Odyssey Investment Partners to Acquire Wastequip

Date: December 21, 2006

Source: Odyssey Investment Partners, LLC.

Odyssey Investment Partners to Acquire Wastequip, Leading Manufacturer of Waste Handling Equipment

Odyssey Investment Partners, LLC today announced that it has entered into a definitive agreement to acquire Wastequip, Inc. from DLJ Merchant Banking Partners. Financial terms of the transaction were not disclosed.

Founded in 1989, Wastequip is North America's largest designer, manufacturer and marketer of equipment used to collect, process and transport solid, liquid and semi-liquid waste materials. The company manufactures more than 200 different products that are used in factories, residential complexes, retail chains, and construction and demolition sites. Headquartered in Cleveland, Wastequip serves national, regional and local waste haulers through 35 manufacturing facilities across the country and employs more than 1,800 people.

Wastequip's senior management team will continue to lead the company under Odyssey's ownership. Led by President and Chief Executive Officer Robert C. Rasmussen, the team includes Gregory L. Podell, Chief Operating Officer; and Richard L. Garcia, Chief Financial Officer. Charles W. Walton, Wastequip's Founder, will continue to serve on the Company's Board of Directors. The Wastequip management team has completed and successfully integrated more than 20 acquisitions since the Company was founded, creating a national footprint in the highly fragmented waste equipment industry.

Doug Hitchner, a Managing Principal of Odyssey Investment Partners, said: "Wastequip is an exceptional platform to capitalize on favorable trends in the waste equipment industry. Importantly, the company is the only national supplier in the highly fragmented waste collection equipment sector and it manufactures a wide range of high-quality products. Wastequip has longstanding relationships with a diverse client base, and builds considerable customer loyalty through the value-added service it provides. As a result of its operational excellence, Wastequip has grown profitably over the past several years. We look forward to working with the highly respected and experienced Wastequip management team to pursue a wide range of growth opportunities, including internal initiatives and further strategic acquisitions."

Mr. Rasmussen said: "We are very pleased to become an Odyssey Investment Partners portfolio company. The principals of Odyssey have invested successfully in similar manufacturing businesses with distributed facilities and will bring a great deal of experience to Wastequip. We look forward to working with our new partners to continue our growth trajectory and create additional value for our loyal customers."

Odyssey has extensive experience investing in both industrial manufacturing and localized service businesses. The firm's portfolio currently includes Pro Mach, Inc., a leading manufacturer of integrated packaging equipment; Norcross Safety Products, LLC, a leading manufacturer of branded products in the personal protection equipment industry; Williams Scotsman Inc., a leading provider of mobile office and storage units leased through a national network of branches; and Neff Corp., a leading construction equipment rental company with coast-to-coast branch locations, among others.

Completion of the transaction is expected to occur in the first quarter of 2007.

Odyssey has received a commitment from Credit Suisse to provide debt financing for the transaction. Credit Suisse served as financial advisor to DLJ Merchant Banking.

About Odyssey Investment Partners

Odyssey Investment Partners, LLC, based in New York, is a leading middle-market private equity fund with more than $1.2 billion under management. Odyssey makes majority, control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products, and localized and route-based service businesses. For further information about Odyssey, please visit www.odysseyinvestment.com.

About Wastequip

Wastequip, nationally known for personal service, manufactures a diverse line of waste handling, recycling and material handling equipment, and operates numerous manufacturing facilities throughout North America. For more information on Wastequip, visit www.wastequip.com or call 216-292-2554.

Kekst and Company
Mark Semer, 212-521-4800

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