Clearview Capital, LLC

Clearview Capital Sells Majority Stake in Compression Polymers
May 19, 2005

Clearview Capital, LLC of Old Greenwich, CT today announced that on May 10 it sold the majority of its stake in Compression Polymers Holdings, LLC to an investor group led by AEA Investors.

Clearview led the acquisition of the company in March 2001 in partnership with Whitney and Company, the company’s founders, and Crane Plastics, which had taken a majority stake in the company in 1992. Clearview realized a return of nearly four times its invested capital and generated an IRR of approximately 40% on its investment.

Based on the bright future of the company, Clearview remains a minority investor and retains a seat on the Company’s Board of Directors.

Compression Polymers is the world leader in the manufacture of highly engineered extruded polyethylene, polypropylene and PVC/CPVC thermoplastic sheet products used primarily as metal and wood substitutes in a variety of applications and end markets. Product applications include the Azek® brand of trim products; playground equipment; chemical storage tanks; flameproof products for the semiconductor industry; waterproof products for the marine industry; and a variety of other industrial uses. The Comtec division fabricates bathroom partitions and lockers from sheet product manufactured by the Compression division.

“The sale of the majority of our stake in Compression Polymers is bittersweet for us”, said Calvin Neider, co-Managing Partner of Clearview Capital. “By selling a portion of our position we have locked in a substantial gain for our investors and had our second large realization in less than a year. But we are confident the company will continue to thrive so it was not an easy decision to take capital off the table.”

“We have thoroughly enjoyed our collaboration with the management team at CPG,” said James G. Andersen, co-Managing Partner of Clearview Capital. “Together we were able to craft strategies that have resulted in the company’s achieving dominant positions, with proprietary products, in the wood trim substitute and solid plastic bathroom partition segments of the building product industry.”

“During the process of acquiring and managing this investment we were also fortunate to have created a close relationship with the former majority owner of the company, Crane Plastics,” said Mr. Andersen. “That experience led to Crane’s becoming one of the lead limited partners in Clearview Capital Equity Fund II.”

Clearview’s other holdings include VIA, Inc., an office seating products manufacturer, M.H. Zeigler & Sons, LLC of Lansdale, PA, the country’s leading manufacturer of refrigerated apple cider and Hillsdale Furniture, a designer and importer of wood furniture.