Prospect Partners Acquires Leading Provider of Movable Shelving and Storage Solutions for Retail Industry and Commercial Office Market

CHICAGO, ILL.—March 1, 2005: Prospect Partners, LLC along with store fixture industry veteran Craig J. Umans and management, announce the formation of Pipp Mobile Storage Systems Holding Company to acquire Pipp Mobile Storage Systems, Inc. of Walker, Michigan, from its founding family. Pipp Mobile Storage Systems is a leading manufacturer, designer and installer of mobile shelving and storage systems for retail, manufacturing, commercial office and warehousing customers nationwide, including many Fortune 1000 companies.

Pipp, founded in 1981, specializes in retail stockroom storage solutions and lateral shelving units for records archival. The movable shelving systems glide laterally on tracks and substantially increase the utilization of existing storage capacity by providing access to the entire system through a single aisle.

"Pipp has been a long-time and consistent performer," says Erik E. Maurer, a Principal at Prospect Partners. "The company delivers a high value-add through its quality products, its strong customer base and its focus on customer service through specially trained technicians and quick product delivery."

"We felt Pipp provided a great opportunity to partner with an industry veteran and build a larger company in the store fixture and storage solutions industry," Maurer continues. "Not only is Craig a seasoned store-fixture executive, he has vast experience in new product development and working with suppliers as well as long-standing relationships with key retailers."

Mr. Umans, who invested in the company and will run it as Chief Executive Officer, has more than 25 years of industry experience. He was formerly the President and Chief Operating Officer of RHC Spacemaster Corporation, a Melrose Park, Illinois-based store-fixture business.

"After being introduced to the Pipp family, I became increasingly impressed with the quality of products and the people at the company," Mr Umans says. "The effort they put into servicing their customers is outstanding in the industry. I'm excited to continue this tradition.

In pursing their growth objectives for Pipp, Mr. Umans and Prospect Partners will actively pursue add-on acquisitions of companies involved in complementary specialty store-fixture and storage solutions industries.

Mr. Maurer, Mr. Umans and Prospect Partners' Principal Richard C. Tuttle will serve Pipp as Chairman and Directors, respectively.

Pipp Mobile Storage Systems is the fourth platform company of Prospect Partners II, L.P., the $165 million private equity fund that closed in June, 2004. The Fund's other platform companies include Chicago-based Kronos Products, Inc.,  a leading Greek foods manufacturer; Brazoria, Texas-based Industrial Hoist Services, LP, a leading national provider and lessor of hoists used in industrial applications; and Superior Tool Holding Company, a leading manufacturer and distributor of a complete range of professional and consumer pipe-working and specialty plumbing tools sold nationwide.

About Prospect Partners

Prospect Partners, LLC of Chicago, Illinois is a leading investor in unique lower-middle-market companies, managing two private equity funds totaling $270 million. Since its founding in 1998, Prospect Partners has focused on management-led leveraged acquisitions of small niche leaders with revenues typically between $10 and $30 million; the firm has invested in nearly 45 leading companies within many niche consumer, commercial, specialty distribution and service markets throughout the United States.