Endeavour Capital Acquires Majority Ownership of Market Transport, Ltd.; Endeavour Capital will Partner with Management to Grow the Company

Business Wire, July 29, 2002

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--July 29, 2002

Market Transport, Ltd., a Portland-based transportation services company, today announced that Endeavour Capital acquired majority ownership in the company from Peter W. Stott, who founded Market Transport in 1969.

Under the terms of the agreement, Endeavour Capital will partner with Market Transport's current management, and its investment will be used to facilitate continued internal growth, foster enhanced service offerings and provide the opportunity for strategic growth through acquisition. In addition to Endeavour's stake, Stott will retain ownership, and management will own an increased stake in the company.

"We are delighted that Endeavour Capital will be our strategic and equity partner as we take Market Transport to the next level of customer service and profitable growth," said Brian Fitzgerald, president and chief executive officer. "They understand our vision and business model, our industry and our uniquely high standards for customer service. Their initial and anticipated follow-on capital investment will help us grow our asset-based business and expand our logistics services nationally to better serve our customers."

The entire executive management team remains intact and has new ownership incentives to continue Market Transport's history of earnings growth. Fitzgerald, who has led the day-to-day operations of the company for 13 years, will continue to serve as president and CEO, reporting directly to the board of directors. Don Farthing, executive vice president, and Gary Wilson, vice president of operations, will also serve on the company's board of directors, and Peter Stott will retain his position as chairman of the board.

"Market Transport's strong management team, its consistent record of earnings growth, and its unique business model make this investment an excellent opportunity for us," said John von Schlegell, managing partner of Endeavour Capital. "We hope to help grow the company while retaining the culture of customer service that has distinguished the company under Peter's ownership for more than 30 years."

Market Transport projects total revenues in 2002 to exceed $100 million. The company has consistently achieved profitability throughout its history, even amid cyclical downturns. The company employs more than 100 people at its Oregon headquarters, and has a network of more than 400 drivers throughout its market territory in the Western states. To support its expanding logistics and intermodal services, the company has developed contractual relationships with major North American railroads and now has sales offices in Chicago, Los Angeles and Seattle in addition to Portland.

About Market Transport, Ltd.

Market Transport, Ltd. is an asset-based transportation services company headquartered in Portland, Oregon. Since its founding in 1969, the company has grown steadily as a premium provider of truckload services in the Western states and now offers a wide range of logistics services to help customers meet their supply-chain challenges. Market Transport's strong team of staff and drivers, combined with a modern fleet and the latest communications and logistics technologies, ensure a high level of service and operating efficiency. Through its Market Logistics division, the company provides single-source transportation management for shippers seeking to reduce costs and improve customer service. In addition, customers have access to a range of cost-effective transportation alternatives, including transcontinental intermodal services.

More details are available at www.markettransport.com.

About Endeavour Capital

Endeavour Capital is a Portland, Oregon-based private equity investment firm that has committed more than $165 million to help build businesses in the Pacific Northwest. The firm seeks to partner with companies that have strong management teams and competitive business models. Endeavour Capital's experienced principals provide strategic guidance and work with company management to achieve long-term growth and value creation. The firm has invested in a number of Oregon business success stories, including Bi-Mart, Columbia Distributing, Poorman Douglas, and Warn Industries.

For more information, visit www.endeavorcapital.com.