RHCP acquires Black's Photography



    Plan to reinvigorate and grow one of Canada's best known retail brands

    TORONTO, Oct. 31 /CNW/ - RHCP Fund I LP and RHCP Fund I International LP
("RHCP"), funds advised by ReichmannHauer Capital Partners Inc.
("ReichmannHauer"), announced today that it has acquired Black's Photo
Corporation (www.blackphoto.com) from FUJIFILM Canada Inc. ("Fuji") in a
transaction that will reinvigorate one of Canada's most recognized brands and
most trusted specialty retailers.
    ReichmannHauer believes that Black's is one of the strongest retail
brands in Canada with great potential that can be further leveraged with new
customers, new products, and an enhanced on-line presence. As a stand-alone
business Black's, previously a division with Fuji, will benefit from greater
focus and management attention.
    Mr. Philip Reichmann, co-founding partner of ReichmannHauer, said,
"Photography and digital imaging are more popular than ever, technology is
evolving at a dramatic pace and consumers are looking for greater and more
personalized service. Black's is uniquely positioned to meet customers'
growing demand for specialized digital products and services thanks to its
outstanding staff and ability to help people truly understand and get the most
out of digital technology."
    Going forward, ReichmannHauer expects to drive aggressively towards a 2-3
year vision of making Black's the leading digital specialty retailer in
Canada. The strategy will touch all areas of the company with focus on product
and service enhancements; building Canada's best on-line destination site for
digital printing and digital photography equipment; creating a vastly enhanced
in-store sales experience for customers; and better integrating and executing
Black's marketing and merchandising efforts.

    About ReichmannHauer

    ReichmannHauer is a manager of private equity investments and is a firm
of active investors and business builders. Its principal orientation is to be
highly active yet patient managers of investments, driving lasting strategic
and operational improvements and strong financial returns.

    About Black's Photo Corporation

    Established in the 1930s by Edward Black, Black's today has a network of
116 stores across Canada, a large base of loyal customers, and a leading
position in the Canadian photo specialty industry. Over its proud 77 year
history, Black's has earned a reputation for premium printing services and for
being a top destination to buy digital camera equipment, digital supplies &
accessories, media, frames & albums, and personal gifts.





For further information:

For further information: Media Contact: Gal Wilder, Cohn & Wolfe, (416)
924-5700

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REICHMANNHAUER CAPITAL PARTNERS INC.

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