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Wellesley Announces New Personnel; Mergers & Acquisitions Consulting Firm Experiencing Explosive Growth Adds New Talent to Management Team.

MONTVALE, N.J.--(BUSINESS WIRE)--Feb. 12, 1999--Wellesley Services, LLC, a New Jersey-based Mergers & Acquisitions consulting company specializing in the transportation services industry is pleased to announce the addition of Raymond Barbiere, Tony Ciofalo, Bradley Duke, Wayne Henry, Thomas Kehoe, Esq., Fred Sacco and Ronald Shapss to its managerial team. These gentlemen will be responsible for the development and implementation of Wellesley's amalgamation strategies in the commercial and residential heating oil industry, which will capitalize on the deregulation of the electric utility industry.

Raymond Barbiere has joined the company as Vice President with the specific role of effecting the consolidation. Prior to joining Wellesley, he was President and C.E.O. of Penpac, Inc. a waste service firm with $10 million plus in annual revenue. Barbiere was the instrumental and driving force in leading Penpac into the future by successfully planning and shepherding its acquisition by Superior Services, Inc. Barbiere has also served as President of Earth Technology, Inc., a firm specializing in environmental consulting, waste and oil storage tank remediation. He is a licensed Professional Engineer in the states of New Jersey and Texas. Barbiere has complemented his engineering background with studies at the Wharton Business School in financial management.

Tony Ciofalo has been appointed Chief Operating Officer for Wellesley where he will focus his extensive M & A talent and managerial experience in the new energy project. A twenty year veteran of the waste management industry serving in many capacities, the former Vice President of Corporate and Governmental Affairs for Allied Waste Industries, Inc., was instrumental in Allied's entry into major markets in the northeast and southwestern United States. Ciofalo's rich experience brings a new dimension to Wellesley and it will certainly be a key ingredient in the success of the new project.

Bradley Duke comes to Wellesley with fifteen years of merger and acquisition experience, most recently with USA Waste/Waste Management, where he served as the Division Controller for 25 plus districts having more than $110 million in annual revenues. Duke will serve as Vice President of Mergers and Acquisition Services. An accountant by training, Duke's organizational, computer and management skills will serve Wellesley well as it develops its new energy project.

Wayne Henry is a merger and acquisition intermediary associated with Chapman Associates General Business, Inc. During his five year association with Chapman, he was one of the leading producers of revenues and new clients. His efforts were focused on the transportation industry. Prior to this, Henry spent 15 years in the computer business in mergers and acquisitions, as CEO of a $40 million value added reseller and as CFO of a $120 million reseller. A Certified Public Accountant, Henry brings over 25 years of experience to Wellesley, including the ability to identify prospective opportunities and to value, structure and package complex transactions.

Thomas Kehoe, Esq. will serve as Vice President and General Counsel for Wellesley Energy, Inc.. Kehoe, formerly a corporate counsel and lead M & A attorney for Allied Waste since 1995, closed the numerous acquisitions that enabled Allied's growth from $200 million to its current annual revenue of $1.7 billion. Mr. Kehoe will be an invaluable asset in the ultimate success of the new project.

Fred J. Sacco began his lengthy career in the petroleum industry after devoting 13 years to New Jersey government service in capacities ranging from the Office of Secretary of State to serving as the state's Supervisor of Elections. Starting in 1967 as the Associate Director of the New Jersey Petroleum Council, a division of the American Petroleum Institute, Sacco moved on to serve as the Executive Vice President of the Fuel Merchants Association of New Jersey. In this capacity since 1979, he acquired and honed the skills and information that make him a valuable addition to the Wellesley Energy team. Sacco has garnered a wealth of information and understanding in his thirty plus year career that cannot be duplicated anywhere.

Ronald Shapss, Esq. has represented companies before various Federal and State regulatory agencies since 1970. Although an attorney by training, Shapss has developed a substantial and sterling reputation over the past 20 plus years doing transportation M & A work. Shapss was the founder of Coach USA, arguably one of the most successful roll-up transactions. His resume includes U.S. Delivery, Inc., Consolidated Delivery and Logistics, Inc. and Corestaff, Inc. Shapss recently founded Frontline Communications, Inc., (NASDQ: FCCN), an Internet service provider, which went public in May 1998. He is presently on the advisory boards of Consolidation Partners Founding Fund, L.L.C., and 1+ USA, Inc. which founded Advanced Communications Group, Inc.(NYSE: ADG), the first CLEC to trade on the New York Stock Exchange. He has worked intimately with Wayne Henry over the years and will continue that successful team effort as he develops the energy project.

Privately held Wellesley Services, LLC is a consultant and promoter to the transportation services industry. Wellesley identifies well-positioned and highly profitable, privately-held companies within fragmented industries and merges them with strategic partners creating significantly enhanced valuations and new business opportunities for both the seller and purchaser.
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Publication:Business Wire
Date:Feb 12, 1999
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