13th Annual FEI Capital Markets and M&A Update

Keith Carpenter is a Senior Business Advisor at Creative Planning Business Services, bringing 30 years of combined business and legal experience across mergers and acquisitions, corporate finance, turnarounds, and corporate restructurings. He has worked with clients across a wide range of industries, including business services, manufacturing, food and agriculture, construction, wholesale, retail, and real estate management. Keith advises both buyers and sellers on M&A transactions in the small to mid-markets. Recent engagements include manufacturing firms, business services companies, logistics companies, and retail operations. Prior to joining Creative Planning (and its predecessors BerganKDV and Alliance Management), Keith spent 20 years as Senior Vice President and General Counsel at Jacobs Management Corporation, the family office for the Jacobs family. In this role, he managed legal affairs and was actively involved in strategic and financial decisions across a diverse portfolio of investments. Earlier in his career, Keith practiced law with two major Midwestern law firms. Keith holds a B.A. from the University of St. Thomas and a J.D. from the University of Minnesota Law School.

Corey White is a Director within the middle market Investment Banking Group, based in Chicago. He advises executive teams, investors, and board members on capital raising and strategic mergers & acquisitions, focused on mid-cap public companies and family-owned / founder-led enterprises. Corey has experience across several sectors including Industrials, Consumer, and Technology. Corey has been with BofA Securities for 9 years, having spent 2 years in New York with BofA's Global Consumer & Retail group and 7 in Chicago helping to develop BofA’s Midwest Investment Banking platform. While with BofA, he has advised on more than 30 transactions totaling more than $25 billion, ranging from growth stage through multi-billion dollar public companies. Previously Corey was with Restaurant Brands International in the Franchising & Development team, responsible for franchisee growth initiatives. Corey holds a B.A. in Economics from The University of Chicago and an MBA from Kellogg School of Management at Northwestern University. Corey is a Chicago native and currently lives in the suburbs of Chicago with his wife and three kids.

Jane Salmen is the founder of Human Capital Partners, where she focused on building an effective, responsive, and results-driven human capital organization. Her work centered on creating meaningful, successful career transitions for professionals at every level. She partnered with organizations of all sizes, from small businesses and nonprofits to Fortune 500 companies, providing career transition and professional search services that were both strategic and deeply human-centered. Jane worked closely with clients as they navigated change, including restructuring, growth, and cultural transformation, helping them move forward with clarity and confidence. At the heart of her work was a passion for helping people find purpose, direction, and renewed momentum during times of career change.

Leah Berend is the Founder and Managing Partner of Marrin Investment Partners, a private equity firm investing in established companies, to generate substantial returns on investment while improving the company's financial and cultural outcomes. With nearly a decade of leadership in alternative investments and as a former operator, Leah specializes in managing and overseeing investments, working closely with portfolio companies to drive growth, enhance operational efficiency, and create value. As a CPA with dual Master’s degrees in Accountancy and Organizational Leadership, Leah combines deep financial expertise with a passion for helping women create wealth and influence through smart investment strategies and prudent financial management.

Steve joined Tonka Bay as a partner in 2005. Steve is a member of the Investment Committee and has been involved in over 30 partner company investments and actively involved in overall investment strategy and portfolio construction. Prior to Tonka Bay, Steve was at Norwest Equity Partners, where he was involved in originating and closing management buyout and growth equity investments. He began his career with the Arthur Andersen economic and financial consulting group in the Chicago and Minneapolis offices. Education Steve holds a degree in finance from the University of Notre Dame. Interests While not at work, Steve enjoys spending time with his wife and four children. Steve enjoys being outdoors – golfing, skiing fishing, hunting and is an avid MN and college sports fan. Steve is active with his church, TC Dunkers and was a previous committee member for the Hobey Baker Memorial Award, given annually to the country's best collegiate hockey player. Steve also enjoys military history books and family travel.

Jason Frank is the leader of BDO’s Capital Advisory practice, which serves as a trusted advisor to business owners, corporations, capital providers, and investors by specializing in mergers & acquisitions, capital-raising, ESOP, and strategic advisory services. His team focuses on middle-market companies with operations in the U.S. interested in transactions ranging from $50 million to $500 million, as well as larger companies wishing to acquire, merge or divest divisions. Jason manages and oversees the team's efforts, which includes P&L responsibility, strategic development, business development, relationship management, deal execution, talent acquisition, and regulatory compliance. Jason draws upon his 30 years of experience as an investment banker, advisor, operator, entrepreneur, and investor. He is known for deal-making experience, deep industry insight, high-quality service, and senior-level attention when addressing the demands of complex financial and strategic matters for his clients. By partnering with clients and providing strategic advice through every phase of a company’s development, Jason has been involved in transactions worth billions in value. Over the years Jason has provided advisory, valuation and consulting services for companies in a myriad of industries. These services have been performed for the following purposes: mergers, acquisitions, shareholder buyouts, management buyouts, leveraged buyouts, financial reporting, asset-based lending, compliance and regulatory, estate and gift taxation, expert witness, income taxation, collateral monitoring, divorce, dispute resolution, litigation support, and strategic planning, among others. Jason comes to BDO Capital from the investment banking and corporate mergers and acquisitions world. Most recently, he was leader of Cabrera Capitals Advisory division. Previously, Jason was founder and President of FON Advisors, a financial services business focused on the Aerospace & Government Services industry.

