75 million. More recently, Stuart was a founding partner of a family office private equity partnership, as well as a Vice President with a $100 million mezzanine fund.

Stuart is a graduate of Boston College and the University of Maryland (MBA).

Email: fsk@springcap.com

Derek Lee Wardlaw, Associate. Prior to joining Spring Capital in January, 2007. Previously he was an Associate with Snowbird Capital. In 2005, he founded The Bean Counter, a restaurant in Washington DC, which he sold in 2006. From 2004 to 2005, he was part of the startup production team at the Middle East Broadcasting Network, a service of the United States Department of State. From 2000 to 2004, he was an analyst with Unisphere, a government backed early stage investment fund.

Derek is a graduate of Samford University and The George Washington University (MBA).

Email: dlw@springcap.com