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Recent News and Announcements from Centre Partners

January, 10 2005

Centre Partners Announces Formation of Ross Aviation, Acquisition of Denver Air Fixed Base Operation at Jefferson County Airport

New York Private Equity Firm Partners with Aviation Industry Veterans to Capitalize on Growing FBO Market

New York, NY, January 10, 2005 Ross Aviation, LLC and Centre Partners have announced their entry into the Fixed Base Operation (FBO) market with the acquisition of Denver Air, the leading FBO at Jefferson County Airport in Broomfield, Colorado.

Ross Aviation, LLC was established through a partnership between Centre Partners and the new companys original principals Jeff Ross and Greg Ross, industry veterans with over 20 years experience in ownership and operation of premier FBO properties. Such properties have included: Vail/Beaver Creek Jet Center, Colorado; Million Air La Quinta at the Desert Resorts Regional Airport, Calif.; Million Air Palm Springs at Palm Springs International Airport, Calif.; Newport Jet Center at John Wayne Airport in Orange County, Calif., and, the Palomar Airport Center which is currently under development at McClellan Palomar Airport in Carlsbad, CA.

Centre Partners is a leading middle market private equity firm, with offices in New York and Los Angeles. Centre Partners and its affiliates have invested over $3 billion of equity capital in more than 80 private equity transactions. The Ross Aviation investment will be funded through Centre Partners fourth fund which has committed capital of about $780 million.

Centre Partners Managing Partner Bruce Pollack said, In exploring the FBO industry we recognized an attractive investment opportunity given its solid growth prospects, predictability, strong cash flow attributes and the highly fragmented industry ownership. By partnering with a strong management team we expect to further enhance the revenue growth and profitability of acquired properties.

Pollack added, Our first acquisition of Denver Air represents an important entry into the FBO market for Centre Partners. As the primary FBO at Jefferson County Airport, Denver Air offers an established operation with significant volume, dominant market share, excellent facilities, and a long-term lease arrangement.

Ross Aviation President and Chief Executive Officer Jeff Ross said, The partnership with Centre is exciting for the company and the industry. The firm shares our belief in the fundamentals of our industry, among them strong assets in good markets. Weve found this combination in Denver Air and Jefferson County Airport.

Denver Air offers more than 50,000 square feet of high quality, heated hangar space in a new, modern facility nestled against the backdrop of the Rocky Mountains, next to the Interlocken Technology Park and less than 20 minutes from both downtown Denver and Boulder, Colorado.

Ross concluded, Ross Aviation is actively looking to acquire independently owned FBOs and wholly-owned portfolios, located in areas with attractive demographics and significant growth opportunities. Our goal is to become a major industry player, which we believe we can attain through our strategy of acquiring established superior operations, and providing expansion capital and management vision.

FBOs are aircraft service organizations focused on serving the needs of corporate, private and fractional jet aircraft owners. FBOs primarily provide fuel, executive terminal, transportation, catering, hangar services, and office facilities for their customers. An estimated 3,800 FBOs are located at 5,300 airports in the United States.

About Centre Partners

Centre Partners, founded in 1986, with offices in New York City and Los Angeles, is a private equity firm focused on investments in middle market companies alongside management teams who have or desire a meaningful economic stake in the future success of their businesses. Centre Partners and its affiliates have invested over $3 billion of equity capital in more than 80 businesses. Additional information about Centre Partners is available on the In


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