Private Equity / Merchant Banking
    Fast profits and quick exits typify venture capitalists. Unfortunately, this may not exemplify building companies which last.

    At Cleary Gull, each time an equity investment is made, it begins a real ongoing partnership where business fundamentals and sustained growth do in fact matter most. The foundation for a successful partnership lies in an active commitment from both parties. By combining strengths as well as capital, a partnership can grow the company much larger and faster, with benefit to all.

    We look for companies with established markets and managements, whose owners desire to continue to have a significant financial, as well as emotional interest in the company. Unique products and a niche in the marketplace that will sustain growth are important. In return, we bring partnership experience and expertise in financial management, operations planning and marketing.

    We have the necessary capital base to support in-depth financial commitments. Through our own resources and strategic investment partnerships, we control over $70 million for private equity investments.

Investment Management Services

Michael J. Cleary - 414.291.4545
Chairman

Michael Cleary is Chairman of the firm and head of Cleary Gull's Private Client Group. As a founding partner he also works with institutional and Investment Banking clients. Prior to founding Cleary Gull, Mr. Cleary was a First Vice President of Robert W. Baird & Co. and also worked in investment real estate at The Polacheck Co. Mr. Cleary is a graduate of the University of Wisconsin.

Gerald L. Gerndt - 414.291.3853
Managing Director

Gerald Gerndt is Managing Director and Co-Head of The Pilot Program. He offers clients almost 20 years of professional corporate experience in finance and financial services. Most recently, Mr. Gerndt was Vice President of Investments at Smith Bamey. He a!so was a corporate controller with General Mills and Chairrnan of the Eastern Airlines Pilots 401(k) retirement plan. A commissioned officer in the U.S. Air Force, Mr. Gerndt was a POW for more than five years in Vietnam. He has received many medals, including the Silver Star, Legion of Merit, Distinguished Flying Cross and the Purple Heart. Mr. Gerndt earned an MBA from Stanford University and a bachelor's degree from the University of Wisconsin.

Michael G. Klein - 414.291.3854
Managing Director

Michael Klein is Managing Director and Co-Head of The Pilot Program. Most recently, he was a Second Vice President of Investments at Smith Barney. He has held management positions in sales, engineering and finance at various companies including ABB. Mr. Klein is a commissioned aviation officer in the U.S. Navy Reserves. He earned an MBA from Marquette University and a bachelor's degree in electrical engineering from the University of Michigan.

James A. Schultz- 414.291.4534
Principal

James Schultz joined Cleary Gull in 1996 as Managing Director of the Private Client Group - Brokerage Division. Mr. Schultz brings to Cleary Gull fourteen years of retail investrnent experience which includes ten years as Vice President of sales at Smith Barney, Inc., and prior to that, four years with Merrill Lynch. Mr. Schultz is a graduate of the University of Wisconsin-Madison.

Kenneth K Schreiber-972.503.0016
Vice President

Kenneth Schreiber joined Cleary Gull in 1996 from Smith Barney. Most recently he was responsible for client recruitment and service in the southwestern United States for the Pilot Program. Mr. Schreiber is a pilot in the U.S. Air Force Reserves. Mr. Schreiber earned his BS degree from the Air Force Academy.

Christine Sterr- 414.2913877
Registered Associate

Christine Sterr joined Cleary Gull in 1996 from Smith Barney Shearson after twelve years of service. While at Smith Barney Shearson, Ms. Sterr managed the operational aspects of the retail investment group for various Financial Consultants. She managed clients accounts to ensure that they received the best possible service. Ms. Sterr is fully licensed.

Jane Watson - 414.291.3857
Registered Associate

Jane Watson joined Cleary Gull in 1996 from Smith Barney after 13 years of service. She was responsible for client servicing and report development at Smith Barney. Ms. Watson is Operations Manager for the Pilot Program and is securities licensed

Travis Keshember~ - 414.291.2218
Associate Analyst

Travis Keshemberg joined Cleary Gull in 1997 as an Associate Analyst in the Private Client Division. Working in commercial banking for the past nine years (the last five years with Firstar Bank-Milwaukee NA) he has held various sales and analytical positions. Mr. Keshemberg earned a BS in Finance from Marquette University and a MS in Finance from the University of Wisconsin-Milwaukee. He is currently enrolled in the Chartered Financial Analyst (CFA) program.