For Immediate Release

Matthew W. Clary Joins Waud Capital Partners

Lake Forest, Illinois, October 1, 2004–Waud Capital Partners, L.L.C. is pleased to announce that Matthew W. Clary has joined the firm as a Partner. Mr. Clary comes to Waud Capital Partners from Banc of America Capital Investors in Chicago, which manages approximately $300 million of investment capital for Bank of America and its affiliates. During his eleven years at Banc of America Capital Investors, Mr. Clary originated, structured, closed and managed private equity and mezzanine investments to sponsor and facilitate buyouts, recapitalizations and internal growth for middle market companies. Prior to Capital Investors, Mr. Clary was in the Corporate Banking Group at Bank of America, focused on leveraged and highly structured transactions. Throughout his career, Mr. Clary has served on a variety of corporate boards, including Katun Corporation, Innovative Manufacturing Solutions, World Data Products, Global Gear, Parts Now! and Engineered Glass Products. Mr. Clary earned a B.A. in Economics from the University of Washington and an M.B.A. from the Kellogg School of Management at Northwestern University.

According to Mr. Clary, “I am extremely excited to join such an exceptional firm, with both an impressive history and an outstanding future. I look forward to working with such a talented team of investors.”

Reeve Waud, Founder and Managing Partner of Waud Capital Partners, commented, “We are excited about having Matt join our firm. He brings an impressive track record and a focus on the types of companies and investments that we target. The cultural fit is also great. Matt and I overlapped in business school and have worked in the same market for over ten years.”

Wendy Chronister, Partner at Waud Capital Partners, added, “Matt and I have worked closely together on several successful investments over the past few years. We share a common investment philosophy and work ethic. He is a strong addition to our team.”

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 consolidation and growth equity investments. The firm seeks to invest $10 million to $50 million in business services, healthcare, industrial/specialty distribution and niche manufacturing businesses with enterprise values between $30 million and $150 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, petroleum distribution, pharmaceuticals, publishing, sealants and specialty hospitals. The firm is backed by a number of institutions, including Citigroup, Middlebury College, SunAmerica, The St. Paul Travelers Companies and the University of Chicago Hospitals, among others.

For more information, contact Reeve B. Waud at (847) 604-9551 or Matthew W. Clary at (847) 604-9557 or mclary@waudcapital.com.

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