Lake Forest, Illinois, July 1, 2005–Waud Capital Partners, L.L.C. is pleased to announce that Bill McMaster has joined the firm as a Senior Associate. Prior to joining WCP, Mr. McMaster worked for National City Equity Partners in Cleveland where he was responsible for the origination, analysis, due diligence and execution of twenty-seven private equity and mezzanine investments that facilitated leverage buyouts, recapitalizations and growth opportunities. While at NCEP, Mr. McMaster invested $152 million in a variety of industries, including building products, consumer products, specialty retail, packaging, business services, and industrial insulation products. Previously, Mr. McMaster was with Banc One Capital Markets, where he worked in the firm's merchant banking group. Mr. McMaster received a B.A. in Economics from Cornell University and an M.B.A. with distinction from the Kellogg School of Management at Northwestern University.

According to Mr. McMaster, “I am very excited about joining the team of talented investors at Waud Capital Partners. The firm has established an extraordinarily successful investment track record in the middle market.  I look forward to helping further that track record in the business and healthcare services, manufacturing and distribution industries.” Reeve Waud, Founder and Managing Partner of Waud Capital Partners, commented, “We are thrilled to have Bill join the WCP team. As we invest our second fund, Bill’s prior private equity and mezzanine investment experience will be invaluable – and will help us maintain our competitive edge in making smart investment decisions based upon exceptional due diligence.”

About Waud Capital Partners, L.L.C.
Waud Capital Partners, L.L.C. is a private equity investment firm founded in 1993 with more than $400 million of capital under management. The firm's last fund, raised in 1998, achieved a compounded net IRR of 34%, making it one of the top two funds in the United States raised during that period.

WCP partners with exceptional management teams to invest in middle market buyouts, recapitalizations, industry consolidations and growth equity investments. The firm seeks to invest $10 million to $50 million in private companies in the following four areas: business and consumer services, healthcare services, specialty distribution and value-added manufacturing businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $150 million. Since its founding, Waud Capital Partners has successfully made more than sixty investments, without a single capital loss, in a wide range of industries, including adhesives, alarm monitoring, automotive components, coatings, consumer products, lighting, litigation services, petroleum distribution, pharmaceuticals, publishing, sealants and specialty hospitals. The firm is backed by a number of institutions, including Citigroup, Middlebury College, SunAmerica, The St. Paul Travelers Companies and the University of Chicago Hospitals, among others, as well as a number of well-known families and high net worth individuals.

For more information please contact Reeve B. Waud or Bill McMaster at 847-604-9550.