Penda Announces Final Sale of Company

1 May 2000
Penda Announces Final Sale of Company
    PORTAGE, Wis., May 1 Penda Corporation announced today,
that effective April 26, the final sale of the company to William Blair
Capital Partners, Wind Point Partners, and Norwest Equity Partners, was
completed.  The current management team at Penda also participated in the new
company's ownership.  William Blair Capital Partners VI, L.L.C. led the
transaction and First Union Securities arranged the Senior Credit facility.
Mezzanine capital for the transaction was provided by a group led by William
Blair Mezzanine Capital Partners III, L.L.C. and included Aegon USA Investment
Management, Inc. and Norwest Equity Partners.
    Penda is the nation's largest manufacturer and marketer of pick-up truck
bedliners, serving both the original equipment and automotive aftermarkets.
Penda also manufactures a full-line of truck accessories including soft and
hard tonneau covers, step boards, tie-downs, and bedmats.  Penda's
subsidiaries, Penda Glasstite, Inc. and Tri-Glas Corporation manufacture
premium fiberglass truck caps, running boards and hard tonneau covers.
    Jack Thompson, President and CEO of Penda Corporation, states, "Penda will
continue to focus on making our customers and employees 100% successful.  That
is what has led to our market leadership in the bedliner industry.  Our
management team is excited about the new opportunities this partnership will
bring."
    The new ownership will allow Penda to have access to additional equity to
continue their aggressive acquisition strategy.  Penda has positioned
themselves as a complete platform for truck accessories by purchasing
companies that complement their product line over the last 2 years.  Leo
Waner, Chief Financial Officer for Penda, explains, "We will continue to build
our market leadership position in the truck accessories industry via
acquisition under our new ownership.  We have demonstrated that we can have a
significant impact on industry categories by investing in solid marketing
plans that increase brand awareness and drive sales volume.  The truck
accessories industry offers many excellent opportunities to acquire companies
and implement our proven business strategy."
    Penda manufactures the top brand bedliner, the Pendaliner SR, and the
officially licensed products of NASCAR Trucks, the Pendaliner SR PRO and the
Pendacover PRO, as well as the Pendatray SR, Pendacover, Hide-A-Hook
tie-downs, and bed mats.  For additional product information, visit
http://www.pendacorp.com