For Immediate Release

Christopher Graber Joins Waud Capital Partners

Lake Forest, Illinois, August 1, 2005–Waud Capital Partners, L.L.C. is pleased to announce that Christopher Graber has joined the firm as an Associate. Prior to joining WCP, Mr. Graber was an Analyst in the Investment Banking group of Robert W. Baird & Co. in Chicago where he worked on a number of M&A transactions and equity financings in a variety of industries, including industrial, process control and consumer products. Mr. Graber graduated, magna cum laude, with B.A. degrees in both Economics and Public Policy from Duke University.

According to Mr. Graber, “I am extremely excited to join the talented team of investors at Waud Capital Partners. The firm has an exceptional track record and I look forward to being a part of WCP’s continued success.”

Reeve Waud, Founder and Managing Partner of Waud Capital Partners, commented, “We are excited to have Chris on board. He’s gotten some great investment banking experience and has developed strong expertise in a number of industries that are attractive to WCP. We’re glad to have him join the team at Waud Capital Partners.”

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. 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.