TPI Gains Access to New Assets, Resources and Intellectual Property While Remaining a Stand-Alone Company

HOUSTON, May 11 /PRNewswire/ -- TPI announced today that it has recapitalized its ownership structure by partnering with a strategic financial investor. The partnership provides access to new assets, resources, and intellectual property that will help TPI enhance its market-leading position in sourcing strategy advisory and management services -- while remaining a stand-alone company.

The investor is Monitor Clipper Partners (MCP), the private equity group affiliated with The Monitor Company Group L.P. (Monitor Group), one of the world's leading strategy advisory and investment firms. MCP has made a significant investment in TPI based on TPI's strong franchise, management and growth prospects. MCP has a successful long-term record of investing in companies like TPI and helping such companies create greater business growth and profitability over time.

"We are committed to maintaining our focus on our core competencies, while building and expanding our services to better serve our clients and prospective clients," said Dennis McGuire, President & CEO, TPI.

"In addition, this agreement and relationship is consistent with TPI's values and preserves our position as an objective and independent sourcing advisor," McGuire added.

TPI's executives, Houston corporate offices and corporate structure remain nchanged. In addition, TPI does not expect any changes in TPI's operations or employee base as a result of this recapitalization.

This recapitalization agreement was signed in late April 2004 and is subject to ratification by TPI shareholders, which is expected to be completed in the next few months. Under the agreement, TPI and MCP (and its affiliated company, Monitor Group) remain separate legal entities.

TPI is the world's largest sourcing advisory firm. With global market share across the company's service areas ranging from 25 to 65 percent, TPI is recognized as being the most informed source of strategic sourcing advisory services. More than 80 percent of the company's revenue derives from repeat clients and referrals -- testimony to a culture of business-oriented achievements earned over many years. TPI only represents enterprises seeking to evaluate the merits of outsourcing and does not represent the service providers that bid on these engagements. Since its founding in 1989, TPI has advised on more than 600 transactions with a total contract value of more than $350 billion. TPI employs more than 200 people, 190 of whom are advisors averaging more than 21 years of industry experience.

MCP is a private equity investment firm formed in 1998 to invest in middle market management buyouts, recapitalizations and growth equity. MCP partners with strong management teams who can benefit from MCP's privileged strategic relationship with Monitor Group. MCP recently raised its second investment fund with $800 million in total commitments, bringing total equity under management to over $1.5 billion.