Edgewater Sells IT Solutions to Snow Phipps Group

PRESS RELEASE

Edgewater Sells IT Solutions to Snow Phipps Group

June 30, 2009

Edgewater Growth Capital Partners II, L.P. announced that they have completed the sale of its portfolio company ITS Holding Company ("ITSolutions") to Snow Phipps Group, LLC, a New York-based private equity firm. Mr. Stefan Lalos, Co-Founder and CEO of ITSolutions, as well as current and former employees participated with Snow Phipps in the acquisition. Mr. Lalos will continue to lead the company as CEO.

ITSolutions, headquartered in Silver Spring, Maryland, is a leading information technology services provider to U.S. government civilian, national security, and intelligence agencies. ITSolutions provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services.

“We have enjoyed a terrific relationship with Edgewater and look forward to partnering with Snow Phipps in the next phase of our development,” said Mr. Lalos. “We are delighted to share our vision and build our business with the support of Snow Phipps. We look forward to the strategic guidance they will provide to take advantage of the opportunities for both organic and acquisition oriented growth.”

“Our partnership with the IT Solutions team has been a tremendous success for everyone involved,” said Jeff Frient, partner with Edgewater Growth Capital Partners. “Since our initial investment in December 2005, we have worked closely with management to complete two strategic acquisitions and significantly expand the company’s customer base. During this time, IT Solutions has increased in size over three-fold and they have built an outstanding reputation in their industry.”

“Stefan Lalos and his team have built a company that is differentiated by its superior customer service and its strategic market positions,” said Leif Soderberg, Snow Phipps Operating Partner. “We have worked diligently to identify the right investment opportunity in the federal IT services marketplace and believe that our partnership with Stefan and Leif will result in the future growth and continued success of ITSolutions,” added Snow Phipps Investment Partner Sean Epps.

BB&T Capital Markets | Windsor Group acted as the exclusive financial advisor to ITSolutions.

About ITSolutions, LLC

Established in October 2001, Interactive Technology Solutions (ITSolutions) is a privately held management and information technology consulting company. ITSolutions employs over 500 professionals located in the Washington, DC metropolitan area. ITSolutions has consulted with over 19 government agencies and private companies by providing customers with expertise and solutions in the areas of program and project management, strategic planning, infrastructure operations, call center consulting, and network engineering and operations.

About Snow Phipps Group, LLC

Snow Phipps is a New York-based private equity firm founded by Ian Snow and Ogden Phipps that seeks to acquire middle market businesses in attractive industries by leveraging the expertise of exclusive Operating Partners who are seasoned industry executives.

Edgewater Funds Gets Drink Concentrate Maker Beverage House

Cartersville, Ga.--Chicago buyout shop Edgewater Funds has gulped down Beverage House Inc., a company that mixes and packages concentrates of liquid tea, coffee, health drinks and other beverages, for an undisclosed amount.

Edgewater Funds is buying the Cartersville, Ga.-based company from a broad group of private shareholders that was looking for an exit, according to Mark Loeffler, a principal at VRA Partners LLC, the Atlanta investment bank that advised the sellers. Members of management, however, are retaining a stake and continuing with the company.

Beverage House formulates drink concentrates for its clients, which include foodservice companies and retailers, and packages them in boxes or plastic bags before being shipped out. No details about its finances were disclosed.

Edgewater was attracted to the company largely due to its activity in teas and other healthy beverages, which are seeing better growth as more Americans choose alternatives to soda and other sugary drinks. As a result, Beverage House has experienced sales growth of about 40% on average over the last four years, according to Dave Tolmie, a partner at Edgewater Funds.

The company has also carved out a nice niche in the tea, coffee and herbal beverage space, a feature that places it on a short list of concentrate manufacturers that companies go to when they need a mix made.

“We also like how much its customers value the capabilities that the company has to develop a superior product,” Tolmie said. “They are a leader in what they do.”

Edgewater Funds is viewing the company as a platform for acquisitions of other makers of “value-added” beverage ingredients, Tolmie said. The firm also plans on making investments to upgrade the company’s manufacturing facility.

Beverage House generated significant interest from both strategic and financial buyers, largely due to a leading position in the space, Loeffler said. In addition, a diverse customer base protects Beverage House from a downside.

Edgewater Funds is investing out of its Edgewater Growth Capital Partners II LP, a $470 million partnership raised last year.

Edgewater Announces Sale of Extended Care Information Network

CHICAGO - Edgewater Growth Capital Partners II has announced the recent sale of portfolio company Extended Care Information Network (ECIN) to Allscripts Healthcare Solutions.

Through Edgewater’s investment in May 2006, Edgewater partnered with the ECIN management team to accelerate organic growth opportunities, strengthen its client network base and assist the company with targeted acquisitions.

Since that time, ECIN has aggressively expanded its customer base, enhanced its product service offering and increased its revenue by 90 percent while tripling EBITDA.

ECIN is another example of Edgewater’s investment strategy. The investment opportunity was introduced to Edgewater through a personal relationship between ECIN’s CEO and one of Edgewater’s partners. This has enabled Edgewater to complete the investment without an auction process.

The company successfully took advantage of its leadership position within its marketplace and positioned itself for an attractive exit to a strategic acquirer. Edgewater also has a close relationship with the CEO of the acquirer, which allowed Edgewater to play a significant role in the successful sale of ECIN.

Edgewater Acquires Horsburgh & Scott Co.

CHICAGO - Edgewater Growth Capital Partners II LP is pleased to announce the recently completed acquisition of Horsburgh & Scott Co. (H&S), which is headquartered in Cleveland. H&S is a leading manufacturer of large-diameter industrial gears and custom mechanical gear drives.

The company also provides specialized services including heat treatment, technical solutions and on-site customer service. The acquisition was completed in partnership with Edgewater affiliate Bolder Capital LLC and the management team at H&S.

H&S products are used in a variety of applications in the steel, mining, sugar, aluminum and power-generation industries.

The company’s large-diameter gears also are critical components for alternative power-generating wind turbines, which represents a high-growth opportunity for H&S. Edgewater is working closely with management to further grow the business by investing in equipment to open up new end-user markets.



The Edgewater Funds is a Chicago-based private equity firm with more than $1 billion under management. Through Edgewater Growth Capital Partners II, the firm partners with management to help accelerate growth in their businesses.

The Edgewater Funds Acquires American Laser Centers

FARMINGTON HILLS, Mich., Dec. 10 /PRNewswire/—American Laser Centers, the largest provider of laser hair removal and other noninvasive aesthetic services in the United States, announced it has been acquired by Chicago-based private equity firms Code Hennessy & Simmons LLC ("CHS") and The Edgewater Funds. Specializing in private equity investments and recapitalizations of

middle market companies in partnership with management, CHS and The Edgewater Funds become the majority owners of the company.



As part of the ownership transfer process, Gary Graves has been appointed CEO to succeed Founder and CEO Rich Morgan.  Prior to joining American Laser Centers, Mr. Graves was CEO of Chicago-based La Petite Academy, Inc., the second largest for-profit preschool educational center which operates 645 schools in 36 states and the District of Columbia, where he gained significant expertise marketing to a female customer base. Prior to that, Mr. Graves was COO of InterPark, the world’s premier owner, manager, and developer of parking facilities. In addition, he has a strong multi-location business management background holding top positions at Boston Market, PepsiCo and Yum Brands. Mr. Graves currently serves as a non-executive Chairman of the Board for Caribou Coffee and is an independent

member of Caribou Coffee’s Board of Directors.



