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July 22, 1998

CIVC and Management Team Invest in Management Compensation Group, Northwest, LLC

Continental Illinois Venture Corporation (CIVC) today announced that it partnered with management to invest in Management Compensation Group, Northwest, LLC (MCG). MCG designs, markets and administers executive compensation, benefit and retirement programs for corporations and is headquartered in Portland, Oregon. Exact terms of the transaction were not disclosed.

"We're very excited about the business opportunities open to MCG," said Daniel Helle, Managing Director at CIVC. "The compensation and benefit industry is rapidly expanding and highly fragmented. CIVC is committed to helping MCG assume a national leadership position.

"CIVC is confident that MCG's management team - consisting of Gary Hirschkron, Wayne Schuh, Steve Shepard and Bob Spitzer - has the vision and direction to achieve this goal," Helle continued.

MCG's management team is also energized by this venture, according to Bob Spitzer. "CIVC's investment will let us continue to provide top quality services to our clients, pursue new opportunities and expand our service offerings across the country. With their backing, I have no doubt that we will build MCG into the premier company in the executive compensation and benefits industry," he said.

Management Compensation Group, Northwest, LLC is a national organization dedicated to innovative planning for corporate executive compensation, benefits and retirement programs. MCG is a recognized leader for its successful efforts to pioneer the development and administration of non-qualified benefit plans. Its expertise extends to all facets of executive compensation, benefits, retirement plan design, program implementation, security and administration.

Continental Illinois Venture Corporation is a subsidiary of Bank of America. It brings 28 years of equity investment experience and Bank of America's strong capital base to private service and industrial growth companies in the U.S. CIVC is an active strategic builder of growth companies in either a majority or minority role. Its portfolio reflects expertise in a variety of industries, including media, publishing, telecommunications, specialty finance, insurance, plastics, electronics, aerospace, business services, packaging and electronic commerce.

Press Contact

Patty Walker
CIVC Partners, LP
191 North Wacker Drive
Suite 1100
Chicago, Illinois 60606
Telephone: 312 873 7300
pwalker@civc.com

 
 
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