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Arsenal Capital Partners Completes Add-On Acquisitions for Two Portfolio Companies

NEW YORK, August 8, 2003 - Arsenal Capital Partners, a private equity firm that invests in middle-market manufacturing and business service companies, today announced the completion of add-on acquisitions for two of its portfolio companies, Printing Solutions Holdings LLC and Renaissance Mark, Inc. Financial terms of the transactions were not disclosed.

Printing Solutions Holdings LLC combines with Tally AG

Printing Solutions Holdings LLC, an Arsenal portfolio company since December 2002, has combined operations with Tally AG, a Germany-based provider of a full range of impact, ink-jet and laser printers and related consumable products for mission-critical business and industrial uses. The newly integrated firm, TallyGenicom, expects annualized revenue to exceed $200 million, making TallyGenicom one of the largest companies in the world focused exclusively on providing printers, consumables, printer parts and service. Arthur D. Gallo, CEO of Genicom, will be the Chief Executive Officer of the combined company, and Tally CEO Gebhard Morent will serve as Chief Operating Officer.

"This venture builds off the financial strength of two successful organizations to create a global printer company of unprecedented potential - the only printer company in the world today that can offer business and industrial users a full range of impact and laser printers," said Gallo. "Our core strength will remain what it's always been - providing and servicing business-critical printers that our customers know they can count on. Looking forward, we will continue to build on that strength with the goal of becoming a world leader in innovative color printer solutions for business. That is our customers'fastest growing printer need and we can now offer them a wider assortment of color solutions than ever before."

TallyGenicom will continue to serve existing customers under the same pricing and contract terms already in place, according to Morent. "From the point of view of our customers around the world, nothing really changes," added Morent. "Our commitment to great products and unbeatable customer service will be the same as ever. Joining forces as TallyGenicom simply makes us a stronger supplier going forward, allowing us to bring exciting new products and services to market faster than ever before."

TallyGenicom printers are designed and manufactured to perform critical, business-specific printing tasks in industries such as healthcare, transportation, manufacturing, warehousing and retail. The printers are used in these industry applications because of their customized design, rugged construction, durability and proven reliability. Users of TallyGenicom printers include some of the largest corporations in the world, including Wal-Mart, American Airlines, SBC Communications, Daimler Chrysler, Blockbuster and Volkswagen.

TallyGenicom's worldwide headquarters will be located in Chantilly, VA, and its European headquarters will be in Ulm, Germany. Elsewhere in the Americas, TallyGenicom operates facilities in Kent, WA; Waynesboro, VA; McAllen, TX; and Reynosa, Mexico. In Europe, the firm has operations in London, Paris, Vienna and Milan. Asian operations are located in Singapore and Jiangmen, China. The company will do business as TallyGenicom® in the Americas and as Tally® in Europe, Africa, Asia and the South Pacific.

The transaction was funded by Arsenal Capital Partners, TallyGenicom management, and CapitalSource Finance LLC.

Renaissance Mark, Inc. acquires assets of Fleming Packaging Corporation

Renaissance Mark, Inc., an Arsenal portfolio company since May 2002, has acquired the assets of Fleming Packaging Corporation, the largest manufacturer of glue applied and pressure sensitive labels for the wine and spirits markets in North America. The combined company will produce prime labels for virtually all of the major wine and spirits companies in the world.

Renaissance Mark is currently the second largest company in the North American prime label converting market, providing glue-applied, pressure sensitive, and film labels for the food, beverage, health & beauty aid, and pharmaceutical industries.

With approximately $50 million in revenues in 2002, Fleming Packaging has the capabilities, including embossing, foil stamping, and bronzing, to manufacture high value-added wine and spirits labels. The assets were purchased through a Chapter 11 bankruptcy sale process and will be integrated into Renaissance Mark's current operations.

David Wiggins, Chief Executive Officer of Renaissance Mark, said, "The acquisition of Fleming Packaging Corporation strengthens our position in the spirits label market and provides us with the leadership position in the wine label market. We are excited about the sales growth potential as well as the profitability enhancement opportunities resulting from the elimination of redundant plant and overhead costs."

The transaction was funded through additional investments by Arsenal Capital Partners, Cerberus Capital Management, National City Equity Partners and Merifin Capital.

About Arsenal Capital Partners LP

Arsenal Capital Partners is a $300 million New York-based private equity fund that makes control investments in manufacturing and business service companies that offer significant opportunities for growth and productivity gains. The firm invests where it has substantial prior experience and broad operating and functional expertise that can support management teams to drive growth and improve productivity. More information about Arsenal is available at

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