“I am eager to lead American Laser Centers,” said Mr. Graves. “This is an exciting time in the aesthetic treatment industry and it is rewarding to be at the helm of the leader in the space.”



Mr. Morgan adds, “To continue American Laser Centers’ rapid growth and expansion, Gary brings a wealth of relevant experience with major consumer brands and the female market paired with a keen understanding of operational efficiency. We know his skills are essential to building upon our strong brand identity and executing our vision to remain the leader in non-surgical cosmetic procedures.”



CHS is a private equity firm, founded in 1988 that manages more than $2.5 billion in capital across five different funds. The Edgewater Funds is a private equity firm with $1 billion in capital. CHS and The Edgewater Funds will provide strategic direction for American Laser Centers through active roles on the Board of Directors.



American Laser Centers was ranked in Inc Magazine’s 2007 list of the fastest-growing private companies in the U.S. and ranked sixth highest in the state of Michigan. The company has experienced more than 53 percent year-over-year sales growth, and performs approximately 75,000 treatments each month.



About American Laser Centers



American Laser Centers is the largest and most successful laser hair removal, skin rejuvenation and cellulite reduction therapy company, with more than 220 locations in the United States. The company has performed more than two million aesthetic treatments since its founding in 2002. American Laser Centers offers clients treatments using state-of-the-art-technology under a doctor-supervised regimen. American Laser Centers is proud to offer the industry’s only written two-year guarantee for laser hair removal. For more information, please visit http://www.americanlaser.com/.

Genesis Financial Solutions Closes Growth Equity Investment from The Edgewater Funds

PORTLAND, Ore.--(BUSINESS WIRE)--Genesis Financial Solutions, Inc. ("Genesis"), announced that it recently completed a growth equity investment from The Edgewater Funds ("Edgewater"). Genesis is a rapidly growing specialty consumer finance company focused on the acquisition and origination of credit cards and student loans. Genesis partners with banks, career colleges and other consumer-oriented organizations to create customized lending programs.

Proceeds from the investment will be used to fund new consumer receivables. Genesis intends to concentrate on building its credit card and student loan portfolios. Since its founding in 2001, Genesis has developed a strong underwriting and servicing platform in the non-prime unsecured consumer credit market. The company currently employs 160 people in Portland, Oregon, where it manages and services over $2 billion in consumer receivables.

“We are delighted to have closed this round of funding from Edgewater,” commented Bruce Weinstein, President and CFO of Genesis. “In this period of uncertain economic conditions and disrupted credit markets, we believe there are strong opportunities for our business. Because of our strong market presence and rising demand for our lending programs, the new equity will accelerate our growth.” Added Irving Levin, CEO of Genesis, “This investment is particularly timely because of our significant opportunities in making private tuition loans for career college students.”

Gregory K. Jones, Partner at Edgewater, said, “The current state of the consumer credit market presents an opportunity for Genesis to build new relationships and deploy capital at attractive levels. Genesis utilizes innovative, consumer-friendly financial products. We are excited about partnering with such a high quality management team and we look forward to helping grow their business.”

About Genesis Financial Solutions, Inc.

Genesis Financial Solutions, Inc. is a provider of specialty consumer finance solutions. The company specializes in acquiring and originating credit cards and student loans. Genesis manages and services subprime unsecured consumer receivables throughout the credit lifecycle, from performing through charged-off accounts. Genesis differentiates itself through sophisticated risk management, program delivery and product innovation. Genesis was founded in 2001 and is located in Portland, Oregon. For more information, visit http://www.genesis-fs.com/.

2008 Greater Washington Technology CFO Awards Finalists Announced

The Northern Virginia Technology Council (NVTC) is pleased to announce the finalists for the 2008 Greater Washington Technology CFO Awards, which recognize chief financial officers for extraordinary achievement and excellence in promoting the development of the region’s technology community. The awards program, produced by NVTC with participation by the Tech Council of Maryland, honors exemplary CFOs in the following categories: Public Company CFO of the Year, Private Company CFO of the Year, Group/Division CFO of the Year and Community Service Award. At the awards banquet on June 3 at the Hilton McLean in McLean, Va., the Michael G. Devine Hall of Fame Award also will be presented to an extraordinary leader whose contributions have significantly and uniquely impacted the Greater Washington region’s technology business community during the course of his or her career.

These awards are a joint endeavor of the four accounting firms of Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, and the chairmanship of the event is rotated among the four firms. The chairman of this year’s awards program is Greg Kuykendall, partner, Ernst & Young.

The finalists for the Public Company CFO of the Year Award are

• John F. Baule, K12


• Maria C. Izurieta, Wireless Matrix


• Kevin Phillips, ManTech International


• Joe Ragan, GTSI Corporation


• Steve Vintz, Vocus, Inc.

The Private Company CFO of the Year Award finalists are

• Gregory S. Dunn, Acquisitions Solutions, Inc.


• Wes Husted, Abraxas


• Doug Kollme, Interactive Technology Solutions


• Joseph Kuhn, NextPoint Networks, Inc.


• Wayne Wilkinson, Athena Innovative Solutions, Inc.

The Group/Division CFO of the Year, a new award category for 2008, is presented to the chief financial executive of a significant division or business unit that is located in the Greater Washington region and whose parent company is headquartered outside the region. The finalists are

• Marilyn Crouther, EDS, U.S. Public Sector (the 2007 Community Service Award honoree)


• Jim LaJeunesse, Unisys


• William T. Powers III, Rolls-Royce North America

The Community Service Award finalists are

• Kevin M. Boyce, Datatel, Inc.


• Ed Offterdinger, Beers + Cutler


• Mark Simione, Noblis

To learn more or to register for the Greater Washington Technology CFO Awards Banquet, visit www.nvtc.org.

Symantec to Acquire Edgewater Portfolio Company PowerQuest for $150 Million

Edgewater Growth Capital Partners II, L.P. in Partnership with its Affiliate Bolder Capital

The Edgewater Funds, a leading private equity firm, announces the sale of it’s portfolio company, Mid America Recycling to Greenstar North America, the recycling business of NTR plc.

Mid America Recycling (MAR or the Company), on of the nation’s largest recycling companies with plants and facilities across America, is a multi-material recycling company processing 1.5 billion pounds of paper, plastics, metals and glass annually. Originally founded as Container Recovery, Incorporated in 1979, Bolder partnered with MAR CEO, Brian Meng, in a management buyout of the founding shareholders in 2004.

“We are very proud of our role as a partner to Brian Meng and the exceptional team at MAR during this exciting growth phase, including support of the company’s successful acquisition and single stream strategies,” said Bolder Managing Director, Todd Hamilton. “We have enjoyed an outstanding partnership with management and the new relationship with “Greenstar represents an exciting new chapter in the MAR story.”

“I’d like to thank Bolder for their unwavering support in helping MAR become an industry leading company,” said MAR CEO, Brian Meng. “I am looking forward to Mid America’s partnership with Greenstar, America.  “Our companies share a similar commercial vision for the future as well as a focus on bringing the latest recycle processing technology to market. Together, we will be well positioned for growth in the recycling industry.” 

“MAR is a remarkable business in the rapidly changing global recycling industry. Joining forces with the company’s top notch management team has been a tremendous success for Edgewater. We wish the MAR team continued future success,” added Edgewater Managing Partner, Jim Gordon.

