- Firms Also Intend to Raise a Joint Fund -

    NEW YORK, April 29 /PRNewswire/ -- Ripplewood Holdings LLC and MidOcean
Partners, announced today that they plan to collaborate on new private equity
investments in the United States and Europe, effective immediately.  They also
intend to raise a joint fund in the future, but gave no timetable.
    The collaboration by Ripplewood, with offices in New York and Tokyo, and
MidOcean Partners, with offices in New York and London, is designed to enhance
their investment experience and global reach.
    As the two firms collaborate on new investments, Ripplewood and MidOcean
will continue to operate independently.
    It is anticipated that when the firms raise the new fund, it will be under
the Ripplewood Holdings' umbrella.  Timothy C. Collins, Senior Managing
Director of Ripplewood, said that Ted Virtue, co-founder and Chief Executive
Officer of MidOcean Partners, would also become a Senior Managing Director of
the new fund.
    Mr. Collins said, "This strategy was borne out of our desire to build one
of the truly great private equity firms in the world.  Ripplewood and MidOcean
working together will significantly extend our reach with respect to
investment opportunities, capital, professional expertise and geographic
coverage."
    To date Ripplewood has focused mainly on investments in the U.S. and
Japan, but increasingly it is making investments in Europe.  Earlier this
week, Ripplewood agreed to buy the phosphorous chemicals business from Akzo
Nobel of the Netherlands following its successful investment in KRATON
Polymers, which was purchased in 2001 from Royal Dutch Shell.
    "I have known, respected and co-invested with Ted Virtue for more than a
decade.  Ted and his team are among the most talented people in the business
and I am very confident that culturally our two firms will work seamlessly
together.  We think this effort will be a win-win for our respective firms and
our limited partners," Mr. Collins concluded.
    Mr. Virtue added, "In my view, no two private equity firms share more
similar business strategies, investment philosophies and skill sets as do
MidOcean and Ripplewood.  We are very much looking forward to working with Tim
and his partners.
    "Tim is a savvy and innovative investor who has a proven talent for
identifying extraordinary investment opportunities.  His ability to attract
world-class executives to manage complex investments and create value is
unparalleled in this business," concluded Mr. Virtue.

    Ripplewood Holdings L.L.C.
    Ripplewood was founded in 1995 by Tim Collins.  Ripplewood currently
manages five institutional private equity funds with approximately $10 billion
in total capital.  To date the Firm has invested over $2 billion in
transactions with aggregate enterprise value in excess of $12 billion and
total revenues of $12 billion.  The Firm employs 45 professionals in New York
and Tokyo.
    Ripplewood's hallmark is its focused Industrial Partnership investing
style in which the Firm first identifies a promising industry segment and then
partners with an experienced senior industry executive to search for
attractive targets, complete acquisitions and implement post-closing value
enhancements.  Ripplewood has invested in 18 platform companies in a number of
industries including auto parts, automotive retailing, consumer electronics,
direct marketing, financial services, food and consumer products, music and
entertainment, specialty chemicals, technology and telecom services.
    Among the Firm's most well known transactions are the acquisition of Japan
Telecom, the largest leveraged buyout in Japan, and the acquisition of The
Long-Term Credit Bank of Japan, since renamed Shinsei Bank.

    MidOcean Partners
    MidOcean was formed in 2003 as part of the $1.6 billion management buyout
of Deutsche Bank's later stage private equity assets.  Mr. Virtue and Graham
Clempson, Head of MidOcean's European business, led the buyout.
    Today, MidOcean Partners manages approximately $3.0 billion of private
equity investments in the U.S. and Europe.  Targeting investments in consumer
and leisure, media and communications, business services and industrial
sectors, MidOcean has had a string of highly successful investments including
Center Parcs, Jostens, Prestige Brands and Strayer Education.
    The group recently announced the sale of Noveon International Inc. to
Lubrizol.  The group continues to manage investments including United
Biscuits, Stratus Technologies, Jenny Craig and Celerity Holdings

     Contact: Jeffrey Taufield
              Kekst and Company,
              (212) 521-4800

Link to this page: