Primus Invests in Pegasus Tower Development Company

8/22/2006

CLEVELAND, OH - Primus is pleased to announce a $12.5 million commitment by Primus Capital Fund V Limited Partnership ("PCF V") for the formation of Pegasus Tower Development Company, LLC (“Pegasus”). Pegasus, through a joint venture with Pegasus Tower Company, Ltd., has been established to develop, acquire, and manage wireless telecommunications towers principally in the Mid-Atlantic and Southeast regions of the U.S. Pegasus is based in Richlands, VA.

PCF V has joined Peppertree Capital Fund, LP in the funding of Pegasus.

Jonathan Dick and Scott Harper will represent PCF V on Pegasus' board of directors.

Founded in 1983, Primus is a private equity firm that invests in growth capital opportunities, recapitalizations and management-led buyouts. Primus invests $10-$25 million in control and minority ownership transactions targeting companies with proven business models and superior growth prospects. Although experienced in a number of industries, Primus places an increased emphasis on the business services, healthcare, for-profit education and communications sectors.