“Mid America’s leadership in recycling, particularly with new investments in single stream processing, and its global trading business directly complements our North American strategy,” said Steve Ragiel, Greenstar CEO.

MAR’s legal counsel was provided by Sonnenschein, Nath, Rosenthal, LLP. Legal counsel was provided by Locke, Liddell & Sapp, LLP for Greenstar.

Mid America Recycling Incorporated, one of the nation's fastest growing and largest private recycling companies, is comprised of multi-material recycling facilities across the Central United States whose efforts are greatly contributing to the growth of recycling in America today.  

The organization that began operation from a single plant in Des Moines, Iowa nearly 30 years ago as Container Recovery Incorporated (CRINC) has since matured and expanded into a national multi-material recycling leader. Mid America companies provide expertise in creating cost effective, quality driven recycling programs for recyclers, waste haulers, landfills, cities and governments. These programs create solid market fundamentals that encourage and allow both small businesses and large corporations to recycle profitably while reducing waste hauling expenses and landfill stress.  

Today, processing over 1.5 billion pounds of paper, plastics, metals and glass annually, the Mid America companies are growing by shaping positive recycling and environmental solutions for the 21st century and beyond.

Greenstar North America is a leading provider of sustainable recycling solutions in the recycle processing, commodity upgrading and commodity trading sector of the US solid waste market. The Mid America transaction is Greenstar’s fourth partnership in the U.S. including Recycle Management of Pittsburgh Pennsylvania, Todd Heller Inc of Allentown Pennsylvania, and Delta Management of Normal Illinois. Greenstar is now one of the largest private recycle processors in the U.S. handling over 1 million tons per year of recyclables through a network of 15 processing facilities. The company is focused on the recycle sector and does not expect to enter the landfill or waste collection areas of the solid waste market.

NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. The company employs 1,600 people, has an annual revenue of in excess of $500 million and a market capitalization in excess of $1.6 billion. NTR has operations in Ireland, UK, Germany and the US.

The Edgewater Funds Announces a Strategic Alliance with Robert B. Covalt and Associates

The Edgewater Funds is pleased to announce it has formed a strategic alliance with Robert B. Covalt and Associates. This alliance is focused on buyout opportunities of high quality middle market companies in the Specialty Chemical Industry, with an emphasis on adhesives, sealants and coatings.

Mr. Covalt was Founder, Chairman, President and CEO of Sovereign Specialty Chemicals, Inc. and successfully led Sovereign's growth from $0 to almost $400 million in revenues through a combination of nine acquisitions and organic growth. Prior to Sovereign, Mr. Covalt served as Morton International's Corporate Executive Vice President and previous to that served as President of Morton's Specialty Chemicals Group. As President, he led the growth of its specialty chemicals business from $175 million to $1.3 billion in sales and completed 13 acquisitions ranging in size from $3 to $170 million.

Former Sovereign executives, CFO John Mellett and Vice President Paul Gavlinski, are working with Mr. Covalt in this endeavor.

Scott Meadow, Partner with The Edgewater Funds, commented, "We are excited to be associated with a top notch group of executives. Bob, John and Paul are very experienced and have an outstanding track record. We view the Specialty Chemical Industry as an attractive investment area particularly given the large number of companies with sales of $25 to $300 million."

Mr. Covalt added, "We are delighted to have an experienced financial partner who can assist us with our acquisition plans."

Interactive Technology Solutions, LLC Acquires ITEQ Integrated Technologies, Inc

Effective June 12, 2007, Interactive Technology Solutions, LLC (ITSolutions) announced that it signed a definitive agreement to acquire ITEQ Integrated Technologies, Inc. (ITEQ), a U.S. federal government information technology services company based in Silver Spring, MD.

Through this acquisition, ITSolutions staff will increase to more than 500 professionals and as importantly will expand its suite of services provided to the federal, state, and local government services sector to include the following verticals:

• IT Strategic Planning,
• Program Management,
• Infrastructure Operations,
• Network Engineering and Architecture,
• Information Assurance, and
• Data Center Relocation.

The acquisition gives ITSolutions several additional significant government contracts and expands its client base to include: Health and Human Services, the Food and Drug Administration, the Internal Revenue Service, the Department of Treasury, the Department of Defense, Alcohol Tobacco and Firearms, Office of Personnel Management, the Department of State and the DC Government. The combined company will operate as a prime contractor on nearly 70% of its contracts.

"ITEQ has a great reputation with its clients and a strong team of talented professionals that make it an excellent fit with the ITSolutions team," said Stefan Lalos, CEO of ITSolutions. He added, "The capabilities of ITEQ and ITSolutions allow us to provide a greater level of service to our clients in support of their important missions."

ITSolutions (http://www.itsolutions-llc.com) is a provider of information technology services to federal, state, and local government agencies. Headquartered in Gaithersburg, Maryland, ITSolutions was recognized in 2006 by Inc. Magazine as the nation's 29th fastest growing private company (2nd in the technology sector), and by the Washington Business Journal as the 5th fastest growing company in the metro-DC area. The company was founded by Stefan Lalos and Mike Dietz and has a minority investment from the Edgewater Funds, a $1 billion private equity firm based in Chicago, Illinois.

Nation’s Top-Ranked Integrated Health System Chooses ECIN For Utilization/Case Management

The Toledo, Ohio-based ProMedica Health System, which topped Modern Healthcare Magazine’s 2006 list of the nation’s top integrated health systems, has chosen ECIN to automate case management at its nine hospitals.

ECIN’s ExtendedCare ProfessionalTM software streamlines the daily case management functions of discharge planning and utilization management into a single work list, empowering case managers to decrease denials and avoidable days and optimize length of stay, while increasing throughput, staff efficiency, quality and patient satisfaction.

“Case Managers at ProMedica play an increasingly larger role in helping drive better clinical, financial and patient satisfaction outcomes,” said Gladeen Roberts, President. “It makes sense to give them the market’s most powerful and case management-specific tools available and ECIN’s unique offering integrating utilization management and discharge planning across many facilities is just that.”

ProMedica case managers will be able to communicate automatically with payers and post-acute care providers, eliminating hours wasted daily phoning and faxing and drastically reducing the amount of paper-based documentation they currently must generate.

Hospital case management places one person in charge of coordinating all phases of patient care, from admission through discharge, and has two fundamental tasks: Utilization Management-- the process of securing payer authorization – and Discharge Planning, planning patient discharge and securing any necessary post-acute care options.

Integrating both applications into a single solution has proven to provide a series of benefits to hospitals across the country:

• Boosted productivity due to single database/consolidated work-list. Not having to jump between discharge planning and utilization management systems -- nor waste hours re-keying data – has saved existing ECIN clients several hours every day.
• Reduced denials and excess days via automated payer communication. Delivering patient data via secure Web communication proves information delivery and eliminates the very common “Lack of Information Denial”(LOI) payers often cite when data is relayed via phone or fax.
• Increased patient focus by virtually eliminating faxes and phone calls. Less clerical time with phones and fax machines means more clinical time for patients.
• Better management reporting when “patient lives in ECIN.” Case management- captured data can be converted into actionable business intelligence when captured and processed via the ECIN system.
• Higher patient satisfaction. Reaching out electronically to dozens of post-acute care facilities at one time greatly expands the choices presented to patients and families.

