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March 9, 1999

CIVC and Management Team Invest in General Roofing Services, Inc.

Consortium of Independent Roofers Forms National Platform, Ability to Target Multi-Site Clients

CIVC Partners (CIVC), an affiliate of Bank of America, today announced that it has partnered with management and invested $40 million in General Roofing Services, Inc. (GRS), a consolidation of 13 independent commercial roofing contractors with combined 1998 revenues of approximately $200 million. Financial terms of the transaction were not disclosed. GRS provides commercial roof construction, replacement, repair and maintenance services nationwide through 16 existing sites in 12 states. Additional acquisitions are contemplated.

"CIVC is pleased to be a part of this outstanding company and partner with this strong management team," said Chris Perry, a Managing Partner at CIVC. "The consolidation of this initial group of contractors provides GRS a solid platform for targeting national and multi-site clients and enables the Company to realize significant operating efficiencies. Acquisition opportunities abound in this fragmented industry."

"With its excellent senior management team - led by Gregg Wallick, an 18 year industry veteran - GRS is uniquely positioned to take a leading position in this highly fragmented field," Perry continued.

GRS's management team is equally enthusiastic about the new partnership according to Chief Executive Officer, Gregg Wallick. "We chose to partner with CIVC because of its previous experience with companies serving the commercial real estate market, and its in depth understanding of our business model. CIVC was also willing to work with us quickly and constructively to fashion an investment structure to accomplish the initial combination and provide capital for growth."

"GRS will actively seek to acquire additional commercial roofing contractors throughout the U.S., which will help us to further leverage our operations," Wallick stated. "Size and geographic reach will enable us to partner with national and regional property managers to service their roofing needs across the country."

General Roofing Services is the nation's premier provider of roofing services for commercial, industrial and institutional buildings. Roofing services include new construction, repair, replacement and preventative maintenance. Key customers include Lucent Technologies, Philip Morris, Simon DeBartolo, Trammel Crow, Home Depot and Ford Motor Company.

CIVC Partners is a $500 million private equity fund whose sole limited partner is Bank of America. CIVC Partners, with 30 years' experience in private equity investing, provides growth capital to middle market companies with a focus on business services, financial services, communications, and industrial growth.

For more information about General Roofing Services see

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Patty Walker
CIVC Partners, LP
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Suite 1100
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Telephone: 312 873 7300

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