Marwit Capital Announces Acquisition of Western Emulsions, Inc.

NEWPORT BEACH, Calif.–(EMWNews)–Marwit Capital Partners II, L.P. (“Marwit”)

announced today that it has recapitalized Western Emulsions, Inc. (the “Company”)

in partnership with CEO Bob Koleas. Based in Tucson, Arizona with

additional operations in California, Nevada and New Mexico, Western

Emulsions supplies asphalt emulsions and raw asphalt used for roadway

pavement preservation, repair and restoration projects. Western Emulsions’

CEO, Bob Koleas, will continue to run the business along with its

existing management team.

“We are excited to partner with Western

Emulsions, the leading innovator in asphalt emulsions, and its talented

management team, lead by CEO Bob Koleas and CFO Don Lopez,”

said Chris Britt, Managing Partner at Marwit. Mr. Britt continued, “Asphalt

emulsions are increasingly becoming the preferred method of pavement

preservation and rejuvenation for our nation’s

roads, streets and highways and the Company is well positioned to

capitalize on this trend.” Thomas Dollhopf,

Marwit Principal, adds, “Poor road conditions

across the U.S. means new infrastructure projects are a high priority

and Western Emulsions’ pavement rejuvenation

products offer a lower-cost, ecologically-friendlier and safer

alternative to reconstruction while offering comparable quality,

durability and reliability.”

Asphalt emulsion products extend the life and improve the safety of

roadways. In the Southwestern U.S., the asphalt emulsions industry is

currently estimated at $250 to $500 million and growing rapidly. “We’ve

seen an increasing demand for asphalt emulsions in transportation

projects and expect the industry to continue to expand at a healthy

pace. With the addition of Marwit as our partner, we should be able to

accelerate our strategy to grow organically and through selective value

creating acquisitions. This accelerated growth will allow us to improve

our already well known customer service and increase our product and

service offerings,” said Bob Koleas, Western

Emulsions’ CEO.

About Western Emulsions

With operations in Tucson, Arizona and Irwindale, California, Western

Emulsions (www.westernemulsions.com)

supplies specialty patented and standard asphalt emulsions and raw

asphalt to a diverse array of customers, including: (i) federal

agencies, such as those for roads and airports; (ii) state and local

agencies, such as county and municipal public works departments; (iii)

private entities, such as independent businesses; and (iv) intermodal

consultation groups, such as government agencies who manage the highway

infrastructure.

About Marwit Capital

Marwit Capital (www.marwit.com) is

one of the oldest and most experienced private equity firms in the

western U.S. Founded in 1962, Marwit’s

investment focus is on lower middle market companies based in the

Western U.S., with revenues of $20 to $100 million and enterprise values

up to $100 million. Marwit specializes in management buyouts, platform

LBO acquisitions in partnership with experienced industry executives,

recapitalizations, and later stage growth investments. Marwit seeks to

invest $10 to $30 million of equity capital per portfolio company, in

one or a series of investments, and has invested more than $250 million

since 1995. Marwit is currently investing out of Marwit Capital Partners

II, a $183.7 million fund.

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