Texas Growth Fund Invests $20 Million and Leads Acquisition of the TIMEC Group of Companies.

Business Editors

AUSTIN, Texas--(BUSINESS WIRE)--June 9, 2000

The Texas Growth Fund recently provided an equity and subordinated debt investment to TIMEC Acquisitions Inc., a company created to acquire The TIMEC Group of Companies.

TIMEC, a leading contractor of industrial services with a primary focus on providing routine and turnaround maintenance repair for oil refineries and petrochemical plants, is headquartered in California and maintains a significant operating presence in Texas and Louisiana.

TIMEC offers a comprehensive array of complementary services ranging from routine maintenance to "turnkey turnaround" maintenance capabilities, as well as specialty services such as precision welding, catalyst handling, safety services and electrical and instrumentation work. The company prides itself on the timeliness of its project completions and its exemplary project safety record.

The Texas Growth Fund led the acquisition of TIMEC, along with TIMEC's existing management team. Churchill Capital Inc., provided subordinated debt in support of the transaction and Deutsche Banc Alex. Brown arranged the senior financing.

The Texas Growth Fund, managed by the principals of TGF Management Corp., is an equity-oriented investment fund based in Austin. Backed by Texas public pensions and endowments, the $577 million fund is one of the largest and most active private equity groups in the Southwest. TGF provides equity and subordinated debt capital for public and private companies that have operations in Texas or intend to establish operations in the state. Its capital is used for internal expansion, acquisitions, management buyouts and recapitalizations for established companies in a wide range of industries. For more information about the Texas Growth Fund, visit its Web site at http://www.texasgrowthfund.com.