February 25, 2005

The Halifax Group closes acquisition of PolyPipe, leading U.S. manufacturer of polyethylene pressure pipe

DALLAS, TX -February 25, 2005 – The Halifax Group announced today that it has completed the acquisition of PolyPipe, a leading U.S. manufacturer of polyethylene pressure pipe, from a subsidiary of Rinker Group Limited, for a purchase price of $60 million.

PolyPipe, headquartered in Gainesville, Texas, is the second largest manufacturer of polyethylene pressure pipe in the U.S. and has over 35 years of expertise in the industry. The company produces small and large diameter high-density and medium-density polyethylene pressure pipe with one of the broadest product lines in its industry. PolyPipe’s products are used in a variety of end markets, including general industrial, water and wastewater, oil and gas production, and natural gas distribution. PolyPipe is currently one of only two national manufacturers of polyethylene pressure pipe, with six manufacturing plants across the US.

J. David Fordyce, formerly Vice President of the Rinker Materials PolyPipe division, is PolyPipe’s new Chief Executive Officer. Other existing senior management and employees have also remained with the company.

“We are excited to move forward with our new partners at Halifax,” said Fordyce. “Our market sector has excellent fundamentals and we believe we are in a great position to serve our customer’s growing needs for polyethylene as it’s becoming the material of choice in the infrastructure services industry.”

The Halifax Group is a private equity investment firm focused on investments in lower middle-market companies in the U.S. Halifax pursues a theme-based investment strategy, partnering with proven management teams to invest in management buyouts, recapitalizations, growth capital infusions and industry consolidations. Halifax has offices in Washington, D.C., Dallas, Raleigh-Durham, and Los Angeles.