May 17, 2006

TorQuest Partners Announces Closing of Second Private Equity Fund at $550 Million

TORONTO, CANADA, May 17, 2006 – TorQuest Partners, a leading Canadian private equity firm, today announced the closing of their second fund: TorQuest Partners Fund II L.P., a C$550 million private equity fund.

TorQuest Partners Fund II L.P. is the successor to TorQuest Partners Value Fund L.P., a C$180 million fund organized in 2002. “We had a successful investment record in Fund I, which enabled us to smoothly complete the fundraising of Fund II” said Eric Berke, Managing Partner.

TorQuest Fund II will adhere to its traditional investment strategy. The Fund’s objective is to invest in, or acquire, alone or with partners, meaningful positions in companies operating in established industries that exhibit strong market position with identifiable barriers-to-entry, significant growth opportunities with quality management teams.

The fund will continue to concentrate its program in industries in which TorQuest has demonstrated expertise, including manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. The equity investments targeted by TorQuest Fund II will range in size from C$15 million to C$100 million principally in acquisitions of $40 million to $250 million. The fund will invest primarily in Canada, but will also pursue investments in the United States.

“Our team has significant experience in building businesses and in realizing value. Our new fund, with international and US investors as well as Canadian investors, will enable us to further capitalize on opportunities similar to those we undertook in Fund I, such as CNC Global Limited, GCAN Insurance Company, and Granby Steel Tanks,” said Brent Belzberg, Senior Managing Partner.

Credit Suisse Securities (USA) LLC acted as a placement agent to TorQuest during the formation of the new fund.

TorQuest Partners

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise.

For more information about TorQuest Partners please visit www.torquest.com, or call Darin Brock at 416-956-7022.