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Feb. 12, 2004

Partners Equity Capital Company Secures $35 Million in Equity Capital

New Funding Propels Growth Strategy Focused on Small and Middle-Market Lease Financing

Horsham, PA — Partners Equity Capital Company, LLC (PECC), one of the fastest growing commercial equipment leasing finance companies in the United States, has secured up to $35 million in new equity capital through an agreement with CIVC Partners, LP, bolstering PECC's capacity to grow its small and middle-market leasing business.

PECC co-founders Donald P. Campbell, Chairman and CEO, along with Steve A. Grosso, President and COO, said, "We're pleased that a Company of CIVC's caliber and reputation for support of viable growth business innovation has invested in our Company. The rapid expansion of our business is a testament to the size of the opportunity as well as the dedicated, experienced team we've managed to assemble in just a very short time."

Grosso added, "This capital will allow us to further grow our core market segments in conjunction with supporting our equipment manufacturers, distributors and bank partners. The small-medium leasing market sold through equipment manufacturers/ distributors and bank programs remains the fastest growing lease finance segment and one of the primary engines for funding small business growth."

The PECC founders, during long careers at other financial services companies, pioneered the concept of developing outsourced, private-labeled leasing programs for commercial banks. The Company currently provides such services to both super-regional and smaller community banks, by generating leasing volume through their branch and lending channels. PECC enables the banks to offer a lease product to their customers and remain service-competitive as they try to retain and attract critical small and middle-market business customers.

In addition to its private label bank leasing programs, the Company delivers its vendor program services through a national field sales and telesales network to the office equipment/technology and healthcare business sectors. Leasing customers include middle market and small businesses seeking lease financing for everything from office furniture to computers, as well as hospitals, physicians, diagnostic and treatment centers and assisted living facilities that need specialized healthcare equipment.

CIVC develops partnerships with exceptional business leaders and management teams and has, since its founding in 1970, invested more than $1 billion in such companies. CIVC investments are targeted toward companies with strong growth characteristics and a high return on invested capital. Terms of the investment were not disclosed.

Mike Miller, Principal at CIVC and Board Member of PECC, said, "We see PECC as an outstanding investment opportunity that is creatively and skillfully managed by an experienced team in an industry segment CIVC has been targeting for some time. The quality of management, coupled with the market demand for middle-market and small business lease financing, is worthy of our enthusiastic support." Dan Helle, Partner at CIVC, will also serve on PECC's Board of Directors.

PECC has grown its asset base to more than $34 million and is expected to grow over the ensuing years into one of the country's largest commercial leasing companies. The company currently has 26 industry professionals at its Horsham headquarters and is poised to become one of Pennsylvania's fastest growing financial services employers.

CIVC Partners manages $1.3 billion in capital on behalf of its limited partners. CIVC Partners focuses on leveraged buyouts and growth equity investments in the financial services, business services, media and communications, and industrial growth sectors. Other financial services investments made by CIVC Partners include AF&L Insurance, Inc., Factual Data Corporation, First Franklin Financial Companies, Inc., Management Compensation Group, Northwest, Inc., Sunbelt National Mortgage Corporation, and Wintrust Financial Corporation.

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

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