Navigant Consulting Capital Represents Crescent Capital Investments in the Purchase of Church's Chicken Brand from Franchisor AFC Enterprises, Inc

Business Wire, Nov 12, 2004

ATLANTA -- Navigant Consulting Capital, LLC, a unit of Navigant Consulting, Inc. (NYSE:NCI), today announced that it represented Crescent Capital Investments as buy-side financial advisors in connection with the investment firm's bid to purchase Church's Chicken, a 1,500 restaurant franchisor located in 28 U.S. states, Puerto Rico and nine other countries, from AFC Enterprises, Inc. The pending transaction, which is subject to customary conditions, is valued at $390 million and is expected to close by year-end 2004.

"Navigant Consulting Capital assisted us in finding a unique financing solution for Crescent Capital that enabled us to win the auction process," said Stockton Croft, Director of Crescent Capital, an Atlanta-based private equity firm with several portfolio companies in the retail and consumer products industries, including Caribou Coffee Company and Loehmann's Holdings, Inc.

Crescent's financing sources for this transaction include SunTrust Bank and Fortress Realty Investments. Joshua Pack of Fortress Realty Investments stated, "Navigant Consulting Capital was extremely valuable in the financial due diligence and valuation process, and they were an integral part of getting this transaction completed as Crescent's advisors."

"We believe this transaction is a great illustration of our strengths as a provider of middle market financial service offerings, including transaction advisory and investment banking services," said Joel Holsinger, a Director in Navigant Consulting Capital. "We are additionally grateful for the creativity, speed and flexibility shown by Crescent Capital and its lenders Fortress Realty and SunTrust, all of whom were instrumental in closing this deal."

Navigant Consulting's Corporate Finance professionals assist companies, lenders, institutional investors and other clients in the assessment and execution of corporate finance opportunities. Our expertise includes investment banking, M&A advisory, valuation, restructuring and corporate recovery services. For more information please visit: www.navigantconsulting.com/corporatefinance.> About Navigant Consulting

Navigant Consulting, Inc. (NYSE:NCI) is a specialized independent consulting firm providing litigation, financial services, healthcare, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations. Investment banking services are offered under the Navigant Consulting Capital, LLC subsidiary, member NASD/SIPC. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.