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GMP Partner Receives Turnaround Award

The Chicago/Midwest Chapter of the Turnaround Management Association (“TMA”) honored Ray Anderson with the prestigious 2004 Turnaround of the Year Award for its successful restructuring of McCartin Industrial Services (www.mccartingrp.com), a leading industrial maintenance and mechanical contracting firm headquartered in Hammond, Indiana. The award, presented at the TMA's Senior Executives Forum on October 20th, recognizes Mr. Anderson's outstanding leadership in helping McCartin to achieve record increases in revenue, securing high-profile new business, and producing record profits in a short period of time. This turnaround doubled the company's shareholder value in two years.

The McCartin engagement included a strategic and financial review and implementation of the revised business plan with a more focused cost structure, resulting in stand-alone revenue increases of more than 500%, from approximately $20 million in 2001 to more than $105 million for year ending 2003.

Mr. Anderson is a partner at Graue Mill Partners, LLC and the President of Burnham Venture Managament, Ltd.

Founded in 2000, Graue Mill Partners, LLC is a private equity and corporate advisory firm which assists owner-operators of middle-market businesses plan, fund and maximize the value of investments in their companies. We focus on businesses which can benefit from more active growth management, restructuring and/or re-capitalization. GMP forms close partnerships with these owner-operators to develop strategy, build management teams, execute business plans and establish the proper capital structure for both internal and acquisition related growth.

The Turnaround Management Association ( www.turnaround.org ) is the only international non-profit association dedicated to corporate renewal and turnaround management. With international headquarters in Chicago, TMA's 6800 members in 34 regional chapters comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics specifying high standards of professionalism, integrity and competence. Its Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.
   
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