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December 12, 2011

Phoenix Capital Resources Advises American Casein Company & American Custom Drying on Recapitalization

DECEMBER 13, 2011 —- Leading middle market special situations investment bank, Phoenix Capital Resources acted as the exclusive financial advisor to American Casein Company and American Custom Drying Company (collectively, “AMCO” or the “Companies”) in conjunction with securing, structuring and negotiating a recapitalization underwritten by M&T Bank. Proceeds from the transaction were utilized to repay existing indebtedness and to provide working capital in support of the Companies” growth strategy. Specific terms of the transaction were undisclosed, but the facility provides a new revolving line of credit, a term loan and a capital expenditure line of credit.

Based in Burlington, NJ, AMCO is a leading manufacturer of powdered protein products and one of the few North American producers of caseinate. It offers spray-drying applications to customers in the food and chemicals industries, including services for the conversion of raw casein into finished caseinates. These products are used in nutritional beverages, health and nutritional foods, cosmetics, personal care goods and technical applications. Adam Cabot, a Shareholder of the Companies commented, “We are extremely pleased that the recapitalization is complete. The Companies are now capitalized in a way that should foster continued growth.”

M&T Bank is a widely recognized provider of commercial and retail banking services in the United States, based in Buffalo, NY. M&T’s Commercial Banking group provided the refinancing under the leadership of Gerald F. O”Loughlin and Jeffrey R. Wehler, both based in Philadelphia.

Phoenix Capital Resources was engaged in June of 2011 to recapitalize the Companies. Phoenix Management Services has been fulfilling operational restructuring and interim management roles with AMCO for the last two years. “We were pleased to complement the diligent work of Phoenix Management Services by advising the Companies on their recapitalization. This transaction demonstrates the full suite of services offered by the Phoenix family of companies, including both interim management and investment banking solutions,” said Donald J. Cunningham of Phoenix Capital Resources. Adam Cook and Donald Cunningham of Phoenix Capital Resources led the recapitalization effort. Michael Jacoby, Dennis Bobker and Joe April of Phoenix Management Services served as the Company’s financial advisor.

About Phoenix Capital Resources
Phoenix Capital Resources provides seamless investment banking solutions, including M&A advisory, complex restructurings, and private placements. Phoenix Management Services provides turnaround, crisis, and interim management, specialized advisory, and operational due diligence services for both distressed and growth oriented companies. Proven. Results.®
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