For Immediate Release

Waud Capital Partners Announces Acquisition of Litigation Support Service Provider

Lake Forest, Illinois, January 2004–Waud Capital Partners, L.L.C. has completed the acquisition of a controlling interest in Compex Legal Services, Inc. (“Compex” or the “Company”), a California-based leading provider of outsourced litigation support services to customers which include law firms and insurance companies. The purchase was a private transaction between Waud Capital Partners, The Sprout Group and other selling shareholders. Compex, which was formed in 1972, provides document retrieval and litigation copying services, deposition reporting and process serving assistance. Document retrieval services, which today comprises the majority of the Company’s revenue base, includes the retrieval, reproduction and delivery of claimant records (primarily medical) held by custodians such as hospitals and medical offices. In the past year, Compex processed over 480,000 orders for its customer base of more than 3,500 law firms and 500 insurance carriers.

Commenting on the transaction, Jeffrey Bachmann, Compex’s Chief Executive Officer offered, “We are extremely excited to welcome Waud Capital Partners as a major shareholder. We have a number of ideas on how we can continue to grow our business and we are confident that Waud’s strategic insight and access to capital will significantly accelerate our growth.” When asked to comment on the Company’s successful history, Mr. Bachmann explained, “The Company’s success has principally been driven by its ability to execute customer orders in a timely and accurate manner, at a competitive price, while providing useful value-added services. Many law firms and insurance companies find that outsourcing these services results in faster response times and lower administrative costs. Additionally, our clients typically place higher value in the benefits of timely delivery of quality product over the actual cost of document retrieval, as tardy or incomplete fulfillment of customer orders can result in costly complications in the discovery process and sub-optimal settlements. We plan to let our level of service continue to differentiate us as we grow our business under the direction of our new partners.”

Reeve Waud, Managing Partner of Waud Capital Partners said, “We look forward to working with Compex to build upon its historic success and to fortify its reputation as one of the leading litigation support service providers in the states in which it operates. Further, we are particularly attracted to the opportunity to grow the Company by expanding its service offerings and geographic presence and through follow-on acquisitions. Most important, however, we are excited to have partnered with an experienced and motivated senior management team determined to take the Company to the next level.”

For further information on Compex, visit the Company’s website at www.compexlegal.com.

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 outstanding managers 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, healthcare, distribution and services businesses with enterprise values between $10 million and $100 million. To date, Waud Capital Partners has successfully acquired over thirty businesses in a wide range of industries, including adhesives, alarm monitoring, automotive components, coatings, consumer products, lighting, litigation services, publishing, sealants and specialty hospitals. The firm is backed by a number of institutions, including Citigroup, Middlebury College, SunAmerica, Travelers Property Casualty Corp. and the University of Chicago Hospitals, among others.

For Further Information:
Reeve Waud, Founder and Managing Partner
Waud Capital Partners, L.L.C.
560 Oakwood Avenue, Suite 203
Lake Forest, IL 60045
847-604-9550
rwaud@waudcapital.com
www.waudcapital.com

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