ECIN’s industry-defining discharge planning solution is used by more than 340 hospitals nationwide. Automating post-acute facility referrals eliminates the cumbersome and costly process that has a case manager or discharge planner wasting hours every week phoning and faxing to secure post-acute care services one provider at a time. Instead, the ExtendedCare ProfessionalTM application sends a detailed electronic referral across ECIN’s proprietary database of 86,000 providers and interested facilities reply – often within minutes. The patient and family then receive a discharge packet that details their facility options, making that decision process more transparent and informed. That packet’s breadth of options and depth of information on each provider allows patients and families to make an extended care facility choice that precisely meets their needs. Physicians and families still control the discharge process, but have exponentially more information in a fraction of the time.

About ECIN

ECIN's web-based case management software and consulting enables hospitals to fully automate and streamline the entire care management process - from admission to discharge. Unifying discharge planning and utilization management applications into a single integrated solution allows case managers to work from a single screen to decrease denials and avoidable days and optimize length of stay, while increasing throughput, staff efficiency, quality and patient satisfaction. ECIN's automated data capture also allows case management departments to better document and measure key quality and performance indicators to drive process improvement efforts. Founded be healthcare professionals, ECIN’s product and services are utilized by over 320 hospitals and 4,000 post-acute care providers. For more information, please visit www.extendedcare.com. ECIN is based in Chicago, Illinois.

IT Services Firm, ITSolutions LLC, Ranks No. 29 on the 2006 Inc. 500

Inc. magazine today announced its 25th annual Inc. 500 ranking of the fastest-growing private companies in the country. IT Services Firm, ITSolutions LLC, ranks No. 29 on the list, with three-year growth of 1,736.9 percent. ITSolutions was also ranked as the 2nd fastest growing company in the IT Services sector by the magazine.

ITSolutions delivers Information Technology solutions primarily to civilian agencies of the U.S. government, including the Food and Drug Administration, Internal Revenue Service, Department of Treasury, Health and Human Services, and the Security and Exchange Commission. The Company offers the full life-cycle of IT solutions from needs analysis and requirements definition through implementation and ongoing operation and maintenance. ITS is based in Gaithersburg, Maryland and employs approximately 150 professionals.

The 2006 Inc. 500, as revealed in the September issue of Inc., reported the most robust bunch of companies the magazine has ever compiled, with aggregate revenue of $19.7 billion, up from $16.5 billion last year and $12.9 billion in 2000. Most important, the 2006 Inc. 500 companies were engines of job growth, having created more than 90,000 jobs since those companies were founded.

This year’s list is the first to include businesses that started up immediately before and after September 11, 2001 – including the No. 1 company and 20 companies in the top 50, including ITSolutions. In total, 104 companies listed on this year’s Inc. 500 were started after 2000.

“If you want to find out which companies are going to change the world, look at the Inc. 500,” said Inc. Editor Jane Berentson. “These are the most innovative, dynamic, fast-growth companies in the nation, the ones coming up with solutions to some of our most intractable ills, creating systems that let us conduct business faster and easier, and manufacturing products we soon discover we can’t live without. The Inc. 500 list is Inc. magazine’s tribute to American business ingenuity and ambition.”

“To make the Inc. 500 List is an extraordinary honor,” said ITSolutions CEO Stefan Lalos. “We have worked very hard to grow our business, which is clearly reflected in this achievement.”

FishNet Security Merges with California Based SiegeWorks LLC

FishNet Security (FNS) is pleased to announce that it has closed on an agreement with SiegeWorks LLC to merge the two information security businesses. SiegeWorks has become a wholly owned subsidiary of FishNet Security. The combined companies will have nearly 200 information security professionals operating out of 18 locations across the U.S. with Corporate Headquarters in Kansas City, Missouri and Western Region headquarters in Livermore, California.

“We are very pleased to make this announcement,” says Gary Fish, CEO of FishNet Security. “FishNet Security could not have found a better West Coast partner to add to our vision of building the nation’s largest Information Security Solutions Provider. Our businesses, and more importantly our cultures, are very similar and complimentary,” explains Fish. “SiegeWorks has a strong management team that will become an integral part in executing our national expansion strategy”.

The SiegeWorks team is very excited to join forces with FishNet Security," says Jeff Bennett, CEO of California based SiegeWorks LLC. "Combined, we now have the scale and breadth of resources to further deliver on our promise of providing world class security solutions."

“We congratulate Gary Fish and Jeff Bennett and their teams for having found such complimentary partners”, said Jeff Frient, Partner at the Edgewater Funds, an investor in FNS. “The combined business will be the largest information security solution provider nationally."

About FishNetSecurity

FishNet Security is the nation’s most respected security solutions provider. FNS expertise includes information security strategy, continuous risk and application assessment, planning, implementation, management, training and support -- enabling businesses to meet their unique security needs. Since 1996, FNS has offered information security services and products to global enterprises, government agencies, and small-medium sized businesses. For more information about FishNet Security, please visit us at www.fishnetsecurity.com.

About SiegeWorks LLC

SiegeWorks LLC is a leading global enterprise security services, consulting and integration firm, serving as clients' critical first line of defense. Clients obtain a direct connection to SiegeWorks' vast network of resources, knowledge and expertise, which is renowned as one of the most advanced in the complex area of large application and database security.

Bantek West, Efmark announce merger

Bantek West Inc. and Efmark Premium Armored, two privately held pioneers in the ATM service space, announced plans to merge Jan. 4.

According to a news release, the merger is expected to pair the strengths and resources of both companies. Efmark customers will gain access to a broader service portfolio, including branch coin and cash services and maintenance of equipment such as bank-system computers, teller-cash dispensers, recyclers and teller/platform-automation systems. Bantek customers will benefit from Efmark’s broad maintenance and service reach, hardware sales, cash management and technical expertise.

"Our merger with Bantek will enable us to continue to keep pace with increasing growth and consolidation in the financial services industry," said Mark Hoppe, Efmark’s president and chief executive officer. "As financial institutions seek cost efficiencies in their growing ATM networks, our combined company will be in a unique position to offer an end-to-end solution to meet their every need."

The merger creates a national footprint of 75 armored branches located in 43 states, capable of servicing the continental United States. The new company will have a national infrastructure of more than 2,500 employees.

The Edgewater Funds, a Chicago-based private equity firm that is a minority shareholder in Bantek, is expected to help fund the merger and become a minority shareholder in the combined company. The companies will operate as wholly owned subsidiaries of a newly formed holding company that will continue to be owned by both companies’ shareholders.

The holding company is expected to adopt a new name and identity in early 2006. All services will be marketed and sold solely under that new name shortly thereafter.

"Bantek joining forces with Efmark creates an unparalleled value proposition for financial institutions," said Fred Wich, vice chairman of Bantek. "While the companies have had the same strategic vision, our strengths complement one another, and each company brings something new to the table, making us better equipped to deliver the benefits of a true single-source provider."

TAL International Group, Inc. Announces Closing of Initial Public Offering

TAL International Group, Inc. announced today the closing on October 17, 2005 of its initial public offering of 11,500,000 shares of common stock at a price to the public of $18.00 per share. All shares were sold by TAL. TAL has granted the underwriters the option to purchase up to 1,725,000 additional shares of common stock from certain shareholders of TAL. Net proceeds to TAL from the offering, after underwriting discounts and commissions, were $192,510,000.

The managing underwriters of the public offering are Credit Suisse First Boston LLC, Deutsche Bank Securities, Inc., Jefferies & Company, Inc. and UBS Securities LLC acting as joint book-running managers, and Robert W. Baird & Co. Incorporated, Morgan Keegan & Company, Inc. and Fortis Securities LLC acting as co-managers.

