For Immediate Release

David Neighbours Joins Waud Capital Partners

Lake Forest, Illinois, September 2, 2003–Waud Capital Partners, L.L.C. is pleased to announce that David Neighbours has joined the firm as an Associate. Mr. Neighbours joins Waud Capital Partners from Citigroup Private Equity in New York, a firm that manages approximately $10 billion of investment capital for Citigroup and its affiliates. While at Citigroup Private Equity, Mr. Neighbours was responsible for the analysis, research, due diligence and execution of numerous private equity, structured product and mezzanine investments in a variety of industries. Previously, Mr. Neighbours was with Salomon Smith Barney’s Investment Banking Division in New York, concentrating on merger and acquisition and financing assignments in the telecommunications industry. Mr. Neighbours joined Salomon Smith Barney after graduating, cum laude, from the University of Notre Dame with a degree in Finance. Currently, Mr. Neighbours serves on the Board of Directors of Waud Capital Partners’ portfolio companies Alarm Security Group, L.L.C. and Parish Publications, L.L.C.

According to Mr. Neighbours, "I am extremely excited to join a team of investors who have established an exceptional track record investing in the middle market. Waud Capital Partners’ focus on the middle market has enabled the firm to source a number of successful transactions as this segment of the market continues to be underserved by the private equity community. I look forward to helping the firm continue to make successful investments in the future." Reeve Waud, Founder and Managing Partner of Waud Capital Partners, commented, "We are very excited about having David join the firm. David’s strong base of investment experience complements our existing team and will be very helpful to us as we invest our fund.”

About Waud Capital Partners, L.L.C.
Waud Capital Partners, L.L.C. is a private equity investment firm founded in 1993 that partners with management teams to invest in middle market buyouts, recapitalizations, industry consolidations and growth equity investments. The firm seeks to invest $5 million to $30 million in manufacturing, distribution and services businesses with enterprise values between $10 million and $100 million.

For more information, contact Reeve B. Waud at (847) 604-9551 or David Neighbours at (847) 604-9556.

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