Business Services Industry

Hotel Industry Veteran Steve Higgins Announces Formation of The Higgins Group; New Holding Company Provides Additional Capital for Global Expansion of Higgins Purchasing Group and Boxport: Investment co-led by Former Charles Schwab CEO

SAN FRANCISCO -- Higgins Purchasing Group and Boxport, leaders in full-service procurement and branded retail programs for the luxury hospitality industry, announced today that effective September 1, 2005 the companies have reorganized into a holding company structure named The Higgins Group.

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The Higgins Group received an initial round of funding from a team of investors led by PFK Investors and David Pottruck, the former CEO of Charles Schwab. The purpose of the reorganization and additional funding is to provide greater resources and flexibility to support continued strong growth and global expansion of Higgins Purchasing Group and Boxport, while maintaining the high level of quality and customer service both companies are known for. Steve Higgins, the founder and CEO of Higgins Purchasing Group and Boxport, remains CEO of the holding company, and of both operating companies. David Pottruck was named Chairman of the Board and brings significant finance and global operations management experience to the organization. Cary Schirmer, President of Higgins Purchasing Group since 1998, will continue in his capacity with the holding company and both wholly-owned subsidiaries. Ben O'Connor will remain VP of Sales and Marketing. The business operations of Higgins Purchasing Group and Boxport will not change as a result of the new structure.

"This substantial investment demonstrates the strength and reputation of Higgins Purchasing Group and Boxport's service offerings in the highly competitive hospitality and condominium industries," said Steve Higgins, Founder and CEO, Higgins Purchasing Group and Boxport. "With access to new capital and a more flexible holding company structure, The Higgins Group is poised for continued growth around the globe."

With offices in San Francisco, Los Angeles, Atlanta and a newly expanded office in Hong Kong, Higgins Purchasing Group has been at the forefront of the procurement services industry as an internationally recognized provider of FF&E and OS&E procurement services to the world's finest luxury hotels, resorts and condominium developers since 1988. HPG's global vendor base, advanced procurement technology and extensive experience provide extraordinary value and superior service in local, national and global product rollout programs, OS&E specification development processes and refresh programs.

Over the past two years, HPG has enjoyed particularly strong growth both in U.S. projects, and serving as an outsourcing management partner for U.S. companies with sizeable projects abroad. Most recently, the company won contracts with Wynn Resort Macau; W Maldives, which are being overseen by HPG's newly expanded Hong Kong office.

In 2004, Higgins Purchasing Group spun-off Boxport, a full-service provider of hotel-branded retail and re-order programs to fill the growing demand for hotel design at home - a trend that Steve Higgins pioneered.

In its first year, Boxport has secured a number of the world's top luxury hospitality brands as customers, including the Mandarin Oriental North America, Kimpton Hotel and Restaurant Group, LLC, The Regency a Loews Hotel, RockResorts, Shutters on the Beach, Le Parker Meridien, James Hotel and more.

Boxport's portfolio of custom-designed, client-branded service solutions includes:

--Retail Programs - Turn-key solutions that enable luxury properties to market and sell furnishings, accessories, consumables and retail merchandise directly to their customers through an integrated set of Boxport-developed branded advertising, catalogs, and retail web sites.

--Hotel Re-order - Customized, web-based re-order solutions for more efficiently procuring, managing and replenishing operating supplies, equipment and consumables.

--Condo Solutions - Interactive interior design and marketing solution that allows buyers to visualize, select and purchase entire suites of furnishings and amenities for luxury residences.

"The formation of The Higgins Group signals a new era of innovation and growth for both Higgins Purchasing Group and Boxport, companies that have proven success in the luxury hospitality services industry," said David Pottruck, Chairman, The Higgins Group. "Steve Higgins is a hospitality industry pioneer and visionary with unmatched creativity in setting trends and developing new services. We look forward to expanding The Higgins Group while maintaining the outstanding level of customer service that its clients have come to expect."

About Higgins Purchasing Group and Boxport

Higgins Purchasing Group and Boxport are wholly-owned subsidiaries of The Higgins Group, a holding company based in San Francisco. Higgins Purchasing Group, an international leader in FF&E and OS&E procurement services for the hospitality industry, has provided procurement services to over 1600 of the top luxury hotels, resorts, spas and developments worldwide. Boxport provides luxury hotels and premium condominiums with turnkey Direct-to-Consumer and Business-to-Business solutions including premium products, retail merchandising programs, re-order fulfillment and complete interior packages for hotel/condo developments. Boxport solutions combine world-class product development and procurement with expert management services, logistics support and hosted software applications. Boxport's successful solutions service in excess of 25,000 luxury guestrooms in the US and abroad. For more information, visit www.higginspurchasing.com or call (415) 772-1600 and www.boxport.com or call (415) 772-1670.

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Business Services Industry

Hotel Industry Veteran Steve Higgins Announces Formation of The Higgins Group; New Holding Company Provides Additional Capital for Global Expansion of Higgins Purchasing Group and Boxport: Investment co-led by Former Charles Schwab CEO

Business Wire, Nov 14, 2005

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