The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from the prospectus departments of Credit Suisse First Boston LLC at One Madison Avenue, New York, NY 10010, Deutsche Bank Securities LLC at 1251 Avenue of the Americas, 25th Floor, New York, NY 10020 or Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY 10022.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About TAL International Group, Inc.

TAL is one of the world's largest lessors of intermodal freight containers with 19 offices in 12 countries and approximately 195 third party container depot facilities in 40 countries. The Company's global operations include the acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers. TAL's fleet consists of over 620,000 containers representing approximately one million twenty-foot equivalent units (TEU). This places TAL among the world's largest independent lessors of intermodal containers as measured by fleet size.

"Safe Harbor Statement" under the Private Securities Reform Act of 1995

Statements in this press release regarding TAL International Group, Inc.'s business that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. For a discussion of such risks and uncertainties, see "Risk Factors" in the Company's Registration Statement on Form S-1, File Number 333-126317, filed with the Securities and Exchange Commission.

Mid America Recycling Company Announces Purchase of Vista Fibers

Mid America Recycling Company (MARC), one of the nation's largest multi-material recycling companies, in conjunction with Edgewater Growth Capital Partners, LP, today announced the purchase of Vista Fibers, headquartered in Dallas, TX. Vista Fibers, with five recycling plants in Dallas, Houston and San Antonio, Texas, and New Orleans and Hammond, Louisiana, is a long-time regional leader in the paper recycling industry. Vista Fibers, while now wholly owned by MARC, will retain its name.

"Vista Fibers is a very fine, well-operated company that will add significant value to our customers and shareholders," said Brian Meng, president of MARC. "The addition of their locations to our existing geographic plant structure offers our customers even greater flexibility in marketing recycled paper."

"In evaluating potential buyers, we found Mid America Recycling Company to most nearly reflect the values of Vista Fibers," said Tom Lyon, president of Vista Fibers. "We are thrilled to take Vista Fibers to the next level with Mid America Recycling."

"We are very excited to continue our strategy in the recycling industry in partnership with the outstanding leadership of Brian Meng and the MARC management team," said Greg Jones, Edgewater Partner. "Mid-America's reputation as the industry leader will continue with the acquisition of Vista Fibers and its expansion in Texas and Louisiana."

About Mid America Recycling

Mid America Recycling, one of the nation's largest recycling companies with plants and facilities across America, is a multi-material recycling company processing more than 1 billion pounds of paper, plastics, metals and glass annually. From its corporate headquarters in Des Moines, Iowa, the company is pursuing an aggressive growth strategy while providing recycled materials for end users around the world. In addition to providing expertise in creating cost-effective, quality-driven recycling programs for waste haulers, landfills, cities and governments, the company also provides patented physical plant design, equipment manufacturing and environmental analysis. For more information please visit www.midamericarecycling.com.

About The Edgewater Funds

The Edgewater Funds is a Chicago-based private equity firm with over $1 billion under management. Through Edgewater Growth Capital Partners, we partner with management to help accelerate growth in their businesses. Edgewater Growth Capital Partners focuses on funding high quality middle market companies where we can add substantial value through our capital, our experience and our broad network. Edgewater leverages the experiences of its Partners who have distinguished themselves as successful CEOs and business leaders.

Edgewater Invests in Wound Care Industry

Edgewater Private Equity Funds, LP today announced it has partnered with management in the buyout of Praxis Clinical Services, Inc. ("PRAXIS" or "Company").

PRAXIS is a rapidly growing wound care service provider company focused on providing acute-care hospitals with the most appropriate and advanced resources and technologies to support optimal outcomes for patients with chronic non-healing wounds.

"Edgewater's resources and strategic leadership are a perfect fit for PRAXIS," according to President and CEO, Jack Rollins. "We look forward to working with our new partners and appreciate the strategic value of Bolder, which will allow us to achieve our long-term strategic growth plan."

"We are very excited to have the opportunity to partner with the PRAXIS management team and believe that PRAXIS has the unique opportunity to enhance and further develop the wound care service provider industry with exciting new service offerings in large and growing markets," said Greg Jones, Edgewater Partner.

About Praxis Clinical Services

Praxis Clinical Services provides management services for the development, implementation and operation of Comprehensive Wound Healing Centers. These centers are designed as outpatient departments in hospitals and are committed to the successful treatment and prevention of chronic, non-healing wounds.

Last year over 14,000 patients were treated in Praxis Clinical Services managed Comprehensive Wound Healing Centers through out the United States. This represents over 105,000 patient visits demonstrating our extensive experience in delivering state of the art wound care. Overall wound healing rates in Praxis Clinical Services centers exceed 90% for patients who have previously failed care in other healthcare settings. And, Praxis Comprehensive Wound Healing Centers have received a 99% Patient Satisfaction rating for 2004.

Today PRAXIS has 60 centers across the USA located in 28 states representing over 20,000 licensed hospital beds.

About The Edgewater Funds

The Edgewater Funds is a Chicago-based private equity firm with over $1 billion under management. Through Edgewater Growth Capital Partners, we partner with management to help accelerate growth in their businesses. Edgewater Growth Capital Partners focuses on funding high quality middle market companies where we can add substantial value through our capital, our experience and our broad network. Edgewater leverages the experiences of its Partners who have distinguished themselves as successful CEOs and business leaders.

Edgewater Leads $12.0 million Financing for FishNet Security

FishNet Security, Inc. ("FishNet"), the largest privately held network security solutions company in North America, announced today $12 million of equity financing by Edgewater Growth Capital Partners, L.P. ("Edgewater"). This investment allows the Company to continue its history of strong organic growth as well as provides substantial additional capacity for growth through acquisitions.

"We scoured the market to find the best partner to help us substantially grow our business. With the growth capital infusion and operating expertise from Edgewater, we're well on our way to achieving our leadership vision in the rapidly growing security services market." according to Gary Fish, FishNet's CEO. "The Edgewater Edgewater team will be an invaluable contributor to our strategy."

FishNet Security's services include assessment, consulting, integration, management, monitoring and education for enterprise network security needs. The Company has developed a strong customer base among mid-sized companies, and federal, state and local governments. FishNet has been able to achieve deep penetration with multiple security services offerings and strong name recognition throughout its targeted Midwest market. The Company operates through seven offices with its headquarters in Kansas City and is planning to open additional offices in 2005.

"We are very excited to have the opportunity to invest in FishNet," said Greg Jones, Partner at the Edgewater Funds. "FishNet fits squarely within Edgewater's core investment philosophy to invest in high quality, growth companies with excellent management teams."

"FishNet's breadth of services, open-ended market opportunity, excellent reputation and longstanding customer relationships help to propel what we feel is an exceptional investment opportunity," said Jeff Frient, Principal at the Edgewater Funds

For additional information visit: www.fishnetsecurity.com.

About the Edgewater Funds

The Edgewater Funds is a Chicago-based private equity firm with over $540 million under management. Through Edgewater Growth Capital Partners, a $236 million fund raised in 2001, we partner with management to help accelerate growth in their businesses. Edgewater Growth Capital Partners focuses on funding high quality middle market companies where we can add substantial value through our capital, our experience, and our broad network. Edgewater leverages the experiences of its Partners who have distinguished themselves as successful CEOs and business leaders.

