FOR IMMEDIATE RELEASE
JH Partners Announces Acquisition of CHEF's Catalog
SAN FRANCISCO, CA - November 08, 2004 -- Today JH Partners LLC, a private equity firm based in San Francisco, announced the acquisition of CHEF's Catalog, Inc. ("CHEF's" or the "Company"), a subsidiary of The Neiman Marcus Group, Inc. (NYSE:NMG.A, NMG.B), which markets top-quality cooking equipment to home chefs and culinary experts.
To facilitate the transaction, JH Partners teamed up with direct mail veteran Jon Medved to form a wholly owned corporation, Pikes Peak Direct Marketing Inc. ("Pikes Peak"), which acquired the CHEF's subsidiary.
Medved will serve as the chief executive officer of Pikes Peak. Medved has over 30 years of experience in the direct mail business, most recently serving as CEO of Walter Drake, a former JH Partners portfolio company.
"The CHEF's business is an attractive opportunity for JH Partners and our investors, and is consistent with our investment focus on growth-oriented middle market consumer products and services companies," said John Hansen, President of JH Partners. "We have worked closely with Jon Medved and his team in the past, and believe we bring the right mix of capital, management and operational expertise to help CHEF's realize its full potential."
The terms of the deal were not disclosed. Elixir Advisors advised The Neiman Marcus Group, Inc. in the transaction.
About CHEF's Catalog, Inc.
Founded in 1979, CHEF'S quickly became the leading catalog retailer of top-quality cooking equipment at exceptional values, both for home chefs and culinary professionals. In print and online, CHEF'S offers the best products for the kitchen from the world's top brands, including All-Clad, Cuisinart, Henckels, KitchenAid, Le Creuset, and Wusthof. CHEF'S was acquired by The Neiman Marcus Group, Inc. in 1998 and has since operated as a wholly owned subsidiary and part of The Neiman Marcus Group's catalog and e-commerce division.
About JH Partners LLC
JH Partners is a San Francisco-based private equity firm focused on investments in growth-oriented middle market consumer products and services companies. The firm distinguishes itself among private equity firms in that each of its principals has senior-level operating experience building middle-market consumer related businesses. JH Partners has been instrumental in aiding the growth of powerful consumer brands, including Peet's Coffee & Tea (NASD: PEET), Bare Escentuals, Performance Bicycle Shop, Bell Helmets, and Design Within Reach (NASD: DWRI), among others. Additional information may be found at www.jhco.com.
Contact:
JH Partners LLC
Jeff Hansen
415-364-0308
Abernathy MacGregor Group
Dan Hilley/Ian Campbell
213-630-6550
