SenecaSalem Sold to WS Packaging Group

October 2007

“The principals of TM Capital have cultivated a long-term relationship with Hammond, Kennedy, Whitney & Co., Inc. dating back more than 25 years. We were fortunate to have introduced TM Capital to the management team at our portfolio company, SenecaSalem, Inc., several years ago because when we began to consider strategic alternatives, TM Capital had already earned the confidence of the executives. TM Capital’s key judgments during the sale process, particularly with respect to timing and negotiating strategy, and their positioning of the company‘s growth opportunities to prospective buyers led to the best possible outcome for all stakeholders. We are grateful for the senior attention that TM Capital devoted to this transaction and their unbiased advice throughout.”

- James O. Futterknecht, Jr., Chairman, SenecaSalem, Inc. and Partner, Hammond, Kennedy, Whitney & Co., Inc.

	SenecaSalem is a privately held producer of offset cut & stack and flexographic labels for branded consumer products customers with origins dating back to 1862
	The Company had experienced significant growth in sales and profitability in recent years after divesting certain non-strategic assets
	SenecaSalem, owned by principals and affiliates of Hammond, Kennedy, Whitney & Company, Inc., a private equity firm, and management retained TM Capital to assist in exploring strategic alternatives
	TM Capital negotiated the sale of SenecaSalem to WS Packaging Group, Inc., one of the largest domestic pressure sensitive label manufacturers
	WS Packaging, owned by JW Childs Equity Partners and management, has been a leader in the consolidation of the fragmented label market having previously acquired eight companies

Press Release