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The Riverside Company Acquires Eemax Inc.

Oxford, CT—September 30, 2008 – Eemax, Inc., the technological and market leading manufacturer of electric tankless water heaters based in Oxford, Connecticut, announces that The Riverside Company has become a new equity partner.  Riverside is a private equity firm investing in premier companies focusing on high growth, industry-leading manufacturers. Riverside currently has over 2 billion dollars in capital under management with over 180 professionals dedicated to the continued growth of its companies.  Riverside’s resources will enable Eemax to further build its dominance in the electric tankless market, focusing on product innovation, customer support and business expansion.  Eemax enjoys strong financial performance and industry leading product quality, and David Corrado, CEO, is very excited to use the additional Riverside resources to further accelerate Eemax growth initiatives.

Mr. Corrado states “Over the past 20 years, Eemax has achieved industry leadership with the broadest line of reliable and advanced electric tankless water heaters for use in the residential, industrial and commercial markets combined with a strong channel of plumbing wholesale distributors selling to professional plumbers and contractors. The veteran management team at Eemax feels it is well positioned for continued strong growth, taking advantage of the “green” product movement and government incentives (LEED) tied to the conservation of energy and water.”  For more information on Eemax visit www.eemaxinc.com or call Eemax at 800 543 6163.

“Eemax is an example of our emphasis on fast-growing companies,” said Loren Schlachet, Riverside Managing Partner. “Demand for tankless water heaters is on the rise due to their superior efficiency in the face of rising energy costs. Riverside plans to continue Eemax’s growth by expanding distribution, increasing the company’s product portfolio and broadening its customer base. We are looking forward to this partnership.”

Eemax, Inc (www.eemaxinc.com)

Since 1988, Eemax tankless hot water heaters have been used in industrial, residential and commercial applications. The heaters produce hot water on demand by heating water at the point of use instead of storing hot water. The company’s patented common heating chamber and interchangeable heating and electric control components make Eemax hot water heaters the number one choice for customers in 30 countries around the world.

The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)

The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market (“SEMM”) and is one of the industry’s most experienced leveraged buyout investors. Riverside specializes in investing in premier SEMM companies (those valued up to $150 million) and partners with strong management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 200 transactions with a total enterprise value of $4.4 billion. Its current portfolio in the U.S., Europe and Asia numbers 67 companies, with combined annual sales of $3.2 billion, EBITDA of $517 million and more than 14,000 employees. Riverside offers the resources to complete acquisitions smoothly and in as little as 45 days - thanks to its sizeable pool of capital under management (more than $2 billion in nine funds), over 180 professionals in 18 offices (Atlanta, Brussels, Budapest, Chicago, Cleveland, Dallas, Eindhoven, Hong Kong, Los Angeles, Madrid, Munich, New York, Prague, San Francisco, Seoul, Stockholm, Tokyo and Warsaw), and long-standing relationships with partner lenders. Six of nine of the firm’s mature vintages are currently top quartile, and the firm’s investors include the world’s leading pension funds, endowments, funds-of-funds, insurance companies and banks.