Clearview Capital, LLC

Clearview Capital Sells VIA, Inc., Wraps Up Fund I with 39% IRR, 3.9x Invested Capital
September 26, 2005

Clearview Capital, LLC of Old Greenwich, CT today announced that on September 20 it sold its stake in VIA Inc. to an investor group led by Blue Sage Capital.

VIA is a rapidly growing manufacturer of high quality office seating headquartered in Sparks, NV. The company has established itself as the “quick ship” pioneer in the contract furniture industry in the United States. In an industry where 4-6 week and longer lead times are the norm, VIA has successfully implemented its “Every chair, every option, every fabric, every leather, ready in 48 hours” strategy while simultaneously establishing itself as a leader in the design of ergonomic seating.

With the sale of its stake in VIA, Clearview has wound up Clearview Capital Equity Fund I. Fund I was a $37 million vehicle that returned $137 million to investors, producing an IRR of 39% and a 3.9x return on invested capital. Clearview is currently investing $70 million Fund II and expects to raise Fund III during 2006.

During the period of Clearview’s ownership of VIA, the company grew substantially despite a severe downturn in the contract furniture industry. By bolstering the management team, implementing new marketing programs and introducing an entirely new lower-cost seating line, the company was able to take share from slower-footed rivals.

"VIA was a solid investment for us," said James Andersen, managing partner and co-founder of Clearview. "We're very proud of the success of this investment, especially given the unprecedented downturn experienced by the industry from 2000 to 2005."

“Based on the development of the management team over the past five years, our management partner and the founder of VIA, Thomas Sorensen, was gradually able to reduce his day-to-day responsibilities and will exit entirely in this transaction,” said Calvin Neider, co-founder and managing partner of Clearview. “When we made this investment we committed to helping Thomas groom and augment the management team so they could take over from him, and we were able to do just that.”

Clearview’s other holdings include, M.H. Zeigler & Sons, LLC of Lansdale, PA, the country’s leading manufacturer of refrigerated apple cider, Hillsdale Furniture, a designer and importer of wood furniture, and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including Azek® brand trimboards.