Clearview Capital, LLC

Clearview Capital Acquires Compression Polymers Group
March 1, 2001

Clearview Capital, LLC today announced that it has completed the acquisition of Compression Polymers Group (CPG) in a transaction valued at more than $150 million. Whitney & Company, a private equity firm with whom the Clearview principals partnered to acquire Twitchell Corporation in 1998, joined Clearview as a co-sponsor to contribute half of the $50 million of outside equity.

Through its Compression and Vycom divisions, Scranton, Pennsylvania-based CPG is the world leader in the manufacture of highly engineered extruded polypropylene, polyethylene and PVC/CPVC thermoplastic sheet products used primarily as metal and wood substitutes in a variety of applications and end markets. The company is the market share leader in most of the markets where it competes. The company's rapidly growing Comtec Division fabricates bathroom partitions and lockers from sheet product manufactured by the Compression Division. Other product applications include outdoor trim moldings; playground equipment; chemical storage tanks; flameproof products for the semiconductor industry; waterproof products for the marine industry; and a wide variety of other industrial uses.

Early in 2000, Clearview identified the bathroom partition industry as a target for consolidation and began approaching manufacturers, including Comtec, expressing an interest in investing in the industry. Clearview was able to convince the owners to sell the assets of the entire Compression Polymers Group, largely based on its knowledge of their business. Clearview decided to forgo half of our equity investment rights to bring in a co-sponsor, Whitney & Company, to help capitalize on the company's enormous growth potential. Because of the quality of the company, Clearview was able to obtain extremely favorable debt financing despite the difficult financing environment.

The acquisition of CPG, once again, fits the template that Clearview has for stand-alone acquisitions. The company is a leader in its industry. Clearview was able to meet management¹s desire to remain with the company as partners in the newly capitalized business. Additionally, Clearview created investment opportunities for middle management. Clearview's partners expect to be able to add value by helping in the execution of future growth plans including acquisitions, new product introductions and the development of existing, under-exploited products.