Bantek Expands ATM and Desktop Service Capabilities through Merger with The Wilson Group

Bantek West Inc., a leading national provider of integrated services for automated teller machines and other banking equipment, today announced its merger with The Wilson Group, Farmington Hills, Mich., the Midwest's leading independent ATM, desktop workstation and OEM maintenance company.

Wilson will operate as a separate wholly-owned subsidiary of Bantek, and all of its management personnel will remain in place.

The merger with Wilson strengthens and expands Bantek's ATM nationwide second-line maintenance and Client/Server service solutions. Wilson has a 20-year track record of success in those service categories. Wilson also offers broad expertise in ATM installation, de-installation, and software and hardware upgrades. Wilson's customer base in Michigan, Indiana and Illinois will gain access to Bantek's national footprint and greater financial resources.

"The combination of Bantek and Wilson positions us to be the leading independent national provider of single source service solutions for ATMs, desktop workstations and printers and other bank branch equipment," said Fred Wich, Vice Chairman of Bantek. "As banks continue to consolidate, they are looking for national service companies who can provide one stop shopping solutions for all of their ATM and other equipment service and project needs."

Wich also noted that as an independent service provider, Bantek's interests are aligned with those of its customers -- e.g., reducing aggregate life cycle acquisition and service costs for their ATM and other equipment -- in contrast to equipment manufacturers whose primary motivation is to sell their own equipment and solutions.

As a single source service solution provider, Bantek can provide its customers with higher equipment uptime and availability at lower costs.

"Bantek and Wilson are a perfect fit," added Kim Rhodaback, partner of Wilson. "Both companies believe in the single-source solution concept, and Bantek's national footprint and greater financial resources will enable us to offer an even more complete service package to our current customer base."
The companies' combined capabilities in the Microsoft Windows Ô and LAN/WAN market separate Bantek and Wilson from other ATM service providers, an increasingly important consideration as ATMs evolve to a Windows-based operating environment and banks begin separating their ATM software purchasing decisions from their hardware purchasing decisions.

The two privately held firms did not disclose terms of the merger, which is effective immediately.

Bantek was founded in 1986 and has grown under its current management from a regional company serving five western states into a national provider of cash transportation, ATM and other equipment services. It currently has 52 branch offices located coast to coast.

The Wilson Group traces its history back to 1965 as a provider of office equipment maintenance services. For the past 20 years, Wilson has specialized in providing single-source ATM and desktop workstation services and high end installation, de-installation and upgrade solutions to financial institutions and other customers in Michigan, Indiana and Illinois.

As a result of the merger with The Wilson Group, Bantek now services more than 15,000 ATMs nationwide, including second-line services for approximately 4,000 ATMs of all manufacturers, including Diebold, NCR, Wincor Nixdorf, Triton, Tidel and Tranax. The company also services more than 65,000 desktop workstations and printers and more than 1,500 servers manufactured by Hewlett Packard, Dell, IBM, Cisco and others; more than 500 teller cash dispensers manufactured by Diebold and DeLa Rue; and several thousand pieces of coin and currency and other equipment located in bank branches.

Bantek's 1,400-person workforce includes more than 500 technicians. In combination with The Wilson Group, Bantek will operate 55 branches and a fleet of more than 250 armored vehicles providing end-to-end vault and cash delivery services for ATMs and bank branches.

About Bantek
Founded in 1986, Bantek is a leading national provider of cash-management and maintenance services for automated teller machines and bank-system desktop computers. The company strives to be the best national, integrated, single-source solution for banks and other deployers of ATMs. Its cash-handling services include ATM restocking and deposit pickup, as well as full armored-vehicle services. Its maintenance services include ATM hardware and software repair, installation and upgrades, as well as maintenance of vaults, pneumatic tubes, alarm systems and other banking equipment.

For more information, please contact Fred Wich at 312-649-1677 or Kim Rhodaback at 248-478-7700.

AMF Signs Agreement to Sell Its Bowling Centers in Australia

AMF Bowling Worldwide, Inc. ("AMF") today announced that it has signed a definitive agreement to sell its 45 operating bowling centers in Australia to Macquarie Leisure Operations Limited ("MLE") for approximately US$49.3 million, subject to certain adjustments to be made at closing. The sale will also include the real estate associated with one closed bowling center. The transaction is expected to close by the end of November, 2004, subject to certain closing conditions. Following consummation of the sale, AMF will have exited all bowling center operations in Australia.

"The decision to sell our Australian centers is consistent with the sale of our U.K. centers that we announced a few weeks ago," said Fred Hipp, AMF Bowling Worldwide's President and CEO. "Strategically, we want to bring as much focus as possible to the management of our core U.S. center and bowling products businesses."

AMF Bowling Worldwide, Inc. was advised on the transaction by J.P. Morgan.

AMF Bowling Worldwide Inc. remains the world's largest owner and operator of bowling centers and is also a leader in the manufacturing and marketing of bowling and billiards products. Additional information about AMF is available on the Internet at www.amf.com or www.amfcenters.com.

Edgewater Funds Closes Sale of Westar

The Edgewater Funds, a Chicago based private equity group with approximately $540 million under management, today closed the exit of its investment in Westar Aerospace and Defense Group, Inc. Westar, a leading provider of technology solutions to the Department of Defense, other government agencies, and aerospace customers, was acquired for approximately $130 million by QinetiQ Ltd., a British science and technology development company controlled by the Carlyle Group.

Westar provides systems engineering, software, and logistics services to the aerospace industry, primarily the US department of defense. In addition, Westar manufactures aerospace filtration systems and flat panel display capital equipment. The company reached trailing twelve month revenue of approximately $125 million at June 30, 2004.

Under terms of the agreement, Westar will become a wholly owned subsidiary of QinetiQ North America, QinetiQ's U.S. operating company, and will remain an autonomous member of the QinetiQ Group, retaining Westar's core management team, employees, and U.S. facilities. Westar's management will continue to report to a separate, independent board of directors.

"We're very proud of our role in fostering Westar's growth and success," noted Edgewater Partner Greg Jones. "With assistance from Edgewater, Westar President and COO Rob Topping and his management team were able to build a large amount of value in a relatively short period of time."

"This transaction will allow shareholders to realize an excellent return on their investment while positioning Westar for continued growth. QinetiQ is buying an outstanding company and will provide Westar with additional resources to move forward. This combination will bring helpful new capabilities to the U.S. Military. This is a great new chapter in the company's history," added Jones.

"Our investment in Westar exemplifies Edgewater's strategy of partnering with strong management teams to create growth and value," commented Jeff Frient, a Principal at Edgewater. "The Westar team, working with Edgewater, has grown the company's revenue and profitability significantly and established Westar as a leader in the defense engineering services sector."

Edgewater made its original investment in Westar in December, 2003.

About Westar
Headquartered in St. Louis with offices in Washington, D.C. and Huntsville, Ala., Westar Aerospace & Defense Group, Inc. and its operating subsidiaries (Aerospace Filtration Systems, Inc., which produces products that extend the lives of turbine engines; and Westar Display Technologies, Inc., a supplier of image quality measurement and display performance improvement products), currently have approximately 900 employees and approximately $125 million in annual revenue. Founded in 1986, Westar has substantial expertise and a proven track record, offering synergistic, broad-based modeling and simulation, systems engineering, IT, and programmatic and logistics solutions. Visit http://www.westar.com for further information.

