BlackEagle Partners Announces Its Formation; Private Equity Veterans to Focus on Operational Turnarounds

NEW YORK--Sept. 26, 2005--BlackEagle Partners announced its formation and entry into the private equity restructuring and turnaround market. BlackEagle's founding partners include Michael D. Madden, a seasoned Wall Street veteran who was most recently a Partner with Questor Management Company; Garrett P. Kanehann, who brings nine years of experience investing in operationally challenged companies at Questor Management Company; Jason G. Runco, who brings eight years of experience investing in operationally challenged companies at Questor Management Company; and J.W. Henry "Harry" Watson, a former economist on the faculty of University of Chicago and founder and current Chairman of Caledonia Group, a leading operations improvement consulting firm that works with the portfolio companies of private equity funds and specializes in "Lean" implementations. "We formed BlackEagle to build a leading private equity firm targeting operationally challenged companies that can benefit from our collective skills effecting turnarounds," said Mike Madden, Managing Partner of BlackEagle. "We have all known each other and worked together for many years and look forward to building a premier private equity franchise."

Messrs. Madden, Kanehann, and Runco spent the last six years investing together at Questor Management Company, a leading private equity firm with over $1 billion under management. At Questor, they successfully invested across a wide range of industries including transportation, basic manufacturing, logistics, automotive, natural resources and energy. During their time at Questor, they worked closely with Harry Watson and Caledonia on many successful engagements. Harry Watson and BlackEagle's preferred relationship with Caledonia Group add unique operating capabilities to the firm. "I am very excited to be part of such a highly skilled and experienced team," said Watson. "Our ability to execute complex transactions and successful history of investing in and fixing troubled companies places us in a unique position to capitalize on the large and growing number of turnaround opportunities we see in today's private equity marketplace," Watson added.

ABOUT BLACKEAGLE PARTNERS

BlackEagle Partners, LLC, formerly known as Centurion Capital Partners, was founded in April 2005 by Michael D. Madden, Garrett P. Kanehann, Jason G. Runco and J.W. Henry "Harry" Watson. BlackEagle Partners will focus on investments in companies experiencing operational challenges that can benefit from the team's substantial principal investing and operational restructuring expertise. The founders' prior investments include, ASC Incorporated, AZ Automotive, Chef Solutions, GeoLogistics Corporation (recently acquired by PWC Logistics), PinnOak Resources, LLC, and Polar Corporation. BlackEagle Partners, LLC has offices in Detroit, Michigan, and New York, New York. For more information, please visit www.blackeaglepartners.com or call Mike Madden at (212) 554-4600.

ABOUT CALEDONIA GROUP

Caledonia Group, founded in 1995 by J.W. Henry Watson, specializes in operational improvements at private equity portfolio companies. The firm is staffed by consultants who were formerly senior operating professionals and have experience managing companies through change and returning companies to profitability. Caledonia's consultants have expertise implementing "Lean Thinking", a business system developed by Toyota's Taiichi Ohno and his colleagues. Caledonia is headquartered in Detroit, Michigan. For more information, please visit www.caledoniagrp.com or call Harry Watson at (313) 647-5330.