CharlesBank Capital Partners Acquires Walco International Inc.

BOSTON -- Charlesbank Capital Partners is pleased to announce that it has acquired Walco International Inc., the largest distributor of animal health products in the United States, from Bain Capital, a leading global private investment firm. The acquisition, made in partnership with management, marks the first investment by Charlesbank's newest fund, Equity Fund VI, which closed with $900 million of committed capital in June 2005. Terms of the transaction were not disclosed.

Founded in 1954, Walco is the largest distributor of pharmaceutical products to the livestock market, with over $500 million in revenue, and also ranks highly in the companion-animal market. Walco purchases its products from approximately 2,000 manufacturers and sells to a diverse base of more than 220,000 customers from all over the United States and Canada, including livestock farmers, veterinarians and retail dealers. Headquartered in Westlake, Texas, Walco has approximately 800 employees, including a field management and sales force team of 325, and operates 72 locations spread across the US and Canada.

"We take pride in cultivating strong relationships with suppliers and customers," said Jim Robison, Chief Executive Officer of Walco International. "We see a tremendous opportunity to continue growing our business rapidly and increasing market share by providing our customers with quality products and innovative services that enable them to improve production outcomes, develop markets and increase profitability. The experienced team at Charlesbank will be a valuable strategic resource as we move ahead, and we are delighted to be partnering with them to build an even brighter future for Walco."

"Walco has played a critical role in the animal health products industry for more than 50 years," said Brandon White, Vice President at Charlesbank Capital Partners. "With its industry-leading market share, Walco is able to deliver a broad product assortment to a large and diversified customer base both efficiently and cost-effectively. We are confident that Walco's talented management team will continue their steady expansion of the business, providing even more value to both suppliers and customers."

About Charlesbank

With offices in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $1.5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $25 to $75 million per transaction in companies with enterprise values of $50 to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, visit www.charlesbank.com.