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Arsenal Capital Partners Creates Vertellus Specialties Inc.
Vertellus Specialties Inc. Combines Two Arsenal Portfolio Companies to Enhance Global Growth Opportunities, Strengthen Leading Market Positions and Achieve Cost Savings

NEW YORK, July 10, 2006 – Arsenal Capital Partners, an industry-focused investor in lower-middle market, niche manufacturing and service companies, today announced the creation of Vertellus Specialties Inc., a specialty chemicals company focused on the manufacture of high growth, high-value products for the agricultural, nutritional, pharmaceutical, personal care and performance materials markets.

Vertellus will combine two existing Arsenal portfolio companies, Rutherford Chemicals, acquired in November 2003, and Reilly Industries, acquired in September 2005, to provide a diverse array of specialty chemicals products through three divisions: Agriculture and Nutrition Specialties, Health and Specialty Products and Performance Materials.

The combined entity will produce fine and specialty chemicals used in the manufacture of agrochemicals, pharmaceuticals, nutritional supplements, and personal care products, as well as a broad range of industrial products including plastics, polymers, adhesives, sealants, coatings and inks. Vertellus will be a technology leader in a number of chemical manufacturing and formulation processes, with a large majority of its annual revenue derived from products with leading global market positions.

“We are very excited about the outlook for the combined company,” said Timothy Zappala, President and Chief Executive Officer of Vertellus. “Vertellus is a technology and market leader in an industry with high barriers to entry and favorable market trends. We are seeing trends towards an increased focus on healthy living and aging, “green” product substitution, use of personal care products and environmentally compatible, agricultural engineering.”

Jeffrey Kovach, Managing Director at Arsenal said, “We are going to work closely with the Company’s leadership team to help ensure that these synergies result in reduced cost, enhanced focus, profitable growth and substantial investment value. We know both companies very well and expect the combination to be a smooth process.”

“Vertellus will leverage substantial market, technology, manufacturing and product development synergies between Rutherford and Reilly,” added Barry Siadat, Managing Director at Arsenal.

Arsenal Capital Partners has developed a significant expertise in the specialty chemicals sector and related industries, with a number of previous acquisitions in this area: Velsicol Chemical, a leading global manufacturer of high performance specialty chemicals; Scientific Protein Laboratories, a manufacturer and developer of active pharmaceutical ingredients; Sermatech International, a provider of engineered coatings to the aerospace/defense and power generation markets; and, Interdynamics, a value-added packager of chemicals for the automotive aftermarket.

About Arsenal Capital Partners

Arsenal Capital Partners invests in specialty product and services companies in industries where it has substantial prior experience and expertise and can support management teams to drive growth and improve productivity. Arsenal focuses on growing, niche markets within specialty industrial sectors, including specialty chemicals, aerospace/defense, healthcare, specialty components and distribution/logistics. For additional information please visit www.arsenalcapital.com.

About Vertellus Specialties Inc.

Vertellus is a specialty chemicals company focused on the manufacture of high growth, high-value products for the agricultural, nutritional, pharmaceutical, personal care and performance materials markets. A large majority of the Company’s annual sales are derived from products that are the leaders of their respective markets. Vertellus benefits from a global supply chain, a technologically advanced and flexible global manufacturing base, and maintains long-standing relationships with blue-chip customers enhanced by long term contracts. Vertellus also holds a number of industry trademarks, registrations and patents. Vertellus has 758 employees and is headquartered in Indianapolis, Indiana. For more information visit www.vertellus.com.

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