For Immediate Release

Charles E. Edwards Joins Waud Capital Partners

Lake Forest, Illinois, July 1, 2005–Waud Capital Partners, L.L.C. is pleased to announce that Charles E. Edwards has joined the firm as a Senior Associate. Prior to joining WCP, Mr. Edwards worked in the mergers and acquisitions group at A.G. Edwards & Sons in St. Louis where he participated in the analysis and execution of a variety of transactions involving numerous middle market clients from a wide array of industries. In 2004, Mr. Edwards was a Summer Associate at Lehman Brothers in New York where he spent time in the firm’s leveraged finance and merchant banking groups. Mr. Edwards received a B.S., magna cum laude, in Finance and Business Administration from the University of Missouri and an M.B.A. from Harvard Business School.

According to Mr. Edwards, “I am very excited to join the team at Waud Capital Partners, a firm that has had a great amount of success since its founding. I look forward to being part of the team that will continue this success into the future.” Reeve Waud, Founder and Managing Partner of Waud Capital Partners, commented, “Chuck is a tremendous addition to our firm. His strong M&A background will help to further support the senior investment professionals at WCP – and he is a welcome addition as the firm continues to expand its group of professionals to support our new fund.”

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 $400 million of capital under management. The firm's last fund, raised in 1998, achieved a compounded net IRR of 34%, making it one of the top two funds in the United States raised during that period.

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, specialty distribution and value-added manufacturing businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $150 million. Since its founding, Waud Capital Partners has successfully made more than sixty investments, without a single capital loss, 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, as well as a number of well-known families and high net worth individuals.

For more information, please contact Reeve Waud or Chuck Edwards at 847-604-9550.