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J. Peterman’s New Book Touts Ed Goodman, Founding
Partner of Milestone Venture Partners, As Outstanding Venture Capitalist
New York, Jan. 18, 2001 – In the new book, "Peterman Rides
Again, Adventures Continue with the Real ‘J. Peterman’ through
Life & the Catalog Business," J. Peterman praises Ed Goodman
of Milestone Venture Partners, a premier venture capital firm, for the
start of the phenomenal growth of the J. Peterman Company from $1.2 million
to $70 million in sales.
John Peterman, founder and CEO of the J. Peterman Company catalog and
retail store operation, explains in the book his company’s financial
start-up with $500 and an unsecured $20,000 bank loan in 1987. Hambro
America, then run by Ed Goodman, invested $1.2 million in 1989, after
Peterman was turned down by 96 firms.
Peterman wrote, "Ed, I believe, is the ultimate venture capitalist.
He has his own firm now. He’s smart. Decisive. He can be shrewd,
but he is honest and his word is his bond. You’ll find that venture
capitalists often say one thing and when the legal paperwork comes back
it’s different from what was discussed, and then they will deny that
they said what they did originally. If I were a start-up company looking
for seed capital, I would go to Ed Goodman." (p 58)
The Peterman Company’s printing company would not print a catalog
unless they
had a payment guarantee. Hambro stepped in before its investment deal
was closed. They sent a letter to the printer, "We’re investing
$1.2 million in the J. Peterman Company. Print the catalog. We’re
your guarantee." (p 59) Hambros profitably sold their position to
a subsequent group of investors.
About Milestone Venture Partners
Edwin A. Goodman and Todd Pietri co-founded Milestone Venture Partners
in 1999. Prior to founding Milestone, Mr. Goodman led the Hambros Bank
U.S. venture capital group for 17 years, during which time the firm invested
in Allied Waste, Corporate Software, Komag, PCA International, Petsmart,
RASNA Corporation, Solectron, Staples, Telematics and Veeco Instruments,
among others. Mr. Pietri is a former Vice President of Legacy Securities
Corp., of Atlanta, where he co-founded Legacy’s Technology and Communications
Investment Banking Group. Todd Pietri has extensive experience in technology
and raising capital.
Milestone is presently raising its second fund, Milestone Venture Partners
II LP, which is expected to close in the first quarter of 2001.
For more information, call Milestone at (212) 223-7400, visit www.milestonevp.com,
or write to 551 Madison Avenue, 7th Fl, New York, NY 10022.
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