SLATE CAPITAL GROUP ACQUIRES COASTAL BUSINESS MACHINES

FOR IMMEDIATE RELEASE 

March 31, 2010

SLATE CAPITAL GROUP ACQUIRES COASTAL BUSINESS MACHINES

(Baltimore, MD) –  Slate Capital Group, a private equity firm based in Baltimore, Maryland, today announced that they have acquired Coastal Business Machines, Inc. (CBM) in an asset purchase. CBM, founded in 1988 and based in Randallstown, MD, is the world’s largest reconditioning and repair center for uninterruptible power supplies.

“We are excited about this acquisition and the growth potential of CBM,” said Rick Corcoran, Partner of Slate Capital Group, and now Chief Executive Officer of CBM. “The market for the services that CBM provides is highly fragmented, and there is a tremendous opportunity to expand the company’s position as the dominant national provider of those services.” 

“I am thrilled to partner with Slate Capital to help build CBM into a world-class organization,” said Jonathan Sevel, President of CBM. “Combining their leadership and operational expertise with the strong brand and market position we have developed at CBM will greatly accelerate the company’s efforts to consolidate its leadership position in the UPS market.” 

“We are delighted with the acquisition of CBM,” said Erik Ginsberg, Managing Partner of Slate Capital Group. “We believe that CBM has developed a strong position in an attractive market niche. The fact that Rick will be assuming the role of CEO of the company going forward signals the faith that Slate Capital Group has in the growth prospects of CBM.”

About Coastal Business Machines (www.cbmi.com)

Coastal Business Machines, LLC is the world’s largest reconditioning and repair center for uninterruptible power supplies. CBM is the only company in the United States to be factory trained by APC for component level repair, and the company is also North America’s largest after-warranty battery replacement and repair center. Additional information about the company can be found at www.cbmi.com

About Slate Capital Group (www.slatecap.com)

Slate Capital Group is a leading private equity investment group based in Baltimore, Maryland that invests at all stages of a company’s life cycle, from growth equity investing to leveraged buyouts, and is focused on companies headquartered in the Mid-Atlantic region. The principals of Slate have significant experience in both running small-to-mid-sized companies and investing in venture capital and leveraged buyout transactions. Slate’s primary areas of focus include business services, distribution and select light manufacturing businesses. Additional information can be found at www.slatecap.com. 

# # #

For further information contact: 

Erik Ginsberg 

Managing Partner 

Slate Capital Group 

410-560-3572