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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
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 at many for-profit companies, Rick is the Chair of the Board of Trustees of the Wistar Institute, a member of the Board of Overseers of the University of Pennsylvania 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.

Peter Harris
Senior Vice President & Chief Operating Officer

Peter works broadly with the RAF team to ensure that our companies grow, overcome operational obstacles and realize strategic objectives, as well as sourcing and executing new portfolio opportunities. Previously, he spent 10 years as Managing Director at Axel Johnson, Inc., a New York-based single family direct investment office and served as CEO of two different operating businesses. Peter holds a B.A.? in Mathematics from Middlebury College and an M.B.A. from the University of Virginia. RAF team member since 2022.

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.

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.

Andrew Souder
Vice President of Acquisitions

Using his legal and corporate finance expertise, Andy participates in all aspects of identifying, evaluating and closing acquisitions. He advises RAF portfolio companies in acquiring add-on businesses and supports them in legal and general business matters. Prior to joining RAF, he was a corporate attorney with the Philadelphia law firm of Reed Smith Shaw and McClay and a Corporate Banking Officer with Continental Bank in Chicago. Andy earned a J.D. with honors from the Villanova University School of Law, an M.M. with honors from the Kellogg Graduate School of Management and a B.B.A. (Finance) with high honors from the University of Notre Dame. RAF team member since 1996.

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.

Jeffrey Horowitz
Director of Acquisitions

Jeff is responsible for sourcing new acquisitions and assisting with select operational initiatives across the RAF portfolio of companies. Previously, Jeff was an associate and investment manager with H.I.G. Capital in New York and London. He began his career as an investment banking analyst with Guggenheim Securities in their Financial Sponsors Coverage group. He earned a B.S., magna cum laude, in Economics from the Wharton School of the University of Pennsylvania. RAF team member since 2021.

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.

Amy A. Fox
Assistant General Counsel

Formerly a corporate lawyer with the Philadelphia law firm of Dilworth Paxson, Amy provides legal counsel to the RAF companies. She serves on the Board of Trustees of the Philadelphia Museum of Art and is also a member of their Women’s Committee. 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
Risk Manager

With nearly 30 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, loss control programs, along with health and benefits insurance, Harry joined RAF after many years with insurance broker Willis Towers Watson. He is a graduate of Wheeling College, where he earned a B.A. in Pre-Law. RAF team member since 2010.

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
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.

RAF_rgb
50 Monument Road, Suite 303
Bala Cynwyd, PA 19004
215.572.0738
acquisitions@RAFequity.com

RAF

50 Monument Road, Suite 303
Bala Cynwyd, PA 19004
215.572.0738
acquisitions@RAFequity.com

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