Western Emulsions Acquires Guardtop From Vulcan

Newport Beach, CA – April 2, 2009 – Western Emulsions, Inc. (“Western Emulsions”), a leading innovator and supplier of asphalt emulsions products used for pavement preservation, repair and restoration, announced today that it acquired the assets of Guardtop Asphalt Coating Division (“Guardtop”) from Vulcan Materials Company (NYSE: VMC).

Guardtop is a nationally recognized branded asphalt coating, crack filler and oil sealer used to increase the life expectancy of commercial and residential paving surfaces such as roadways, school playgrounds, asphalt pathways, public parking lots and driveways. Throughout the industry, Guardtop is regarded as the asphalt seal coating with deeper and longer-lasting color, firmer body and greater durability than any other product in the industry, thus increasing longevity and long term cost savings. Guardtop will be consolidated into Western Emulsions under a newly formed Guardtop Division.

Since Guardtop’s founding in 1983, Western Emulsions has been the sole supplier of emulsions to Guardtop. Bob Koleas, CEO of Western Emulsion said, “Early on, Western Emulsions began working closely with Guardtop creating and adjusting the product formulation to produce a seal coat with consistent strength and quality. Across the industry, Guardtop is now known as the “gold-standard product” so when we were approached by them, we could not resist the opportunity to add such a natural complement to our existing pavement preservation product line.”

For over thirty years, Western Emulsions’ proprietary and other emulsion products have been helping government agencies and private companies maintain and extend the useful life of roads and highways while providing maximum “bang for the buck” for constrained transportation budgets. Western Emulsions continues to benefit from the increasing embrace of pavement preservation as a way to cost-effectively improve the nation’s deteriorating roads and highways, and doing so in an environmentally friendly manner.

Chris Britt, Managing Partner of Marwit said, “Guardtop is an interesting expansion platform for Western Emulsions, one of many we are pursuing, and we are happy to support our team’s proactive approach in growing the business.” Thomas Dollhopf, Principal at Marwit added, “Guardtop is a welcome addition to the company’s line of proprietary brands and products, and we have high expectations for its success.”

 About Western Emulsions

Western Emulsions (www.westernemulsions.com), based in Tucson, AZ with additional operations in CA,NV and NM, is a leading innovator and supplier of specialty patented and standard asphalt emulsions and raw asphalt used for pavement preservation, repair and restoration projects. Customers include: (i) federal agencies, such as those for roads, highways and airports; (ii) state and local agencies, such as county and municipal public works departments; (iii) private entities, such as independent businesses; and (iv) intermodal consultation groups, such as government agencies who manage the highway infrastructure. The Company was acquired by Marwit Capital in June 2008, in partnership with the Company’s senior management team, providing growth capital and management expertise to drive an expansion strategy.

 About Marwit Capital

Marwit (www.marwit.com) is one of the oldest and most experienced private equity firms in the Western U.S. Founded in 1962 and based in Southern California, Marwit invests in lower middle market businesses that are leaders in niche markets. Employing a collaborative operational focus, Marwit targets investments headquartered in the Western U.S. with revenues of $20-200 million, EBITDA of $3-15 million, and enterprise value up to $100 million, at the time of acquisition. Marwit partners with experienced CEOs and management teams to complete buyouts and provide growth capital for expansion investments. Marwit generally invests $10-30 million of equity capital per platform investment, in one or a series of investments, and has invested more than $250 million since 1995.  Marwit is currently investing out of Marwit Capital Partners II, a $183.7 million fund.



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