For Immediate Release

Waud Capital Partners Announces Acquisition of Aquion Water Treatment Products

Lake Forest, Illinois, December 23, 2005–Waud Capital Partners, L.L.C. (WCP) has completed the acquisition of Aquion Water Treatment Products, LLC (AWTP). The investment by WCP was announced by AWTP CEO, Tom McDonough and President, Robert Ruhstorfer. AWTP, based in Elk Grove Village, IL, is comprised of some of the most well-established, well-known and respected brands in the water treatment industry, including RainSoft Water Treatment Systems, Erie Water Treatment Controls and ClearWater Tech.

Commenting on the transaction, McDonough said, “Waud Capital Partners was chosen from a selective list of investment firms that were well-suited to our business needs and future growth.” Ruhstorfer added, “AWTP will serve as their growth platform in the water treatment industry, through internal organic growth as well as future strategic acquisitions.”

Reeve Waud, Managing Partner of Waud Capital Partners, said, “The management team of AWTP has a deep understanding of the water treatment industry. The company has a long history of success in the industry deeply rooted in its strong dealer network, reputable brand names and broad array of high quality products.” WCP Partner, Matthew Clary, added, “Through organic growth and acquisitions, Waud Capital looks forward to partnering with the management team to continue building the world's premier water treatment company."

For additional information on Aquion Water Treatment Products, LLC, visit the Company’s website at www.aquionwater.com.

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, industrial/specialty distribution and niche 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 in a wide range of industries, including adhesives, alarm monitoring, automotive components, coatings, consumer products, lighting, litigation services, medical distribution, 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 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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