Topspin LBO Acquires Utrecht Manufacturing Corporation from Brynwood Partners

Business Wire, Sept 13, 2007

ROSLYN HEIGHTS, N.Y. -- Topspin LBO today announced that it has completed the acquisition of Utrecht Manufacturing Corporation ("Utrecht") from Brynwood Partners.

Utrecht is a leading multi-channel retailer of art supplies, with 35 stores nationwide. The company also sells its own brand of paints, canvas, and other art products, which are found exclusively at Utrecht locations and select independent dealers. Utrecht represents the first investment out of Topspin LBO's recently-raised $115 million buyout fund.

George J. Muench, president and CEO of Utrecht, will remain with the company under its new ownership. He stated, "We are very excited about the opportunity to continue building the Utrecht brand with our new partners. Topspin's experience in retail and consumer products will be helpful as we consider various avenues of growth."

Steve Lebowitz, managing director of Topspin LBO, said, "This investment is a great way to start off our new fund. The business has significant momentum, and we look forward to working with George and his team in maintaining and building on it."

Hendrik Hartong, Jr., senior managing partner of Brynwood Partners said, "We are happy with the sale of Utrecht to Topspin LBO. Utrecht is a great franchise and has a strong future with its new owners."

Madison Parker Capital, a Boston-based boutique merchant bank, partnered with Topspin LBO on the transaction and made an equity co-investment in the company.

Topspin LBO

Topspin LBO is a Long Island, NY-based private equity fund that makes control investments in small businesses with $15 million to $75 million of revenues. The firm is generalist in approach but often invests in sectors such as consumer products, retail, security, media and publishing, business services, and niche manufacturing. The team at Topspin LBO has considerable industry operations expertise and has partnered with management teams in building businesses of varying stage, size and sector, both at Topspin as well as prior firms. Additional information on Topspin LBO can be found at www.topspinlbo.com.

Madison Parker Capital

Madison Parker Capital is a Boston-based boutique merchant bank focused on partnership-oriented investments in middle market companies. Madison Parker Capital's principals are experienced in investing in, managing, operating and advising companies between $20 million and $150 million in sales. The company is dedicated to partnering with proven management teams, building profitable and sustainable businesses, and realizing significant returns on capital for its principals, management teams and investors. Additional information on Madison Parker Capital can be found at www.madisonparkercapital.com.

Brynwood Partners

Founded in 1984, Brynwood Partners is a private equity fund which makes control investments in lower middle market companies targeting consumer products, light industrial manufacturing, specialty retailing and business services. The principals of Brynwood Partners have made investments in 21 portfolio companies and have successfully partnered with management to grow businesses through the financial and operational support that Brynwood Partners uniquely provides.