SOURCE: Wellspring Capital Management

May 22, 2007 09:00 ET

Wellspring Capital Management Announces Additions to Firm

John E. Morningstar Joins as Principal; William L. Ramsey Joins as Executive Director

NEW YORK, NY -- (MARKET WIRE) -- May 22, 2007 -- Wellspring Capital Management LLC ("Wellspring"), a leading private equity firm, today announced that John E. Morningstar has joined the firm as Principal and William E. Ramsey as Executive Director. Mr. Morningstar joins Wellspring as its third Principal and will be responsible for senior level activities surrounding the acquisition, monitoring and sales of portfolio companies. Mr. Ramsey's primary focus will be interfacing with Wellspring's portfolio company management teams to foster continuous improvement in operating performance.

Mr. Morningstar joins from Castle Harlan, where he worked on a number of leveraged buyouts of consumer-related, packaging and industrial companies and sat on the boards of several portfolio companies. Prior to Castle Harlan, he worked in the investment banking department of Merrill Lynch & Co., where he assisted clients in corporate finance and strategic mergers. Mr. Morningstar received a Bachelor of Science degree from the University of Virginia and an MBA from The Wharton School of The University of Pennsylvania.

Mr. Ramsey has been involved in operations, process improvement and talent development for more than 20 years. He joins Wellspring from Honeywell and its predecessor Allied Signal, where he was a senior officer in operations and Lean/Six Sigma activities. Before that, he worked in operations, procurement and quality roles at Bausch & Lomb and Xerox. Mr. Ramsey received a Bachelor of Science degree from Massachusetts Institute of Technology and an MBA from Harvard Business School.

"We are excited that Bill and John are joining the firm. Their extensive experience will strengthen our overall team and provide additional industry knowledge," said Greg S. Feldman, partner and founder of Wellspring. "We look forward to them working with our existing portfolio companies as well as identifying potential investments together."

"Wellspring has a terrific reputation and long-term track record," said Mr. Morningstar. "I am delighted to join the team and am looking forward to working with the group."

"I am excited to join Wellspring and to work with the strong group of companies within the firm's portfolios. This position will enable me to draw upon my broad experience in operations and talent development," said Mr. Ramsey.

About Wellspring Capital Management

Wellspring Capital Management LLC is a New York-based private equity firm that manages more than $2.0 billion in equity capital. The firm is focused on acquiring companies where it can realize substantial value by contributing management expertise, innovative operating and financing strategies and capital. For additional information, please visit www.wellspringcapital.com.

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