Thayer Capital Partners Announces Organizational Additions

WASHINGTON--()--Aug. 11, 2005--Thayer Capital Partners announced today that Hidden Creek Partners will be fully integrated into Thayer effective immediately. Hidden Creek Partners (previously Hidden Creek Industries or "HCI") was formed in 1989 to lead industrial buyouts financed by Onex Corporation of Canada. HCI was co-founded by Scott Rued, who served as CEO before joining Thayer as a Managing Partner in 2003. With a hands-on approach to building leading industrial companies, Hidden Creek generated internal rates of return in excess of 40% on their platform companies over the past 15 years. These companies included founding investments in Automotive Industries, Dura Automotive, Tower Automotive and the Commercial Vehicle Group (NASDAQ: CVGI).

"The addition of Hidden Creek significantly enhances our resources, operating and management capabilities," said Dan Dickinson, Thayer Capital Managing Partner. "With our continued focus on investments in the lower-end of the middle market in the industrial products and services sector, Hidden Creek brings a great track record of experience and success to complement the Thayer team."

Hidden Creek has been actively assisting Thayer Capital Partners since January 2004 in financial and operating diligence as well as monitoring of recent investment. Specifically, Hidden Creek has been involved in Thayer investments in The Brown Corporation, Heckethorn Manufacturing, Qualitor, Inc., Morton Welding Company, Roadrunner Freight Systems and Dawes Transport.

The integration of Hidden Creek adds four Managing Directors, including Judy Vijums, Carl Nelson, Dan Moorse and Kurt Rasmussen, who have over 35 years of combined private equity experience, to Thayer. "I have enjoyed a tremendous working relationship with the Hidden Creek team for over ten years. Together with the fact that they have already been integral members of our team in most of our recent investments gives me great confidence that the integration will be seamless and highly successful," said Scott Rued, Managing Partner.

Concurrently, Thayer Capital Partners announced the appointment of Doug McCormick as Managing Partner. Mr. McCormick was recently Managing Director at Thayer. He joined the Company in 1999 and leads the Company's efforts in the Aerospace and Defense and Federal Services sectors.

Fred Malek, Chairman and Founder of Thayer, said, "Doug has made meaningful contributions to many of our investments and portfolio companies over the last six years, including participation in our highly successful TTM investment. His extensive knowledge of the Aerospace and Defense and Federal Services sectors, together with his transaction leadership and management capabilities, is extremely valuable to Thayer." Before joining Thayer, Mr. McCormick worked in the Investment Banking Division of Morgan Stanley & Co. and previously served as a Captain in the U.S. Army's 25th Infantry Division.

Mr. McCormick received his Master of Business Administration from Harvard Business School and his Bachelor of Science in Economics from the U.S. Military Academy at West Point, where he served as First Captain of the Corps of Cadets.

About Thayer

Thayer Capital Partners, a strategically focused private equity investment firm based in Washington, D.C., manages three private equity funds totaling $1.5 billion. The firm manages middle-market leveraged buyouts in the industrial products and services sectors.

Contacts

Thayer Capital Partners
Bonnie Price, 202-371-0150

Contacts

Thayer Capital Partners
Bonnie Price, 202-371-0150