December 14, 2006
Brynwood Partners V L.P. Acquires S. Walter Packaging and Expands its Investment in the Packaging Industry

Greenwich, CT - December 14, 2006 - Brynwood Partners V L.P. announced that it has acquired a majority ownership in S. Walter Packaging of Philadelphia, PA. S. Walter Packaging is a leading distributor of premium packaging to the retail industry. Terms of the transaction were not disclosed.

S. Walter Packaging was founded in 1904. The company provides creative ideas, distinctive packaging and integrated distribution services to both national multi-unit retailers and independent stores. The company has manufacturing operations in Philadelphia and Ontario Canada through a joint venture partnership. S. Walter also sources products from a proprietary network of global partners that it has developed over the last 30 years.

Uniflex will be an independent division and will continue to serve the advertising specialty (ASI) and medical markets where it is a leader.

S. Walter Packaging, a third generation, family-owned business will continue to maintain its headquarters in Philadelphia. The combined company will be led by Andy Wilson who will be Chairman and CEO, along with Richard Gettlin who will be the Chief Financial Officer. Andy Wilson will also be a minority owner of the combined company. Michael Jobes will become President of the S. Walter Packaging Division and Vince Schaller, currently CEO of Uniflex, will become President of the Uniflex Division of the company.

"We are pleased to bring together these two companies that are well-established leaders in their respective and complimentary markets. Both S. Walter Packaging and Uniflex have a long tradition of innovation and outstanding customer service" said Hendrik J. Hartong, Jr. Senior Managing Partner of Brynwood Partners.

Bob Sperry, Managing Partner of Brynwood Partners added, "Andy Wilson and his team have an impressive track record of quality growth. Their efficient manufacturing and global sourcing capabilities will allow Uniflex to offer a greatly expanded product line and provide a physical presence across North America with their sales force and distribution network".

Andy Wilson said, "This infusion of equity and experience from Brynwood Partners will enable us to execute our strategic plan and establish our presence as the premier supplier of retail, promotional and medical packaging in North America. We estimate sales of approximately $100 million in 2007 and continued growth from that point forward."

About Brynwood Partners Founded in 1984, Brynwood Partners is a private equity fund which invests in lower middle market companies over a long-term horizon targeting consumer products, light industrial manufacturing, specialty retailing and business services. The principals of Brynwood Partners have made investments in 21 portfolio companies and have successfully partnered with management and owners who want to continue to run their business but need the financial and operating partner support Brynwood Partners uniquely provides.