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<td class="newsHeadDate">November 16, 2005</td>
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<td align="left" valign="top" class="newsBody"><div align="left"><span class="newsBodyTitle">Code Hennessy & Simmons LLC Announces Merger of Rinker Boats and Godfrey Marine</span></div>
<p>CHICAGO — Code Hennessy & Simmons LLC ("CHS") announced today the merger of Rinker Boat Company LLC (“Rinker Boats”) and Godfrey Conveyor Company (“Godfrey Marine”). CHS has made a majority equity investment in Godfrey Marine, one of the largest independent manufacturers of pleasure boats in the United States. The merger represents a partnership between the senior management of Godfrey Marine including Bob, Bill, and Larry Deputy, who will retain a significant equity ownership in the new entity, and Rinker Boats.</p>
<p>Rinker Boats is a major builder of express cruisers and runabouts, headquartered in Syracuse, Indiana. CHS made a majority equity investment in Rinker Boats in August of 2004. The new company, to be headquartered in Elkhart, Indiana, will become the fourth largest pleasure boat manufacturer in the United States, merging Rinker Boats’ and Godfrey Marine’s respective strengths and brand leadership and producing over 17,600 units per year.</p>
<p>"My brothers and I are eager to combine with Rinker Boats," said Bob Deputy, Vice Chairman of the new company. "We are pleased to partner with CHS knowing the firm's successful track record with Rinker Boats and the in-depth understanding of the marine industry that the CHS organization has developed. We look forward to working with Rinker Boats and CHS to pursue new market opportunities and continuously improve our distribution network."</p>
<p>Founded in 1903, Godfrey Marine is the largest family-owned, independent builder of recreational and fishing boats in the U.S. Headquartered in Elkhart, Indiana, the company has manufacturing facilities in Indiana, Illinois and Alabama. Godfrey’s comprehensive portfolio features more than 300 models of fishing, pontoon and deck boats catering to diverse lifestyle needs and including well-known brands such as Hurricane, Sanpan, Parti Kraft, Aqua Patio, Sweetwater and Polar. An industry leader with a history of innovation, the company introduced the first aluminum pontoon and is currently the largest builder of deck boats and second largest manufacturer of pontoons nationwide, based on retail registrations. There are over 400 authorized Godfrey Marine dealers across the U.S. and Canada.</p>
<p>“We are pleased with the results of our investment in Rinker and view the combination with Godfrey Marine as a synergistic opportunity to establish a major independent boat manufacturing and distribution organization,” said Steve Brown, CHS partner. “As a result of this merger, the new company is well-positioned to capitalize on the tremendous potential of the growing marine and recreational boating industry.”</p>
<p>Roughly 70% of the new company’s revenues will generate from brands that are ranked #1 or #2 in their respective categories. The merger positions the new company for significant competitive advantages and margin growth resulting from supply chain management, an efficient vertically integrated manufacturing model, a well-diversified product line and an extensive distribution network of 532 independent dealers across the U.S. and 22 other countries.</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. Funds for CHS' investment in Godfrey Marine will come from Code Hennessy & Simmons IV LP, a $1.0 billion investment fund formed in 1999.</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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