New York, NY – Circle Peak Capital Management LLC
(“Circle Peak”), a private equity investment firm organized to invest
in, acquire, and partner with small-cap companies and talented
management teams, with an emphasis on the consumer sector, today
announced the acquisition of Cole Bros. LLC. The buyout of the
Indiana-based water bottling company, which will operate under the name
“Cole Water Company LLC”, was structured as an asset purchase and closed
on December 10th. It represents Circle Peak’s first control-stake
investment since its formal launch in September 2003.

“Cole Water Company’s core product is a good tasting water with a high
degree of minerals, calcium in particular, all found in their natural
state, making it a unique beverage product in one of the highest growth
segments of the health and wellness industry,” said R. Adam Smith,
Managing Partner of Circle Peak, and Chairman of Cole Water Company.
“The Cole Bros. founders developed a sound product, bottling capability,
and local buyer base, but lacked the necessary capital, execution
skills, and beverage industry relationships to develop a sizable
business. Circle Peak provides these capabilities, including,
importantly, senior management skills in Cole’s new CEO, John Spencer,
an accomplished beverage industry veteran and a Circle Peak Operating

Mr. Spencer has approximately 35 years in senior and interim management
positions in consumer products companies, most notably in the beverage
sector. Prior to Circle Peak and Cole, Mr. Spencer ran Spencer
Associates, a successful interim management and restructuring consulting
firm, advising leading consumer companies, including PepsiCo, Coors
Brewing Company, and other multi-national organizations. Prior to
Spencer Associates, Mr. Spencer was President and CEO of RKO Bottlers,
Inc. (a Gencorp Company), which he grew to be one of the largest and
most profitable Pepsi-Cola & Dr. Pepper bottling and distribution
partners in the U.S. During Spencer’s six-year tenure at RKO, annual
revenues grew from $70 million to $230 million and EBITDA improved from
$7 million to $44 million.

“We will continue to work closely with many of Cole’s existing staff,
suppliers, and buyers to build upon the current operations and leverage
a significant natural water source,” adds John Spencer. “With critical
product differentiation, targeted marketing and distribution strategies,
adequate capital, and capable management, we are confident that Cole has
the ability to generate significant returns for our shareholders. I
believe Cole has great potential in foodservice, vending, and retail
channels and offers a product with discernable health benefits beyond
those offered by most other bottled waters.”

Dr. Trent Jones, a Cole Bros. founder and previous CEO, will remain with
the company as an owner and key executive, supporting Circle Peak in
sales and marketing efforts. Jones will work with Circle Peak to
develop new product branding and packaging. Dr, Jones stated: “Cole’s
partnership with Circle Peak provides us with the necessary capital and
management to produce a good-tasting water of superior quality that, at
the same time, realizes our goals of improved public health,
wellness and reduced health care costs, particularly within the adult,
pediatric, and female sectors.”

In addition to its acquisition of Cole Bros., Circle Peak recently
announced the formal launch of its Advisory Board. Circle Peak’s
Advisory Board members are highly accomplished individuals representing
a wide variety of disciplines. The Advisory Board provides Circle Peak
with valuable expertise and guidance in investment disciplines, deal
flow, capital structuring, legal advice, human resource management,
entrepreneurship, and leadership.

Circle Peak’s investment in Cole Water Company was supported by David L.
Fogel, a principal of Circle Peak; Ropes & Gray LLP, a leading law firm
based in Boston and New York (; and Michael Schwartz &
Co, a New York based accounting and CFO outsourcing firm

Circle Peak Capital Management LLC
Circle Peak Capital Management LLC (“Circle Peak”) is a private equity
investment firm based in New York City that invests in established
private companies with visible paths to profitable growth,
differentiated products and services, highly motivated, talented
managers, and attractive valuations. Circle Peak management is
experienced in investing in, managing, operating and advising companies
with between $10 million and $500 million in sales, with a particular
focus on financial services and a range of consumer sectors. Circle
Peak is dedicated to partnering with management, and supplementing
management teams where necessary, to build profitable, sustainable
businesses, and to realize significant returns on capital for its
principals, management teams and investors. For more information, go to