Utility Service Partners, Inc.

October, 2003
Contact: Lauren Sinai


New Partnership Marks Sixteenth Platform for Private Equity Fund

CHICAGO, Ill.—October, 2003: Prospect Partners, LLC together with a highly experienced management team has formed Utility Service Partners, Inc., a Washington, Pennsylvania-based provider of line repair coverage to homeowners for external gas, water and sewer lines as well as in-home gas lines.

For Prospect Partners, the partnership represents the company's sixteenth platform and an entree into the homeowner utility protection arena.

"This platform occupies a unique niche," says Rick Tuttle, a principal at Prospect Partners. "Very often, basic homeowner's insurance may not provide coverage of the repair and/or replacement of lines due to normal wear and tear. These products offer added protection against expensive repairs for a very small price."

"Utility Service Partners' three-person executive team has a collective track record of more than 20 years of experience running companies like this one," Tuttle says. "We are excited to back them to build a significant company in homeowner utility protection."

Day-to-day operations will be handled by CEO Philip Riley and Vice President, Operations Brad Carmichael, both 30-year utility and energy industry veterans, as well as by Vice President, Marketing Tru Dee Bamberg, an executive with more than 20 years of marketing experience.

According to Riley, Utility Service Partners seeks to expand its existing Midwestern franchise territory as well as to partner with utilities in other areas by promoting the company's products under the partner utility's local brand name.

Utility Service Partners is looking for acquisitions of other companies that offer household coverage products.

Prospect Partners, LLC of Chicago, Illinois, is a $105 million private equity fund focused on management-led leveraged acquisitions of lower middle market companies with niche strategies.

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