Parthenon Capital Invests in Captive Media Holdings (dba Health Club Panel Network)

BOSTON--(Business Wire)--
Parthenon Capital, a private equity firm with offices in Boston
and San Francisco, announced today a significant investment in Captive
Media Holdings, the largest provider of advertising and marketing
opportunities to national brands through US health clubs.

Captive's management team and its operations and sales staff will
be remaining with the company.

"We're thrilled with this transaction," said Michael Lederer,
co-founder and Executive Vice President of Captive. "It validates all
the great work and the tremendous success the company has experienced
since we launched in 1995, while providing a strong endorsement to the
present and long term potential of the place-based media industry
overall. We're getting a great business partner in Parthenon, who can
help us both with strategic planning as well as fund our aggressive
growth plans," he added.

Captive reaches about 7 in every 10 health club members in the 20
largest media markets in the US and its network encompasses nearly
3,000 health clubs nationwide. The company offers its customers a full
spectrum of advertising and marketing services designed to reach the
fitness club audience, including digital advertising, print indoor
billboards, and more tailored coupon and sampling programs. Captive
Media is also known by its trade name Health Club Panel Network.

Jon Grad, a Partner at Parthenon Capital involved in the firm's
business services investments, stated "Mike and Gene Lederer have
built one of the leading companies in the alternative site advertising
industry and we are excited to be investors in the company. Captive
Media's fitness chain and ad agency relationships, in particular, are
extremely valuable assets that we plan to further develop in
partnership with management."

Lederer also mentioned that Captive and Parthenon will begin
exploring many other tangential growth opportunities, including
strategic acquisitions and/or investments in other relevant
place-based media platforms.

About Parthenon Capital:

Parthenon Capital is a leading mid-market private equity firm
based in Boston and San Francisco. Parthenon utilizes niche industry
expertise and a deep execution team to invest in growth companies in
service industries. Parthenon seeks to be an active and aligned
partner to management, either through recapitalization transactions or
by backing new executives. Parthenon has particular expertise in
business services, financial and insurance services and healthcare,
but seeks any service, technology or delivery business with a strong
value proposition and proprietary know-how. Parthenon's 25 person
investment team has deep experience in corporate strategy, capital
markets and operations, enabling the firm to pursue complex,
multi-faceted value creation opportunities. For more information,
visit www.parthenoncapital.com.

About Captive Media:

Founded in 1995 by Gene and Mike Lederer, Captive Media has grown
to become the largest and most reputable player in the field of health
club advertising and marketing. Captive Media's exclusive network now
extends to nearly 3,000 clubs across 49 states and 120+ DMAs. Captive
Media's clients include Kraft, Unilever, P&G, Nissan, Pfizer, American
Express, Coca-Cola and many others. Club owners benefit from Captive
Media through the generation of additional non-dues revenue, enhanced
member retention and additional traffic driven from promotional events
sponsored by Captive Media's advertising clients. Captive Media is
headquartered in Los Angeles. For more information about Captive Media
visit www.healthclubpanel.com.

Parthenon Capital
Molly Fazio, 617-960-4012

Copyright Business Wire 2008