Hawkesbridge Private Equity leads $9 million MBI of Noble Beverages

Information Release, 10 February 2005

Hawkesbridge Private Equity is pleased to announce that it has acquired the Noble Beverages business through a $9 million Management Buy-In. Hawkesbridge invested $3 million into the transaction, with Noble Beverages management investing $1 million and ANZ Leverage Finance providing the balance as senior debt.

Noble Beverages produces Australia's purest drinking water and operates from a custom built 2000sqm factory in St Marys, in the outer western suburbs of Sydney. Noble Beverage's products are a leader in their market segment and are distributed directly to Coles, Woolworths, Metcash and BigW.

The incoming management team of Noble Beverages comprises Leo Lawrence as Managing Director and Phillip Mann as Finance Director. Peter McLoghlin, the former Managing Director of Greens Foods, has been appointed as Chairman. Hawkesbridge will be represented on the board by Investment Director David Plumridge.

Leo Lawrence commented that "Phillip and I have been working closely with the founder of Noble Beverages for the last couple of years and are excited at the prospect of growing the business further. Hawkesbridge are a great partner in assisting us negotiate the transaction and managing the business moving forward."

David Plumridge commented that "we were attracted to the Noble Beverages opportunity as a result of the strong management team, Noble's strong position in a growing niche market and a long track record of sales and earnings growth."

Noble Beverages is Hawkesbridge's tenth investment, and builds on Hawkesbridge's other successes of 2004, including the exit of Advanced Powder Technology and the recent investments in the Truffle Group and RecruitASP.

For more information please contact David Plumridge on (02) 9233 7200 or go to www.hawkesbridge.com.au