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Executive Sponsorship

SANTA MONICA, CA (July 29, 2005) – Pinnacle CEO Recruiters, Inc. announced today that it had recruited former Fortune 500 CEO John Stuart for Nautic Partners L.L.C. (www.nauticpartners.com) and that Nautic and Stuart subsequently partnered to make an investment in North American Communications Resource, Inc. (www.nacr.com) (“NACR”).  Stuart will act as Chairman of the Board of NACR.  NACR is a provider of comprehensive communications systems and support for corporations, including VoIP and converged network integration, consulting services, and maintenance services. 

Previously, John Stuart was the CEO of Fortune 500 company IKON Office Solutions.  Under John’s leadership, IKON grew from $250 million in sales to over $4 billion in sales.  Stuart has also held CEO positions with Alco Standard Corporation, a NYSE company, and Tesla Holdings, a storage area network solution company.

Nautic Partners L.L.C., the independent successor to Fleet Equity Partners, is a Providence, Rhode Island-based private equity group with $1.8 billion in capital under management.  The company looks to invests $25 million to $75 million in equity in business services, communications, media, healthcare, telecommunications and manufacturing companies.

About Pinnacle CEO Recruiters, Inc.

Pinnacle CEO Recruiters (www.ceo-recruiters.com) is an executive search firm focused on recruiting proven business services CEOs for private equity groups with executive sponsorship programs, in which private equity groups partner with a CEO first, and then work with a CEO to acquire a company. In a situation in which a CEO already has a specific acquisition candidate, Pinnacle will refer the investment opportunity to private equity groups it represents. Almost always, transactions of this type are proprietary to private equity groups and no sell-side investment banker is involved. Pinnacle is the only U.S.-based executive search firm focused exclusively on the business services sector and on the CEO level.  

In order to achieve an alignment of interests with its clients and to participate in the value creation that top business services CEOs generate, Pinnacle’s private equity fund, Pinnacle Equity Capital, typically co-invests in client companies.