TorQuest issued additional units of Associated Brands Income Fund



    TORONTO, March 30 /CNW/ - TorQuest Partners Inc. ("TorQuest Partners")
announced today that two of its funds, TorQuest Partners Value Fund L.P. and
TorQuest Partners Value Fund (Parallel Partnership No. 1), L.P. (together, the
"TorQuest Funds"), have received, in aggregate, an additional 585,629 units
(the "Units") of Associated Brands Income Fund (the "Fund"). The Units were
issued to the TorQuest Funds today in satisfaction of interest accrued from
September 30, 2006 to March, 29, 2007 on the $10 million principal amount of
9% subordinated exchangeable debentures (the "Exchangeable Debentures") of
Associated Brands Holdings Limited Partnership held by the TorQuest Funds, in
accordance with the terms of the Exchangeable Debentures.
    The Units are being held for investment purposes. The TorQuest Funds may
acquire additional units of the Fund from time to time, in accordance with
applicable laws, or be issued additional units of the Fund in satisfaction of
future interest payments on the Exchangeable Debentures. This press release is
being issued as required under the early warning requirements of applicable
securities laws. As previously announced by the Fund on March 18, 2007, a fund
managed by an affiliate of TorQuest Partners entered into an agreement with
the Fund to purchase, subject to the terms and conditions of that agreement,
100% of the Fund's operating subsidiaries.
    Prior to the issuance of Units today, the TorQuest Funds owned 892,912
units of the Fund, which had previously been issued by the Fund to the
TorQuest Funds. After giving effect to the issuance of the Units today, the
TorQuest Funds will own approximately 1,478,541 units of the Fund,
representing approximately 10.1% of all of the issued and outstanding units of
the Fund (based on 14,696,162 units outstanding as at March 30, 2007). In
addition, the Exchangeable Debentures held by the TorQuest Funds are
exchangeable, at various exercise prices, for an aggregate of 6,895,237 units
of the Fund. If all of the Exchangeable Debentures held by the TorQuest Funds
were exchanged into units of the Fund, the TorQuest Funds would hold an
aggregate of 8,373,778 units of the Fund, representing approximately 38.8% of
all of the issued and outstanding units of the Fund (based on 14,696,162 units
outstanding as at March 30, 2007 and assuming the exchange of all of the
Exchangeable Debentures held by the TorQuest Funds).
    The TorQuest Funds own and exercise control over the units of the Fund
and the Exchangeable Debentures held by them and are not acting with any joint
actor in connection with the receipt or ownership of such units and
Exchangeable Debentures.

    TorQuest Partners

    Founded in 2002, TorQuest Partners is a Canadian-based manager of private
equity funds. With more than C$700 million of equity capital under management
TorQuest Partners seeks to pursue investments in middle market and later stage
companies with the goal of building value through opportune acquisitions,
strategic leadership and the timely use of financial expertise.





For further information:

For further information: Daniel Sonshine, TorQuest Partners, (416)
956-2482

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TorQuest Partners Inc.

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