FOR IMMEDIATE RELEASE

Business Inquiries: KPS      212.338.5100

Media Relations: Mark Semer / Joseph Kuo     212.521.4800

New York, NY (September 24, 2007) -- KPS Capital Partners, LP (“KPS”) announced today the addition of six professionals to its investment team, which follows the previously announced closing of the firm’s third oversubscribed fund, KPS Special Situations Fund III with $1.2 billion of committed capital. This expansion of capital under management resulted in the need to expand the firm’s investment team as follows:

Randy Hicks has been named Managing Director and Director of Business Development. Mr. Hicks joins KPS with 20 years of experience originating, structuring and closing corporate finance transactions. Prior to joining KPS, he was a Senior Managing Director of origination for FirstLight Financial Corporation. Previously, he spent 14 years with GE’s Commercial Finance unit in various leadership roles located in Los Angeles, Chicago and Norwalk, Connecticut. Prior to GE, he spent two years with US West Capital in its Energy Project Finance group and four years with BancIreland First Financial in its Leasing and Project Finance group. Mr. Hicks holds a B.S. in Finance and Investments from Babson College.

In addition, Ryan Baker, Michael Houy, Evan LePatner and Lee Mlotek have joined KPS as Associates. Sarah Weintraub has joined the firm as Assistant Controller.

Mr. Baker was formerly a mergers & acquisitions Associate at Paul, Weiss, Rifkind, Wharton & Garrison LLP. He graduated from the University of Toronto’s Joseph L. Rotman School of Management with a M.B.A. and the Faculty of Law with a J.D. Mr. Baker received a B.S. in computer science and statistical sciences from the University of Western Ontario.

Mr. LePatner was formerly an Associate at Kohlberg & Company LLC. Prior to joining Kohlberg, he was an Analyst in the Global Industrial Group of Citigroup Global Markets, Inc. Mr. LePatner graduated from Yale University with a B.A. in Political Science.

Mr. Houy was formerly an Associate at Sun Capital Partners, Inc. Prior to Sun Capital, he was an Analyst in the Leveraged Finance Group at J.P. Morgan Securities Inc. Mr. Houy graduated Magna Cum Laude from The University of Massachusetts’ Isesnberg School of Management with a B.S. in Finance and from the Commonwealth Honors College with Departmental Honors.

Mr. Mlotek was a Financial Analyst at Peter J. Solomon Company specializing in restructurings and mergers & acquisitions. He graduated from The George Washington University with a B.A. in Economics.

Ms. Weintraub was formerly an Associate in KPMG, LLP’s audit practice, specializing in financial services. She graduated from The George Washington University’s School of Business with a Bachelor of Accountancy.


About KPS Capital Partners, LP

KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with over $1.8 billion of committed capital focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment and capital availability. Typically, the KPS turnaround plan is accompanied by a financial restructuring of the company's liabilities. The KPS investment strategy and portfolio companies are described in detail at the firm's website: www.kpsfund.com.