About Edgewater
Edgewater Funds is a premier private equity firm with $540 million in capital under management. Since its founding in 1991, Edgewater has invested in over 100 companies nationwide. The firm provides capital and experience to growth businesses run by outstanding management teams. Edgewater is currently investing Edgewater Growth Capital Partners I, L.P., a $236 million fund. The firm's senior partners have each been CEO's of public and/or private companies, representing over 75 total years of operating experience at the highest levels. Edgewater is based in Chicago, I llinois .

About QinetiQ
QinetiQ is Europe's largest science and technology solutions company, employing more than 9,000, including many of the UK's leading scientists and internationally acclaimed experts. Founded from the laboratories of the UK Ministry of Defense, QinetiQ operates in markets as diverse as information technology, telecommunications, electronics, marine, energy, automotive, rail, defense, space, health, oil & gas, and aerospace. QinetiQ's extensive facilities include indoor and outdoor ranges, wind tunnels, marine testing facilities, automotive test tracks, and climatic testing laboratories. The company is 31% owned by Washington, DC based Carlyle Group and 56% by the UK government. Visit http://www.QinetiQ.com for further information.

Rob Topping, president and chief operating officer of Westar Corp., is fortifying the defense contractor's St. Charles County operations.

He is expanding the company's newly designated headquarters, consolidating top management here, acquiring two other companies and projecting 2004 revenue will double last year's total.

During the past few months, Topping has officially relocated the company's headquarters from Albuquerque, N.M., to Westar's offices in Missouri Research Park. Three senior managers, including Frederick Meek, director of human resources, are relocating from New Mexico.

In addition, Joe Pruett was just hired from WebMD in Florida for the newly created vice president of finance position. Topping also hired Vanessa Chandler, a lawyer with Bryan Cave's Washington, D.C., office, as Westar's general counsel and vice president. She also is relocating to St. Charles.

Although the company has maintained key offices in St. Charles County for more than 13 years, the headquarters relocation will set up greater synergy by combining the staff and leadership team in one place, Topping said.

In addition, Westar is hiring 20 employees for its human resources, accounting, finance and contracts departments.

"Compared to Albuquerque, this region has much richer talent pools," Topping said. "There is such an emphasis on higher education. We have been conducting about eight interviews a day for the past three weeks."

Topping expects to break ground within the next 30 days on a $2 million, 20,000-square-foot expansion to Westar's current 40,000-square-foot office. A contractor has not been selected yet, but architects Mark Duitsman and Jack Holleran, who designed the original building, will oversee the expansion.

The company's current space is a far cry from the 1,200-square-foot Bridgeton office where Westar began in the mid-1980s. "The HVAC didn't work well, so in the summer we had to work in T-shirts, and in winter we had to work in coats," Topping said.

The building addition is just one indication of Westar's rapid growth. Topping and his management team have led three acquisitions since 2000 and are closing in on two more this quarter.

One of the companies, which develops aerospace modeling software, signed a letter of intent in mid-April to be acquired by Westar. Topping said he expects to close the deal this summer.

Acquisition talks are under way with the second company, which develops unmanned aerial vehicle (UAV) technology. Confidentiality agreements prohibit Topping from sharing names and details, but he said each acquisition would cost about $10 million.

Not including the planned acquisitions, Topping projects Westar's revenue will nearly double to $140 million this year, compared to $77 million in 2003. The company experienced organic growth of 38 percent in 2003 over 2002, and saw its growth through acquisitions increase 78 percent during the same period, Topping said. Revenue for this year's first quarter was 114 percent higher than the same period in 2003, he said.

Westar's 2003 revenue has increased 353 percent compared to the $17 million the company made in 1999. "If you're good, you're growing fast," Topping said. "Growth is a sign of success in your market."

All of these developments are part of Topping's larger plan to consolidate fragmented elements of the aerospace and defense industry and grow the company to $250 million in revenue by the end of 2005.

Westar is privately held, but Doug Childress, chief financial officer, told the Business Journal in December that executives are considering taking the company public by 2005.

Westar will pay for the upcoming acquisitions with part of the $38 million in equity and debt financing it secured Dec. 11 from the Edgewater Funds with participation by Mesirow Financial's Private Equity Division, both based in Chicago. Edgewater committed the majority of the equity. Enterprise Bank of St. Louis provided the balance in a term loan and working capital facility.

Westar provides services to the Department of Defense and defense industry customers such as The Boeing Co. and Bell Helicopter. More than 90 percent of the company's business is with the U.S. military. The company specializes in simulation and modeling, information technology, systems engineering, acquisition program support, and logistics services. It also manufactures engine filtration systems for Army helicopters and sells commercial flat-panel displays.

The company's aerospace and defense group is focused on engineering systems that coordinate weaponry in "inner-air" battle space where helicopters, UAVs and missiles are used to achieve a military objective, according to the company's vision statement.

"Training simulation and support is an area the Department of Defense has been focused on in terms of increasing readiness of our armed forces," said Peter Arment, an aerospace analyst with Newport, R.I.-based JSA Research Inc. "Post 9-11, we've seen a step up of readiness training and the contract awards that have been handed out associated with that."

In December, Westar acquired Huntsville, Ala.-based ELMCO Inc., which designs battlefield and missile-defense simulation programs for the Army. In 2002, Westar bought Brunswick, Maine-based Great Pond Technologies Inc., a business that creates mathematical models that describe the way helicopters operate in various environments. In 2000, Westar acquired Daleville, Ala.-based Cobro Corp., the Army's contractor for helicopter logistics.

Founded in 1986, Westar employs about 120 people in St. Charles and another 680 in 26 locations around the world.

Westar Expands HQ, Ramps Up Revenue, Eyes Acquisitions

Rob Topping, president and chief operating officer of Westar Corp., is fortifying the defense contractor's St. Charles County operations.

He is expanding the company's newly designated headquarters, consolidating top management here, acquiring two other companies and projecting 2004 revenue will double last year's total.

During the past few months, Topping has officially relocated the company's headquarters from Albuquerque, N.M., to Westar's offices in Missouri Research Park. Three senior managers, including Frederick Meek, director of human resources, are relocating from New Mexico.

In addition, Joe Pruett was just hired from WebMD in Florida for the newly created vice president of finance position. Topping also hired Vanessa Chandler, a lawyer with Bryan Cave's Washington, D.C., office, as Westar's general counsel and vice president. She also is relocating to St. Charles.

Although the company has maintained key offices in St. Charles County for more than 13 years, the headquarters relocation will set up greater synergy by combining the staff and leadership team in one place, Topping said.

In addition, Westar is hiring 20 employees for its human resources, accounting, finance and contracts departments.

"Compared to Albuquerque, this region has much richer talent pools," Topping said. "There is such an emphasis on higher education. We have been conducting about eight interviews a day for the past three weeks."

Topping expects to break ground within the next 30 days on a $2 million, 20,000-square-foot expansion to Westar's current 40,000-square-foot office. A contractor has not been selected yet, but architects Mark Duitsman and Jack Holleran, who designed the original building, will oversee the expansion.

The company's current space is a far cry from the 1,200-square-foot Bridgeton office where Westar began in the mid-1980s. "The HVAC didn't work well, so in the summer we had to work in T-shirts, and in winter we had to work in coats," Topping said.

The building addition is just one indication of Westar's rapid growth. Topping and his management team have led three acquisitions since 2000 and are closing in on two more this quarter.

One of the companies, which develops aerospace modeling software, signed a letter of intent in mid-April to be acquired by Westar. Topping said he expects to close the deal this summer.

Acquisition talks are under way with the second company, which develops unmanned aerial vehicle (UAV) technology. Confidentiality agreements prohibit Topping from sharing names and details, but he said each acquisition would cost about $10 million.

