For Immediate Release

Waud Capital Partners Announces Closing of Fund II

Lake Forest, Illinois, April 2005–Waud Capital Partners (“WCP”) has announced the final closing of WCP Fund II at $260 million. The fund will follow the firm's pattern of investing in middle market buyouts, recapitalizations, industry consolidations and growth equity investments in the business services, healthcare, manufacturing and distribution industries.

According to Reeve Waud, Managing Partner of Waud Capital Partners, “Fund II will carry on the success and focus of Fund I by investing in companies that have experienced management teams, well-defined business niches, strong market positions and significant potential for long-term growth. Based on the success of Fund I, we will continue with a similar investment strategy to again achieve the high returns we’ve seen over the past thirteen years.”

About Waud Capital Partners, L.L.C.
Waud Capital Partners, L.L.C. is a private equity investment firm founded in 1993 with more than $450 million of capital under management. WCP partners with exceptional management teams to invest in middle market buyouts, recapitalizations, industry consolidations and growth equity investments. The firm seeks to invest $10 million to $50 million in private companies in the following four areas: business and consumer services, healthcare services, industrial/specialty distribution and value-added manufacturing businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $250 million. Since its founding, Waud Capital Partners has successfully made more than seventy investments in a wide range of industries, including adhesives, air and water treatment, alarm monitoring, automotive components, coatings, consumer products, hospitals, lighting, litigation services, medical distribution, petroleum distribution, pharmaceuticals, publishing, sealants, specialty hospitals and tax consulting. The firm is backed by a number of institutions, including Cheyenne Capital Fund, Citigroup, Middlebury College, SunAmerica, The Broad Foundation, The St. Paul Travelers Companies and the University of Chicago Hospitals, among others, as well as a number of high net worth families and individuals.

For more information contact:
Reeve Waud, Founder and Managing Partner
Waud Capital Partners, L.L.C.
560 Oakwood Avenue, Suite 203
Lake Forest, IL 60045