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<td class="newsHeadDate">July 29, 2005</td>
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<td align="left" valign="top" class="newsBody"><div align="left"><span class="newsBodyTitle">CHS Announces Sale of Tharco Holdings, Inc.</span></div>
<p>Code Hennessy & Simmons LLC (“CHS”) today announced the sale of THARCO Holdings, Inc. (“Tharco”), a portfolio investment of Code Hennessy & Simmons III, L.P., to an entity controlled by Tricor Pacific Capital, Inc.</p>
<p>Tharco is the premier independent manufacturer and distributor of corrugated and engineered foam packaging solutions in the Western United States. With a network of nine plants and distribution centers, Tharco is the leading supplier of stock boxes in its markets and a market leader in the design and manufacture of custom corrugated and combined corrugated, foam and plastic packaging. Tharco sells to more than 11,000 active customers and serves an estimated 40,000 end users. The company is headquartered in San Lorenzo, California.</p>
<p>CHS and the family group who founded and managed Tharco recapitalized the company in June, 1998, resulting in majority ownership for CHS. “Our investment strategy was to extend Tharco’s profitable, niche focus in the highly competitive corrugated industry and to generate incremental profitability through operating improvements,” said David Hawkins, Partner at CHS. “The strategy proved to be very successful. Thanks to outstanding execution by the leadership team, Tharco successfully managed through an unprecedented three-year decline in the corrugated industry and implemented an aggressive strategic plan to position Tharco for continued growth.”</p>
<p>Bo Fears, Chief Executive Officer of Tharco, commented, "CHS provided hands-on, constructive oversight through three distinct phases of Tharco’s recent history: rapid growth through 2000; retrenchment due to general economic, regional and industry weakness during 2001 and 2002; and rebuilding since 2003. In each phase, CHS helped Tharco identify critical priorities and execute the appropriate strategies. Today, we have world class talent in every area of our operation and are poised for continued success.”</p>
<p>For more information on Tharco, please visit the company's website at <a href="http://www.tharco.com/" target="_blank">www.tharco.com</a>.</p>
<p>CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For more information on CHS, please visit CHS' website at <a href="http://www.chsonline.com/" target="_blank">www.chsonline.com</a>.</p></td>
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<td colspan="7" class="footer">2010 CHS Capital™. All Rights Reserved. <i>Past performance is not necessarily indicative of future results.</i></td>
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