Cardinal Growth Latest News

Unico Sale Announcement - On November 13, 2008, Cardinal completed the sale of its portfolio company, Unico Holdings, Inc., to Perrigo Company (NASDAQ: PRGO) for sale proceeds in excess of $50 million. Based in Lake Worth, Florida, Unico is a leading manufacturer and marketer of private label health and personal care products sold as store brands by domestic retailers including Wal-Mart, Walgreens and CVS. Cardinal acquired Unico in a control recapitalization with the Company's Founder and CEO in April 2004. Unico acquired its largest competitor in September 2006 and successfully combined the operations of the two companies in a newly constructed plant during 2007. The Company grew dramatically and profitably under Cardinal's ownership, with revenues exceeding $50 million in 2008.

TWG Capital - Cardinal recently raised $115 million of debt and equity for TWG Capital, Inc. The proceeds were used to refinance existing debt, provide capital to fund new insurance commission receivable ("ICR") asset purchases, and to invest an infrastructure and growth opportunities. TWG has a record backlog of pending ICR asset purchases, including several large transactions.

Sale of portfolio companies - On July 31, 2007, Cardinal successfully closed on the sale of two portfolio companies, Diamond Market Solutions ("DMS") and National Data Services ("NDS"). DMS was started in mid-2001 when Cardinal recognized an opportunity to build a strong regional company in the direct marketing services industry to fill a void in the marketplace. We are pleased with the outcome of this transaction and that we were able to be value-added partners with management team. We are confident that they will continue to succeed and build on the strong foundation at each of these companies.