Clearview Capital, LLC

Clearview Capital- Looking Back, Moving Forward

February 3, 2009

Old Greenwich, CT- Despite serious challenges facing our economy and the steady diet of doom and gloom served up by the media, Clearview Capital is prospering and aggressively seeking new investment opportunities. We expect 2009 to be even more active than 2008 when we closed six transactions, including one new platform and two add-on acquisitions during the fourth quarter. We’re bucking the trend for several reasons:

We closed $250 million Clearview Capital Fund II, LP in March, 2008 and we still have nearly $200 million in capital ready to deploy.

Although our current portfolio of middle market companies is not without its challenges, seven of our nine companies achieved record earnings in 2008, so we are not distracted by restructuring efforts.
Our lenders continue to be supportive of our active investment pace. We have longstanding relationships with a number of senior and mezzanine lenders who continue to be active in this market, including several that are also investors in our fund.

As the economic environment has changed in recent months, we have modified the profile of the investment opportunities we are targeting. Currently, we are seeking platform investments with the following criteria:

Companies with trailing revenues of $20 million or more and EBITDA of at least $5 million.
Companies in industries that are likely to have predictable, non-cyclical prospects, even in the current environment. Examples of the kinds of businesses we favor are health care, outsourcing services, engineering services and infrastructure.
Businesses with owners or management who wish to continue to run their companies in partnership with Clearview Capital as the new majority owner and who wish to invest alongside us on a pari passu basis.
We are also interested in companies that may have experienced a slight downturn, but are positioned to grow and prosper when this difficult cycle turns.

We also have active acquisition strategies in place to build several of our platform companies:

All-Tech Inspection - a leading provider of mechanical integrity inspection and non-destructive testing services for industrial facilities, including refineries, petrochemical and chemical processing facilities and midstream natural gas processing plants.
Rowmark – The world’s largest manufacturer and marketer of specialty co-extruded and laminated plastic sheet and related products for the awards/recognition, engraving and signage markets.
Twinco-Romax – a manufacturer and distributor of aftermarket automotive chemicals and related automotive products to the grocery, convenience and automotive specialty channels.
Senior Care Centers of America – the country’s second largest operator of adult day care centers.

So when a suitable candidate for acquisition becomes available and you want a quick response, just remember that Clearview Capital is OPEN FOR BUSINESS.

Clearview's other holdings include Air Cooled Exchangers, a leading manufacturer of air-cooled heat exchangers; Hettinger Welding, a leading provider of pipeline and facilities engineering construction and maintenance services for customers building natural gas infrastructure; M.H. Zeigler & Sons, the country's leading manufacturer of refrigerated apple cider; Hillsdale Furniture, a designer and importer of wood and metal furniture; and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including AZEK® brand trim boards.