Long Point Capital
Date of Announcement: 2/23/06
Long Point Capital Announces its Investment in Fowler Contracting
Long Point Capital, Inc., in partnership with management, is pleased to announce the recapitalization of Fowler Contracting, based in Raleigh, North Carolina. Fowler Contracting is a leading residential site development contractor serving national and local homebuilders and land developers. Its service offering includes site clearing and grading, utilities preparation, paving, curb and gutter construction, erosion control and seeding. The Company has approximately 450 employees and a state-of-the-art fleet of more than 500 pieces of equipment.

Fowler differentiates itself by its superior customer service, vertical integration, and use of technology, which together provide the full-service capabilities its customers demand. Steve, Ricky and Robert Fowler, along with the rest of the Fowler management team, will continue to lead the Company.

"We are excited about our partnership with Long Point Capital," says Steve Fowler, President. "They bring the expertise needed to meet our objectives of making acquisitions and achieving geographic expansion. Our partnership with Long Point will only strengthen our ability to serve our customers."Fowler represents Long Point Capital's third investment from LPC Fund II, L.P., and its second investment in the contractor sector. Bob Burgess, Long Point Capital Senior Advisor and former Chairman and CEO of Pulte Homes, Inc., will join the Fowler Board of Directors.

Long Point Capital is a Michigan and New York based investment fund which partners with growth oriented companies to provide both equity capital and management support. Our principals have been involved in more than 50 transactions with an aggregate value exceeding $15 billion. Long Point Capital manages approximately $315 million of capital and focuses on investments in manufacturing, distribution, or industrial service companies, with revenues between $30 million to $200 million.

Long Point's leading investor is Masco Corporation, a diversified Fortune 500 Company. Where appropriate, Masco provides Long Point Capital and its portfolio companies with access to certain of Masco's corporate services, allowing Long Point to combine the flexibility of a financial investor with the strength of a major industrial company.