Clearview Capital, LLC

Clearview Capital Acquires Majority Stake
in American Furniture Manufacturing in a $36,000,000 Transaction; Expects $40 Million
First Close on Fund Raising Effort
September 26, 2001

Industry leader is poised for continued rapid growth
Clearview Capital, LLC and American Furniture Manufacturing, Inc. today announced that they have concluded a $36,000,000 transaction that will provide an infusion of capital to fund Pontotoc, MS-based American Furniture's dramatic expansion plans. This will enable low cost producer American Furniture to remain highly focused on its commitment to meet the demands of the market for high quality promotional upholstered product with the industry's best value and service.

Gerald Washington, the company's founder, remains the largest individual shareholder in the company and will continue in his role as President and CEO. Washington and the entire American Furniture management team expect the company to continue to grow rapidly as new products are introduced next month at The International Home Furnishings Market in High Point, NC and as the company positions itself to increase production capacity and expand product offerings.

American Furniture Manufacturing, Inc., a privately held company operated by Gerald and Ruby Washington, recorded sales of $70,000,000 in the first nine months of 2001. Sales are anticipated to approximate $100,000,000 for the year based on continued increasing levels of order activity.

Currently, manufacturing facilities total over 800,000 square feet with additional facilities planned to meet the demands of the marketplace.

"We are thrilled to have partnered with Gerald Washington in funding the continued rapid growth of American Furniture," said Calvin Neider, co-Managing Partner of Clearview Capital. "Gerald and his management team are exactly the kinds of people we seek to invest alongside. They're winners."

"Clearview Capital pursued an investment in American Furniture because it fits our model so well: superior management executing a unique strategy," said James G. Andersen, co-Managing Partner of Clearview Capital. "We believe with this infusion of capital combined with Clearview's experience, Gerald Washington and his management team will be able to strengthen further the company¹s position as the leading promotional upholstered source for retailers nationwide."

The New York office of LaSalle Business Credit, Inc. provided senior debt in the transaction. Mezzanine capital was provided by Peninsula Capital Partners, LLC.

Since Clearview's founding in November 1999, the firm has made two other acquisitions: VIA, Inc. in June 2000 and Compression Polymers Group in March 2001. Together the firm¹s three transactions represented aggregate revenues and enterprise values of $225 million and $218 million, respectively, with operating profits in excess of $40 million.

Clearview expects this fall to complete a $40 million first closing on a fund raising effort capped at $75 million. The fund will be anchored by two family investment partnerships.