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Trivest Completes the Sale of Penda Corporation

2 May 2000

Trivest Completes the Sale of Penda Corporation

    MIAMI--May 2, 2000--Trivest, Inc., today announced that it has completed the sale of its affiliate, Penda Corp.
    Penda, headquartered in Portage, Wis., is the largest U.S. bedliner manufacturer and marketer serving both the OEM and automotive aftermarket. The Company's product line also includes pickup, truck caps, hard and soft tonneau covers, running boards, accessory products and van tops.
    Peter "Chip" Vandenberg, Jr., Trivest's Managing Director, said, "We are very pleased to enter into a transaction with a group led by William Blair Capital Partners. The sale of Penda, which was acquired in 1994, realizes a substantial gain on our investment, and is an excellent example of Trivest's strategy to enhance a company's value through financial support, product line expansion, management equity incentives and strategic acquisitions. We congratulate the management team, led by Penda's President and CEO, Jack L. Thompson, for the success achieved by the Company."
    Mr. Thompson said, "We are pleased to have completed a successful sale process and feel fortunate to have had Trivest as a partner for the past 6 years. Trivest has remained committed to assisting in the development of our business while allowing us to retain control of the day-to-day operations."
    Trivest, Inc. is a Miami-based leading provider of equity for middle market corporate acquisitions, recapitalizations, and growth capital financings. Since its founding in 1981, Trivest has sponsored 100 acquisitions and recapitalizations, totaling in excess of $2.0 billion in transactional value. Additional information is available on the Internet at www.trivest.com.