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    With extensive expertise and an average tenure of two decades with RAF, each person on our team is committed to ensuring that every business grows and succeeds.

    From idea creation to post-closing integration, we’re here to support management with advice, diligence assistance, talent acquisition, external advisor relationship coordination and administrative help.

    We’re RAF. And we’re a different kind of equity.

    Richard M. Horowitz

    Richard M. Horowitz, Chairman & Chief Executive Officer

    Rick oversees all aspects of the business, providing expertise in operations, strategy, acquisitions, and corporate finance. In addition to serving as a director of a number of for-profit companies, Rick is the Chair of the Board of Trustees of the Wistar Institute, a member of the Board of Advisors of the University of Pennsylvania’s School of Arts and Sciences, the treasurer and a member of the Board of Directors of the Children’s Crisis Treatment Center, and a member of the board of directors of the National Constitution Center.. Rick earned a J.D., magna cum laude, from Harvard Law School and a B.A., summa cum laude, in Economics and Political Science from the University of Pennsylvania. RAF team member since 1991.

    Michael F. Daly

    Michael F. Daly, Senior Vice President & Chief Financial Officer

    A Certified Public Accountant, Mike joined RAF Industries after a long tenure at the national accounting firm of Laventhol & Horwath. He oversees the day-to-day planning, implementing, managing and controlling of all financial-related activities for the company. He has direct responsibility for accounting, finance, forecasting, strategic planning, benefit programs, deal analysis, banking relationships and compliance. Mike earned an M.B.A. in Accounting and B.S. in Business Management from Temple University. RAF team member since 1987.

    Andrew Souder

    Andrew Souder, Vice President of Acquisitions

    Using his legal and corporate finance expertise, Andy is responsible for all aspects of identifying, evaluating and closing acquisitions. He plays an integral role and serves as advisor to RAF portfolio companies in matters related to future acquisitions. Prior to joining RAF, he worked as a corporate attorney with the Philadelphia law firm of Reed Smith Shaw and McClay and as a Corporate Banking Officer with Continental Bank in Chicago. He earned a J.D. with honors from the Villanova University School of Law, an M.M. from the Kellogg Graduate School of Management and a B.B.A. with high honors from the University of Notre Dame. RAF team member since 1996.

    Jeffrey Panarey

    Jeffrey Panarey, Vice President of Acquisitions & Chief Digital Officer

    Jeff’s primary responsibilities at RAF include sourcing new acquisitions, implementing digital marketing and advanced analytics strategies, and assisting with select operational initiatives across the portfolio. In addition to managing the acquisition due diligence process and assisting in divestitures, Jeff provides RAF’s portfolio of companies with operational support and add-on acquisition guidance. As Chief Digital Officer, he oversees innovation and transformation, driving growth through strategic use of technology, tools and platforms. Jeff came to RAF from Goldman Sachs & Co. He earned his B.S., magna cum laude, in Finance and Marketing from Drexel University and went on to graduate with an M.B.A. from the Wharton School of the University of Pennsylvania with honors. RAF team member since 2006.

    Cheryl McCullough

    Cheryl McCullough, Vice President of Corporate Finance

    Cheryl is a Certified Public Accountant who joined RAF after a long tenure with the national accounting firm of McGladrey & Pullen, LLP (now RSM US LLP). She is responsible for the financial reporting, on a consolidated basis, of all RAF companies for auditors, banks and senior RAF management. Cheryl provides ongoing financial, audit and tax support to the RAF companies. She earned a B.S. in Business Management, with an accounting concentration, from Saint Joseph’s University. RAF team member since 2007.

    Jeffrey Horowitz

    Jeffrey Horowitz, Director of Acquisitions

    Jeff is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. A former analyst with Guggenheim Partners, he served as an investment manager and associate with H.I.G. Capital in London and New York. He earned a B.S., magna cum laude, in Economics from the Wharton School of the University of Pennsylvania. RAF team member since 2021.

    Amy A. Fox

    Amy A. Fox, Assistant General Counsel

    Formerly a corporate lawyer with the Philadelphia law firm of Dilworth, Paxson, Kalish & Kauffman, Amy provides legal counsel to the RAF companies. She is a member of the Women’s Committee of the Philadelphia Museum of Art and also serves on the Board of the Support Center for Child Advocates. Amy earned a B.A., with distinction, in Psychology from Stanford University and a J.D. from the New York University School of Law. RAF team member since 1994.

    Harry J. Ferguson

    Harry J. Ferguson, Risk Manager

    With nearly 20 years of experience in the insurance industry, Harry has worked in both the insurance carrier and brokerage worlds. A risk management specialist with expertise in cost containment, claims and litigation management and loss control programs, Harry joined RAF after many years with insurance broker, Willis, North America. He is a graduate of Wheeling College, where he earned a B.A. in Criminology/Pre-Law. RAF team member since 2010.

    Jeffrey Hoeflich

    Jeffrey Hoeflich, Director of Tax Compliance

    Jeff, a Certified Public Accountant, joined RAF after garnering over 25 years at Arthur Andersen & Co. and KPMG. He supervises all aspects of corporate and individual tax compliance for the RAF family of companies. Jeff earned a B.S., magna cum laude, in Accounting from Lehigh University. RAF team member since 2019.

    Sue Hoeflich

    Sue Hoeflich, Senior Tax Analyst

    Sue oversees tax compliance for all of RAF’s companies and assists with special projects. She has an extensive background in audit and tax, launching her career at Arthur Andersen & Co., then working in the telecommunications industry for RCN and Sidera Networks. Sue is a graduate of the University of Delaware, where she earned a B.S. in Accounting. RAF team member since 2013.

    Meredith Fronheiser

    Meredith Fronheiser, Associate

    Meredith is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. Previously she was an Associate at Patriot Financial Partners, a financial services-focused private equity firm. Prior to Patriot, Meredith worked in investment banking as a Senior Analyst in Canaccord Genuity’s Aerospace, Defense and Government Services group and FBR’s Diversified Industrial group. She earned a B.S. in Business Administration with a concentration in Finance and a B.A. in Latin American and Iberian Studies from University of Richmond. RAF team member since 2022.

    © 2022 RAF

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