July 4, 2005

Torquest Acquires Majority Ownership Position in Daymen

DayMen Photo Marketing Ltd. and TorQuest Partners Today Announced the Acquisition by Torquest of a Majority Ownership Position in Daymen's World-Wide Operations. 

DayMen is the trademark holder of Lowepro and the parent company of Lowepro US Inc, UK based DayMen International Limited, Lowepro Deutschland GmbH & Co., KG, and Lowepro Asia Ltd.

The Lowepro brand of protective carrying bags and packs for imaging and consumer electronic equipment, is designed by Lowepro US Inc. and distributed to over 90 countries. The Lowepro brand is the worldwide leader in camera cases. In addition to Lowepro, the DayMen companies distribute a number of other photographic and consumer electronic products and accessories in the imaging and photography industries including SanDisk memory cards in Canada and Manfrotto tripods in the UK

The current owners and management team will be shareholders in this new partnership and will have ongoing responsibilities going forward. Under TorQuest's ownership the DayMen companies will continue to reflect and be guided by the integrity and culture firmly established by the current owners and management team to direct its continued positive business development for many years to come. The transition to the new ownership group will see all key management, staff and operations remain in place.

"We have given consideration for some time to a new partnership that would maintain everything that has made this company so strong and assure continued growth, with the ability to seize new opportunities in a business environment that has changed so dramatically during the past decade" said Uwe Mummenhoff, President and CEO. "We have, indeed, found such a partner in TorQuest."

Marc Lipton, a partner at TorQuest Partners, expressed his enthusiasm over the deal. "We are extremely excited about the prospects for this investment. DayMen's strong management team, impressive track record of growth and leadership within its industry has attracted us to this opportunity. We are looking forward to working with management to continue the strong growth experienced over the last several years."

TorQuest Partners Inc. is a Canadian-based manager of private equity funds. Its TorQuest Partners Value Fund, L.P., with a capitalization of over $180 million, is pursuing investments in middle and later stage companies with the goal of building value through opportune acquisitions, strategic leadership, and the timely use of financial expertise.