Sima Griffith is a founder and Managing Principal of Aethlon Capital. For more than 30 years, she has led mergers, acquisitions, and capital raises for entrepreneurs, private and public companies, and family-owned businesses. She has been widely recognized for her leadership in finance, including honors from Twin Cities Business (“Notable Women in Finance”), the National Association of Women Business Owners (Luminary, Vision, and Non-Profit Director of the Year awards), Finance & Commerce (“Top Women in Finance”), and the Minneapolis/St. Paul Business Journal (“Women to Watch”). A frequent speaker on M&A and private equity trends, Sima has served as a judge for the Minnesota Cup and the E&Y Entrepreneur of the Year Awards. She is a FINRA-registered Principal (Series 7, 24, 63) and a member of the Women’s Presidents Organization and Vistage International. Sima is a graduate of Amherst College and serves on the Boards of Delta Dental of Minnesota, Minnesota Public Radio, and the Walker Art Center.

Elizabeth M. Lilly is Chief Investment Officer and Executive Vice President for Pohlad Investment Management. She oversees the public and private investments for the Pohlad family and provides leadership and management of their investment team. Beth began her career with Goldman Sachs in 1985 in New York. In 1988, Beth joined Fund American Companies in Greenwich, Connecticut where she worked as an investment analyst under the tutelage of Bob Bruce and Warren Buffett learning the merits of value investing. In 1997, she co-founded the investment firm Woodland Partners, which focused on investing in small capitalization equities. In 2002, Woodland Partners was acquired by GAMCO Investors where she went on to serve as a Senior Vice President and Portfolio Manager of the $1.4 billion Teton Westwood Mighty Mites Fund and as a member of the value portfolio management team. In 2017, Beth founded Crocus Hill Partners to focus on investments in small and micro capitalization equities. Beth received her BA in Economics from Hobart/William Smith College where she graduated with High Honors. She received her CFA designation in 1989. She serves on the Board of Directors for Apogee Corporation (NYSE: APOG), the University of Minnesota Investment Committee, and the M.A. Mortenson Companies Investment Committee.

Following retirement from Barton, Walter & Krier, Jay has established Trumbower Corporate Growth Group, LLC (“TCG”). Jay is pursuing Board roles with privately held companies and fractional/interim CEO, COO, CFO and Corporate Development roles and/or projects. Jay’s career began in a Big 4 accounting firm, after which he both gained and implemented invaluable experience spanning decades. His impressive resume includes CFO of a $4.5 billion banking group, corporate development leadership roles in a variety of industries, and CEO/COO/CFO in professional service firms—including ten years at regional CPA and consulting firms. In addition to earning a Bachelor of Business Administration in Accounting from the University of Wisconsin-Whitewater and a Master of Business Administration in Finance from the University of St. Thomas, Jay is licensed as a Certified Public Accountant, Certified Management Accountant, Certified Valuation Analyst, and a Certified M&A Advisor . He also is Dale Carnegie Training certified. Outside the office, Jay spends his time with family and friends. He enjoys volunteering for some non-profits in the Twin Cities, golf, pickleball, biking, hiking, board games, and puzzles. Jay and his wife Pam have three children and two grandchildren.

Joe Housman is a Vice President for Brown & Brown Insurance, a national insurance brokerage firm that provides Property/Casualty, Employee Benefit, and risk management solutions. He works with clients on risk management solutions with an emphasis on private equity and M&A transactions. He has worked in a wide variety of industries throughout his insurance, tax, and M&A career. Prior to taking on client risk management duties, Joe assisted Hays Companies with the company’s tax matters and supported various strategic initiatives of the firm, including the sale of Hays Companies to Brown & Brown (November, 2018). Prior to joining Hays Companies, Joe worked at Deloitte in the private company tax group serving private equity and real estate funds, real estate developers, manufacturing companies, professional service companies, and private family businesses on their business and individual tax planning.

As Vice President, Logan Borg is responsible for managing due diligence, financing and execution of new investment opportunities and supporting our portfolio of companies. Logan joined Carlson Private Capital in April 2025. Prior to Carlson, Logan was a Vice President at Silver Oak Services Partners, a Chicago-based private equity firm, where he focused on investments in the business, consumer, and healthcare services sectors. Prior to Silver Oak Services Partners, Logan was an Analyst in the Consumer Group at Harris Williams where he assisted in the execution of sell-side M&A transactions within the Food and Beverage industry. He began his career in the Valuation and Transaction Opinions division of Chartwell Financial Advisory. Logan graduated from the University of St. Thomas and received a B.S. in Financial Management.