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August 28, 2007
Code Hennessy & Simmons LLC Announces Sale of Waddington North America, Inc.

Code Hennessy & Simmons LLC (“CHS”) announced today the sale of Waddington North America, Inc. (“WNA”), a portfolio investment of Code Hennessy & Simmons IV LP, to an entity controlled by Citicorp Venture Capital.

Headquartered in Covington, Kentucky, WNA is the leading North American manufacturer and marketer of premium rigid plastic foodservice disposables, including dinnerware, drinkware, servingware, take-out containers and cutlery. WNA operates six manufacturing facilities throughout the United States and Canada and serves the restaurant, catering and consumer markets. With more than 620 distinct products in an array of package sizes, colors and presentations, WNA generates industry-leading margins and dominates the premium end of the plastic foodservice disposables market with its Masterpiece™, Reflections™ and Classicware™ product lines. For additional information about WNA, please refer to the company’s website at

CHS invested in WNA in July 2000 and worked closely with WNA’s management team to grow the company’s revenue and profitability through new product introductions, strategic acquisitions and expanded customer relationships. During CHS’ ownership, WNA completed a successful recapitalization, three acquisitions and two divestitures as well as increased sales by 55%.

Mike Evans, President and CEO of WNA, said, “The significant resources and expertise CHS provided contributed greatly to our success. The strategies we have developed with CHS over the past several years have positioned us well for continued growth.”

Dan Hennessy, Partner at CHS, said, “We enjoyed a successful relationship with Mike Evans and the executive management team at WNA. With WNA’s established North American footprint, broad range of upscale products and history of product innovation, we are confident the company will continue to grow and prosper.”

CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm’s website at