Norwest Equity and Norwest Mezzanine Raise $1.7 Billion for New Funds

MINNEAPOLIS--(Business Wire)--
Leading private equity and mezzanine investors Norwest Equity
Partners ("NEP") and Norwest Mezzanine Partners ("NMP") today
announced that they have launched their most recent funds with
combined capital totaling $1.7 billion. Norwest Equity Partners IX, LP
("NEP IX") raised $1.2 billion in commitments, and Norwest Mezzanine
Partners III, LP ("NMP III") raised $500 million in commitments.

With $4.6 billion of combined capital under management, NEP and
NMP are affiliated investment vehicles with strategies focused on
providing capital to middle market businesses. Both funds possess
flexibility and breadth in their investment charters, giving them a
unique advantage over similar entities.

About Norwest Equity Partners

NEP's investment philosophy is focused on partnering with business
owners and management teams to grow companies into industry leaders.
NEP invests in manufacturing, distribution, and services companies
within a variety of industry sectors. Management buyouts,
recapitalizations, and growth financings are the fund's preferred
transaction structures.

Timothy DeVries, NEP Managing General Partner, stated, "Our
45-year history of quality investments and exceptional financial
returns is a direct result of having a motivated and strong investment
team, and a commitment to investments for the long-haul. We've proven
our ability to ride the economic tide and make prudent investment
decisions. NEP IX is a tremendous opportunity for us to continue our
strategy of developing valuable partnerships with prospering
companies."

Notable liquidity events for NEP in recent years include Jacobson
Companies, Imperial Supplies, Paladin Brands Holding, Michaels of
Oregon, and Life Time Fitness.

NEP IX partners in addition to DeVries include John Lindahl,
Managing General Partner; John Whaley, Managing Administrative
Partner; and Timothy Kuehl, Todd Solow, and John Thomson, General
Partners. The core group of senior investment professionals has been
together since 1989 when NEP IV was launched.

About Norwest Mezzanine Partners

Partnering with private equity firms to invest junior capital in
middle market companies has been NMP's focus since its inception in
2000. NMP invests $10-$50 million per transaction in a variety of
industry sectors; the firm's current portfolio has investments within
the industrial products, consumer products, business services,
healthcare, and restaurant sectors.

"NMP III is well-poised for continued success. We are seeing
increased momentum in the mezzanine market," stated DeVries, also a
NMP Managing General Partner. "We take a relationship-oriented
approach and are able to offer flexible transaction structures. Both
of these traits enable us to generate terrific deal flow with leading
middle market private equity firms."

The first transaction funded by NMP III is a $40 million
investment supporting Wind Point Partners' recent acquisition of
Ryt-way Industries, a Minnesota-based contract packager of branded
food products. The Ryt-way transaction marks the third time NMP has
partnered with Wind Point in an acquisition, a testament to the
strength of the firms' relationship. Carter Balfour and John Hogan are
General Partners of NMP III. DeVries and Whaley are also involved with
NMP fund activities in addition to their roles with NEP.

For more information on the funds, please visit www.nep.com and
www.nmp.com.

Norwest Equity Partners / Norwest Mezzanine Partners
Heather Goodwin, 612-215-1676
Director of Marketing
hgoodwin@nep.com

Copyright Business Wire 2008