TorQuest Partners completes acquisition of Pinova rosin and terpene resins
business from Ashland Inc.

BRUNSWICK, GA and TORONTO, ON, Jan. 28 /CNW/ - TorQuest Partners, a leading Canadian private equity fund manager, announced today that it has completed the acquisition of Ashland Inc.'s (NYSE: ASH) rosin and terpene resins business. The newly independent business will operate as Pinova, Inc.

TorQuest's acquisition of Pinova includes the transfer of the business and the approximately 200 employees supporting it, along with an associated manufacturing facility in Brunswick, Georgia. Pinova is the world's only supplier of wood rosin products. Pinova's products are used in a variety of applications in the adhesives, construction, beverage, personal care and agriculture markets.

"We are pleased to have completed the acquisition of Pinova," said Matthew Chapman of TorQuest Partners. "This is a strong, profitable business with market leading products, a robust customer base, a skilled and dedicated workforce, and a history of innovation, operational excellence and technological leadership."

"Our plan is to invest in this business and its people. We intend to grow Pinova through the development of new products and applications, through geographic expansion, and by capitalizing on Pinova's abundant supply of raw materials from the sustainably managed pine forests of the southeastern United States," added Mr. Chapman.

TorQuest plans to expand Pinova's current workforce by approximately 10% to facilitate the transition to a stand-alone company and support future growth. Pinova's existing management team will continue to operate the business. TorQuest has also assembled a Board of Directors for Pinova that includes executives with substantial chemicals industry and business experience.

"This is a very exciting opportunity for Pinova," said Pat Grozier, Pinova's Director of Operations. "In TorQuest, we are welcoming an owner that has deep experience in our industry, a longstanding commitment to safety and environmental responsibility, and a proven track record of acquiring assets like Pinova and growing them into strong, independent companies. We expect a seamless transition to our new ownership."

For more information about the new Pinova, visit www.pinovasolutions.com.

About TorQuest Partners

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than $700 million of equity capital under management, TorQuest seeks to pursue investments in middle market companies with the goal of building value. To learn more about TorQuest Partners, visit www.torquest.com. For specific information about TorQuest's experience in the chemical sector and in acquiring and growing divisional businesses such as Pinova, please visit www.torquest.com/strategy.

SOURCE TorQuest Partners

For further information: For further information: TorQuest Partners media contact: David Ryan, Longview Communications, (604) 694-6031


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