www.steakumm.com

The Steak-Umm Company Inc. is a 40-year old U.S. manufacturer of branded steak and meat-related products for the retail trade, and the producer of Steak-umm® Sandwich Steaks and Steak-umm® Philly Cheese Steak sandwiches, Steak-umm® Wraps and Red-L® Hors D'oeuvres. The Steak-Umm Company, based in Pomfret Center, Connecticut, is the leading producer of frozen sliced steak, and sells to grocery retailers throughout the U.S.

According to Information Resources, Inc., Steak-Umm has historically had 35-40% market share (source: IRI) of the frozen sliced steak market, a sub-market of the $60 billion beef industry. The Company also competes in the $2.4 billion frozen hand-held foods market, which grew at an annual rate of 10.7% from 1997-2001, and is projected to grow at an annual rate of 7.5% through 2007.

Wynnchurch Capital Partners LP, a Chicago-based middle-market private equity firm, lead investor in the transaction, and Circle Peak partnered to acquire Steak-Umm’s assets on March 25, 2004. Wynnchurch and Circle Peak have appointed Dennis M. Newnham as Chairman and Chief Executive Officer, and Gerald J. Doutre as Chief Operating Officer and Chief Restructuring Officer, to augment existing Company management. Mr. Newnham, former CEO and/or Chairman of B. Manischewitz Co., Tsumura International, Lea & Perrins, Wilkinson Sword, and Adirondack Beverages, and a current Circle Peak operating partner, and Mr. Doutre, former CEO of Redco Foods, Inc., former senior executive of Unilever, and current member of Circle Peak’s Executive Council, bring 20-25 years of individual experience in branded food products, and will serve on the board with Wynnchurch and Circle Peak.

www.colewaterco.com

Cole Water Company LLC is a private water bottling company based in Peru, Indiana. Cole Water Company’s core product is high quality water with an unusually high degree of minerals, calcium in particular, all found in their natural state, making it a unique beverage product in one of the highest growth segments of the health and wellness consumer industry.

The acquisition of Cole Water Company LLC closed on December 10, 2003, and represents Circle Peak’s first control-stake investment since its formal launch in September 2003. In addition to ongoing working capital, Circle Peak will supplement the existing management team and provide vital operational expertise under the leadership of John Spencer, a Circle Peak Operating Partner and an accomplished beverage industry veteran of over 35 years.

www.chompinc.com

Chomp Inc., based in Lebanon, New Jersey, competes in the $12 billion pet food industry and is a leading player in the high growth $3 billion pet treats industry. Chomp is the inventor and manufacturer of impulse pet “candy” brands, such as Yip Yap breath mints for dogs, Pit'r Pat breath mints for cats, and Sniffers beef and cheese “candies” for dogs. The company sells in over 20,000 stores in the US and Canada and 25 countries worldwide. The products are available in pet, grocery, mass, convenience, drug and gift channels. Chomp has sold over 3 million units to date and projects run rate sales of approximately $5 million by 2005.

Chomp has strong store penetration across several channels, the pet superstore channel in particular, where it has over 80% penetration. The company has received significant trade sponsorship and press, and has a seasoned management team and advisory board. Since February 2000, Chomp has been led by a former Nabisco Senior Vice President and General Manager who previously led Nabisco's $800 million Planters™ division.

Chomp raised growth capital in early 2003 for working capital and sales and marketing support to drive an aggressive expansion into the grocery store and mass merchant channels. Circle Peak participated in this financing as a lead investor in participation with an accomplished retail CEO and is a member of the firm’s advisory board.

www.fluidity.net

Fluidity Fitness has a unique product dedicated to the female exercise enthusiast and is one of the fastest growing exercise methodologies in the country. It was launched in February 2000 at the Reebok Sports Club/NY. In March 2002, Fluidity classes and equipment penetrated New York's seven highest caliber gyms, including Equinox, Chelsea Piers, New York Health and Racquet Club. Fluidity's equipment is a patent-pending freestanding, height-adjustable ballet barre designed by leading engineers from MIT and Bell Labs. Since inception, Fluidity has received significant press coverage in over 30 fitness & lifestyle magazine articles.

Fluidity is based in New York, NY, and competes in the $6 billion home fitness equipment market and the $700 million commercial fitness equipment market. Specifically, Fluidity competes in the female exercise submarket, a high growth segment of the health fitness industry, including pilates, yoga, and Lotte Berk-inspired ballet/stretch routines (women comprise a majority of exercisers, but only about 5% of fitness equipment is created specifically for women).

Fluidity raised growth capital in late 2002 and early 2003 to launch an infomercial and to expand the product's blueprint in the commercial market in selected urban centers. Circle Peak participated in this financing with an accomplished private equity investor.

www.biowave.com

Biowave Corporation is a medical device company that has developed a non-invasive, medical device that uses proprietary technology to send an electronic signal into deep tissue in the body blocking the transmission of pain. Clinical studies have shown that the Biowave device provides results similar to implantable neuromodulation devices in a non-invasive procedure, without the risk and at a fraction of the cost. Biowave devices can be used to treat joint or muscular related chronic, acute or post-surgical pain in the low back, shoulder, neck, hip, knee, elbow, face, legs, arms, wrist, hands, ankles and feet, without harmful side effects. Use of the Biowave device reduces or eliminates the need for morphine, narcotics and other painkillers.

Biowave has developed a professional tabletop device for physicians and healthcare providers to treat patients’ pain conditions in their office or clinic, and a wearable prescription based PDA-size ambulatory consumer device for use at home or work. Both devices utilize the same proprietary technology (patent pending) and proprietary disposable electrode pads, which come in different sizes. Biowave devices are currently being used for investigational use in IRB approved clinical studies under FDA guidelines to treat musculoskeletal pain that is chronic, acute or post-surgical in nature and located in the low back, shoulder, neck, face, knee, elbow, wrist, hand, ankle and foot. Clinical studies have shown that following a 20-minute treatment, benefits include an average 80% reduction in pain, a significant increase in range of motion and mobility and most importantly, up to 24 hours of continued residual pain relief and increased mobility. The Company intends to submit a 510 (k) application with the FDA in 2003.

The National Institute of Health (NIH) estimates there are about 50 million cases of chronic pain and 30 million cases of acute and post-surgical pain in the U.S. annually, which cost $100 billion. This market is expected to grow significantly as the baby boomer generation ages. Biowave is targeting both the professional and the consumer market. The professional market consists of many different types of healthcare providers that treat pain, in private practice, physical therapy, sports medicine including professional and college sports, pain management clinics, pain centers at hospitals and at chiropractic clinics. There are approximately 320,000 physicians and healthcare providers in the U.S. with a primary focus on treating pain. Pain is the most common complaint of patients visiting their physicians. Fifty percent of all doctors’ visits are a result of patients suffering from pain. More than 22 million adults use prescription painkillers. There were over 4 billion workdays lost per year due to pain. This represents 30% of all lost workdays-- 4 million patients visited pain clinics in 2000.

Biowave raised growth capital in late 2002 and early 2003 for working capital and clinical trials and to support business expansion after FDA approval in late 2003. Circle Peak, in participation with the founder and CEO of a medical gel manufacturer, served as a lead investor in a bridge round in anticipation of a $5-6 million Series C financing in late 2003.