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Littlejohn & Co. Announces Final Close of $650 million Fund III
May 4, 2005

GREENWICH, CT, May 4, 2005 -- Littlejohn & Co., a private investment firm that applies an operational approach to building middle market companies, today announced that it has completed the final closing of Littlejohn Fund III, L.P. with capital commitments of $650 million. The firm was targeting $600 million in limited partner commitments, but placed a hard cap of $650 million on Fund III after finding itself significantly oversubscribed.

Littlejohn Fund III is the firm's largest fund to date, and together with two other funds raised since inception in 1996, aggregates a total of approximately $1.4 billion of capital under management. Littlejohn will continue to implement its operationally oriented investment approach as with its two predecessor funds and target companies that are underperforming their potential due to the lack of management resources, capital or experiencing market changes.

"We are extremely pleased with the overwhelming success of our fundraising effort to have exceeded our expectations," said Angus Littlejohn, Chairman and CEO of Littlejohn & Co. "We are gratified by the market's response and to have completed a very quick fund raising process largely based on the strength of our existing associations. Our Fund has the representation of investors from around the world who see value in our ability to develop businesses through operational enhancements and our team remains focused on the opportunities where we can add value."

Investors in existing and past Littlejohn funds have included some of the leading public and corporate pension funds, endowments, and domestic and foreign insurance companies and fund of funds. The firm's marketing of Fund III was limited to existing Fund II investors as well as investors with which it had longstanding communications. Littlejohn did not use a placement agent in the marketing of Fund III. Littlejohn closed on its inaugural fund, the Littlejohn Direct Investment Program, in 1997 with $205 million in commitments. The second, Littlejohn Fund II, LP was closed in 2000 with committed capital of $530 million from limited partners.

"We made tremendous progress last year in enhancing the operations of our portfolio investments," said Michael Klein, President of Littlejohn. "We have been successful at building stand alone companies from corporate spin offs and believe that there are additional investment opportunities for us as restructuring continues both in the U.S. and Europe."

In addition to Angus Littlejohn and Michael Klein, the Littlejohn team includes two other partners; Edmund Feeley and Brian Ramsay, as well as eight additional investment professionals. Among the firm's more recent investments is the acquisition of the Aeronautics business of General dynamics by Littlejohn's portfolio company Wyle Laboratories.

About Littlejohn & Co LLC

Founded in 1996, Littlejohn & Co., LLC is a private equity firm that makes control equity investments in mid-sized companies that can benefit from its operational and strategic approach. The firm is based in Greenwich, Connecticut. Littlejohn can be reached at 203-552-3500.

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