Pfingsten Partners Closes Third Equity Investment Fund with Capital Commitments of $284 Million

DEERFIELD, Ill.--April 15, 2004--

Firm Exceeds Fundraising Target; Continues to Focus on Acquisitions of Middle Market Companies

Pfingsten Partners, L.L.C. announces the closing of its third equity investment fund ("Fund III") with capital commitments of $284 million, exceeding its original target of $250 million. With Fund III capital, Pfingsten will continue to acquire and build middle market manufacturing, distribution and specialty publishing companies in partnership with management.

"A key goal of Fund III was to broaden our institutional base domestically and overseas," said Thomas S. Bagley, Senior Managing Director of Pfingsten Partners. "That goal was achieved through strong investor support of our operating model. We appreciate that support and are pleased to have exceeded our target."

Limited partners include Pantheon Ventures, Inc., ATP Private Equity Partners (Denmark), HarbourVest Partners, National Railroad Retirement Investment Trust, DuPont, WestLB Asset Management, LLC, Thrivent Financial for Lutherans, West Midlands Pension Fund, INVESCO Private Capital, and HSBC Capital.

"Over the last 15 years, Pfingsten Partners has proven that their operational focus builds better businesses, providing outstanding returns for investors," said Gary Hiatt, Managing Director of Pantheon Ventures, Inc. "We look forward to supporting their efforts."

"We are very impressed with Pfingsten Partners' ability to build value by supporting portfolio company management to create operational excellence," said Jens Bisgaard-Frantzen, Managing Director of ATP Private Equity Partners in Denmark. "We feel confident that their team-based approach will be integral to the success of Fund III and will continue to deliver exceptional value to investors."

For Fund III, Pfingsten plans to build a diversified portfolio of eight to nine platform companies in middle market manufacturing, distribution and specialty publishing.

Transaction values for Fund III platform companies will be $25 to $100 million for manufacturing and distribution companies, and $10 to $50 million for specialty publishing companies.

For more information, contact Thomas S. Bagley (tbagley@pfingsten.com) of Pfingsten Partners at 847-374-9140 or John Koren (jkoren@bear.com) of placement agent Bear, Stearns & Co. Inc. at 212-272-9689.

ABOUT PFINGSTEN PARTNERS, L.L.C.:

Deerfield, IL-based Pfingsten Partners, L.L.C. is an operationally oriented private equity firm formed in 1989 to make equity investments in middle market manufacturing, distribution and specialty publishing companies. Since completing its first investment in 1991, Pfingsten Partners has acquired 38 companies and built value by providing capital, corporate finance and operating resources necessary to improve operations and achieve profitable business growth at its platform companies in partnership with management. For more information on Pfingsten Partners, visit: www.pfingstenpartners.com.