Sorenson Capital Attracts $250 Million in Funding, Creating West's Newest Private Equity Powerhouse

Investment Fund's Exceptional Leadership, which Includes Olympic COO and a Former Bain Capital Managing Director, Draws Influential Institutional Investors

SALT LAKE CITY, (May 3, 2004)-Sorenson Capital announced today the closing of its private equity fund after achieving the ambitious goal of raising a quarter of a billion dollars. "It is a measure of the confidence in our newly formed investment fund that we raised capital from some of the most discriminating investors in the country," said Fraser Bullock, who was COO of the much-acclaimed 2002 Salt Lake Winter Olympics and now is one of five managing directors of Sorenson Capital. $250 million is the largest amount of private equity ever raised by a Utah investment company.

Sorenson Capital's high-powered management team includes Ron Mika, a former managing director of Bain Capital, one of the world's leading private investment firms; Steve Young, the most highly rated quarterback in National Football League history; Richard Lawson, former president and CEO of Found, Inc. and managing partner of IRR Partners; Tim Layton, former president and CEO of Medeco Security Locks and managing director of Alpine Consolidated; and Bullock, who helped transform the bottom line of the 2002 Games from a $400 million deficit to a $100 million profit. Bullock, Lawson, Layton, Mika and Young are the managing directors of Sorenson Capital.

Sorenson Capital intends to use the quarter-billion dollars to invest in selected small- to mid-size western U.S. companies, a group underserved by investment funds in the past. Primarily, Sorenson Capital will invest in businesses that have positive cash flows, but it may make growth equity investments as well. "We want to be a resource for promising companies in the West that are attempting to take the next step forward," said Lawson. "We're Westerners too, we know the business environment and we believe smart investment is key to our area's future. I think people trust us and now we have the means to purchase, help grow, or consolidate established businesses."

Two key people involved with Sorenson Capital are Robert C. Gay, a managing director of Bain Capital, and James Lee Sorenson, son of James LeVoy Sorenson, a medical device industry pioneer listed on Forbes 400 Wealthiest People in America. The Sorenson family was the fund's initial investor. Both Gay and Sorenson are members of Sorenson Capital's investment advisory committee. "Our interest was in supporting people of the highest caliber with great talent and business acumen. This team's broad strategic understanding and private equity expertise provide a unique capability to find and invest in attractive companies in this area," said Sorenson. Gay added, "The region exhibits strong economic fundamentals and provides fertile ground for businesses to flourish. Sorenson Capital's experienced team can play an important role in building the region's economic base."

"The team of managing directors and associates at Sorenson Capital includes three former CEOs and six members who have substantial, top-level experience at the leading strategy consulting companies in the U.S.," said Mika. "We also have deep operational experience in several industries. For owners of companies with revenues of $30 to 300 million who may want to retire, we can be an exit path. For those not ready to sell, but only looking down the road, we can help define options. For partial exits and partnership buyouts, our management team's expertise adds value to companies by working hand-in-hand with the owners."

"Sorenson Capital has a broad bandwidth of talent available to consult with local businesses," added Young. "Most private equity firms with this size of capitalization have eight or nine people involved in investments; we have fifteen now, and expect to grow to 20 or 25 over the next year."

Several influential institutional investors also committed funds to Sorenson Capital, including Adams Street Partners LLC, Wilshire Private Markets Group, Grove Street Advisors for CalPERS and the Massachusetts Mutual Life Insurance Company.

About Sorenson Capital:

Sorenson Capital (www.sorensoncapital.com) is a private equity fund that provides small- to middle-market buyout and growth equity investments with a particular focus on opportunities in selected states in the western U.S. Sorenson Capital is managed and controlled by West Rim Capital; both are headquartered in Salt Lake City, Utah.

Press Contact:
David Parkinson
Sorenson Capital Public Relations
801.287.9472 (direct)
801.971.2450 (cell)
dparks@sorenson.com