Not including the planned acquisitions, Topping projects Westar's revenue will nearly double to $140 million this year, compared to $77 million in 2003. The company experienced organic growth of 38 percent in 2003 over 2002, and saw its growth through acquisitions increase 78 percent during the same period, Topping said. Revenue for this year's first quarter was 114 percent higher than the same period in 2003, he said.

Westar's 2003 revenue has increased 353 percent compared to the $17 million the company made in 1999. "If you're good, you're growing fast," Topping said. "Growth is a sign of success in your market."

All of these developments are part of Topping's larger plan to consolidate fragmented elements of the aerospace and defense industry and grow the company to $250 million in revenue by the end of 2005.

Westar is privately held, but Doug Childress, chief financial officer, told the Business Journal in December that executives are considering taking the company public by 2005.

Westar will pay for the upcoming acquisitions with part of the $38 million in equity and debt financing it secured Dec. 11 from the Edgewater Funds with participation by Mesirow Financial's Private Equity Division, both based in Chicago. Edgewater committed the majority of the equity. Enterprise Bank of St. Louis provided the balance in a term loan and working capital facility.

Westar provides services to the Department of Defense and defense industry customers such as The Boeing Co. and Bell Helicopter. More than 90 percent of the company's business is with the U.S. military. The company specializes in simulation and modeling, information technology, systems engineering, acquisition program support, and logistics services. It also manufactures engine filtration systems for Army helicopters and sells commercial flat-panel displays.

The company's aerospace and defense group is focused on engineering systems that coordinate weaponry in "inner-air" battle space where helicopters, UAVs and missiles are used to achieve a military objective, according to the company's vision statement.

"Training simulation and support is an area the Department of Defense has been focused on in terms of increasing readiness of our armed forces," said Peter Arment, an aerospace analyst with Newport, R.I.-based JSA Research Inc. "Post 9-11, we've seen a step up of readiness training and the contract awards that have been handed out associated with that."

In December, Westar acquired Huntsville, Ala.-based ELMCO Inc., which designs battlefield and missile-defense simulation programs for the Army. In 2002, Westar bought Brunswick, Maine-based Great Pond Technologies Inc., a business that creates mathematical models that describe the way helicopters operate in various environments. In 2000, Westar acquired Daleville, Ala.-based Cobro Corp., the Army's contractor for helicopter logistics.

Founded in 1986, Westar employs about 120 people in St. Charles and another 680 in 26 locations around the world.

AMF Bowling Completes Merger

Fred Hipp, Former Chief Executive of California Pizza Kitchen, Will Lead AMF

AMF Bowling Worldwide, Inc., announced today that the company has been acquired through a merger transaction with equity funding provided by Code Hennessy & Simmons, The Edgewater Funds, Merrill Lynch and other institutional investors.

Fred Hipp has been named President and Chief Executive Officer of AMF Bowling Worldwide, Inc. He joins AMF with thirty years in the hospitality industry, most recently as President and CEO of California Pizza Kitchen.

"AMF is a company with enormous potential that has been hindered by its financial structure over the past several years," said Hipp. "We now have the resources and long-term commitment to begin investing in people and the strategies that will positively affect our customers' perception of the AMF bowling experience."

The merger transaction is valued at approximately $670 million, of which $250 million will be financed through the sale of certain real estate assets under a sale-leaseback facility. Debt financing consists of $135 million in term loans under a new senior secured credit facility, as well as a recently completed offering of $150 million in senior subordinated notes. Finally, a $135 million equity investment was made by the investor group.

Under the terms of the merger agreement, AMF shareholders will receive $25.00 in cash for each common share.

AMF Bowling Worldwide Inc. is the world's largest owner and operator of bowling centers and is also a leader in the manufacturing and marketing of bowling and billiards products. Additional information about AMF is available on the Internet at www.amf.com.

Edgewater Leads $38 Million Financing for Westar

Westar Aerospace and Defense Group ("Westar"), a leading defense IT services company announced today $38 million of equity and debt financing led by the Edgewater Funds ("Edgewater") with participation by Mesirow Financial's Private Equity Division ("Mesirow Financial"). This investment allows the Company to complete its acquisition of ELMCO Incorporated ("ELMCO"), as well as provides substantial additional growth capacity.

Westar provides services to Department of Defense and defense industry customers in the areas of: simulation and modeling, information technology, systems engineering, acquisition program support, and logistics services. In addition, Westar has product businesses that manufacture aerospace filtration systems and flat panel display capital equipment. The Company was founded in 1986 and has grown consistently to a business with over 800 employees and $106 million in annual revenue.

"With ELMCO as our third acquisition plus the growth capital infusion and management leadership from Edgewater, we're well on our way to achieve our vision in both revenue and market leadership terms," according to Rob Topping, Westar's President. "The Edgewater and Mesirow Financial team is an invaluable contributor to our strategy."

"We are very excited to have the opportunity to invest in Westar," said Jim Gordon, Managing Partner at the Edgewater Funds. "Westar fits squarely within Edgewater's core investment philosophy to invest in high quality growth companies with superior management teams. These factors, as well as Westar's breadth of services, excellent reputation and longstanding customer relationships help to propel what we feel is an exceptional investment opportunity."

Westar used CIBC World Markets as its financial advisor for the investment.

The Edgewater Funds Acquires BarrierSafe Solutions International, Inc.

The Edgewater Funds, along with equity partner Linden LLC, announced today that they have acquired BarrierSafe Solutions International, Inc. (“BSSI”), a leading provider of branded, disposable barrier protection and infection control products, from Riverside Partners and StoneCreek Capital.

Headquartered in Reno, BSSI sells more than six billion gloves annually across 180 product families under two umbrella brands, FoodHandler® and Microflex®. By focusing on premium products, BSSI has built leading market shares in the foodservice, emergency medical services, automotive, dental, laboratory, and industrial markets. BSSI was created in 2004 through the merger of FoodHandler and Microflex, although the two businesses have histories of delivering quality products dating back to 1969 and 1987, respectively.

BSSI’s senior management team, which has over 100 years of experience within the industry, will retain an ownership stake in the company and continue to lead the organization. The team is headed by Chief Executive Officer Mike Mattos, who brings 25 years of experience including senior management roles at Safeskin and Kimberly Clark.

Mr. Mattos said, “BSSI has a leading portfolio of barrier products that enables us to deliver solutions for basic health an safety needs across a broad spectrum of customers. We look forward to working together with our new partners at Edgewater (and Linden) to further grow our business and expand our infection control, food service, and industrial safety platforms through continued organic growth as well as additional acquisitions.”

FirstLight Financial Corporation and CIT Healthcare LLC co-managed the senior debt and Brown Brothers Harriman & Co.'s BBH Capital Partners III and Metropolitan Life provided the subordinated debt financing and an equity co-investment. Kirkland & Ellis provided legal advice to the buyers. Financial terms of the transaction were not disclosed.

About BarrierSafe Solutions International, Inc.

BarrierSafe is a leading developer and marketer of branded disposable hand protection and related products. The company offers an extensive selection of high quality disposable gloves and other specialized products for a diverse range of growing niche markets, including the foodservice, dental, laboratory, emergency medical services, non-acute healthcare, automotive, and general industrial segments, in which branding, quality, innovation, and features are key differentiators that drive end-user demand and loyalty. For additional information, please visit www.barriersafe.com.

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