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For Immediate Release

Waud Capital Partners Completes Sale of National Security Partners

Chicago, IL, June 10, 2014 – Waud Capital Partners (“WCP”) has completed the sale of its portfolio company, National Security Partners (“NSP”), to Noblis, Inc. (“Noblis”), a scientific, engineering, consulting, and research organization supporting the Federal Government. National Security Partners provides mission critical services including cyber security operations, intelligence operations, national security policy analysis, software development, systems engineering, program management, and strategic consulting services. NSP was built through a partnership between WCP and FedCap Partners (“FedCap”) beginning in October 2011 with the acquisitions and simultaneous merger of PointOne and Summit Solutions followed by the December 2012 acquisition of LMN Solutions. Leslee Belluchie has served as NSP’s Chief Executive Officer since July 2013 and she will continue to serve as the President of Noblis NSP. NSP will operate as a wholly-owned subsidiary of Noblis.

Matt Clary, a Partner of WCP, commented, “We are proud of the business that we were able to build in partnership with FedCap and Leslee. The success of NSP is a testament to our firm’s strategy of partnering with talented people to build strategic assets.” Matt London, a Principal of WCP, added, “The collaborative effort resulted in the successful combination of three businesses and the creation of a market-leading company in a highly attractive niche within the federal government services market.”

Leslee Belluchie, Chief Executive Officer of NSP, noted, “NSP has developed an impressive set of capabilities, technologies, and tools. We are a company ready to meet the missions of today and prepare for the challenges of tomorrow.” She added, “Partnering with WCP has been invaluable to the construction and success of NSP. We shared a vision for the future of the company and, in less than three years, were able to grow NSP into a market leader.”

NSP was advised by Holland & Knight LLP. WCP was advised by Kirkland & Ellis LLP.

About National Security Partners
From policy and planning to engineering and execution, the NSP team is an essential and unwavering partner in strengthening the nation's defense and security posture. NSP provides full mission support to federal agencies tasked with protecting American lives and interests at home and abroad. NSP employs the industry's most talented strategic consultants and technical experts, assisting clients in solving the nation's most complex security challenges. NSP’s services include geospatial technology, web development, big data and scalable solutions, and full spectrum cyber operations.

For additional information on NSP, visit www.nspfed.com.

About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle-market growth equity investments, buyouts, industry consolidations, and recapitalizations. The firm seeks to invest $20 million to $100 million in private companies. WCP focuses on healthcare services and business and related services. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has successfully completed more than 160 investments since its founding and currently has approximately $1 billion of capital under management.

For additional information on WCP, visit www.waudcapital.com.

For Further Information:
Katie Lyndon, Director of Marketing & Investor Relations
312-676-8430
klyndon@waudcapital.com

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