Citicorp Venture Capital Announces Investment in WNA

    Leading Foodservice Disposables Manufacturer Well-Poised for Continued

    NEW YORK, August 29 /CNW/ - Citicorp Venture Capital (CVC) today
announced that it has made a controlling investment in leading foodservice
disposables manufacturer Waddington North America, Inc. (WNA). Norwest Equity
Partners (NEP), a leading middle market private equity firm, and WNA
management also participated in the investment.

    WNA designs and manufactures a variety of premium single-serve products
for the foodservice industry including dinnerware, drink ware, serving ware,
take-out containers and cutlery. Headquartered in Covington, KY, WNA operates
six manufacturing facilities throughout the United States and Canada,
providing foodservice disposables for use by restaurants, caterers and

    Industry trends have also been favorable for WNA as it continues to be a
market leader targeting the rapidly growing niche and high value-added
segments of the $4 billion rigid plastic sector of the disposable tableware
market. Mike Evans, WNA CEO, stated, "We are thrilled to join the CVC
portfolio and are looking forward to realizing our growth plans with our new
investment partners. CVC and NEP have significant plastic and packaging
experience combined with capital to help us grow both internally and through

    WNA's focus on technical innovation, a broad product line offering, and a
high level of customer service, have all helped it to establish long-term
customer relationships and achieve the number one market position in North
America in multiple premium product categories. With more than 620 distinct
products with diversity of package size, color and presentation, WNA generates
industry leading margins and dominates the premium end of the plastic
foodservice disposables market with its Masterpiece(TM), Reflections(TM) and
Classicware(TM) product lines.

    Joseph S Levy, CVC Managing Partner, stated, "We are looking forward to
our partnership with the WNA management team and are excited about WNA's
history of product innovation and the continued growth opportunity going
forward. WNA differentiates itself as a one-stop shop for its customers with
its broad product offering, and with new technologies and proprietary
value-added products under development, the Company is well-positioned for
continued growth."

    Prior to this transaction, WNA was a portfolio company of Code Hennessy &
Simmons LLC. Ropes & Gray LLP provided legal services and SG Americas
Securities, LLC a subsidiary of Societe Generale Corporate and Investment
Banking served as financial advisor in connection with this transaction.

    For more information, please visit

    About Citicorp Venture Capital

    CVC, founded in 1968, is Citi Alternative Investments (CAI) leveraged
buyout platform focused on making control equity investments in U.S.-based
middle-market companies. Transactions are generally between $100 million and
$500 million. CVC supports experienced management teams in companies
best-positioned to benefit from changing industries. Its strategy is to
identify market leaders operating in dynamic sectors leading to superior
growth and value creation.

    CAI is an alternative investment platform that manages a wide range of
products across five asset classes, including private equity, hedge funds,
real estate, structured products and infrastructure. CAI manages capital on
behalf of Citi, as well as third-party institutional and high net worth
investors. As of June 30, 2007, CAI had approximately $59.2 billion of
un-levered assets under management, ranking CAI among the world's largest
alternative asset managers. CAI's goal is to enable its 16 investment centers
to retain the entrepreneurial qualities required to capitalize on evolving
opportunities, while benefiting from the intellectual, operational and
financial resources of Citi.

    About Norwest Equity Partners

    Since its founding in 1961, Norwest Equity Partners (NEP) has earned a
reputation as one of the premier private equity investment firms in the United
States providing middle market companies with the capital they need to reach
their goals. The firm focuses on providing equity investments of $20-$100
million in growing and profitable companies through management buyouts,
recapitalizations, and growth financings. NEP has in excess of $3 billion in
capital under management and is currently investing NEP VIII, an $800 million
fund. Visit for more information on NEP's portfolio and investment

For further information:

For further information: Citi Media: Jon Diat, 212-793-5462

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