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April 8, 2002

CIVC Partners, LLC and Tangram Partners, Inc. Announce the Sale of Precision Tube Holding Company to Maverick Tube Corporation

Tangram Partners, Inc. and CIVC Partners, LLC are pleased to announce the sale of Precision Tube Holding Corporation to Maverick Tube Corporation. Precision is the leading worldwide producer of steel coiled tubing used for oil and gas well servicing, as well as service lines and umbilicals for subsea well completions. Precision was acquired in 1995, by an entity formed by Tangram Partners and CIVC Partners.

Dave Dolan of Tangram Partners stated, "The sale of Precision marks the successful completion of a 7-year growth strategy during which the company developed new products, penetrated new markets, and dramatically increased capacity and throughput - more than tripling both sales and profitability."

Dan Helle, Partner of CIVC Partners stated, "We are pleased with the outcome of the Precision sale which, despite difficult M&A market conditions, represents a very successful long-term investment and speaks to the fact that fundamentally strong companies remain attractive even in down markets."

Tangram Partners was formed in 1990, and focuses on middle-market equity investments in niche manufacturing, industrial service, and business service companies with revenues of $20 to $200 million and EBITDA in excess of $5 million. Through a close relationship with CIVC Partners, Tangram has completed 12 investments across five industries.

CIVC Partners, with more than 30 years of private equity experience, has invested over $650 million in 34 middle market companies. CIVC now manages over $1.3 billion of capital from Bank of America and provides growth capital to middle-market companies and executives with a focus on business services, financial services, media and communications, and industrial growth.

Press Contact

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

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