Uncle Mike’s Continues Acquisitions Through Capital From Norwest Mezzanine

February 22, 2001

Norwest Mezzanine Partners announced today its investment in Michaels of Oregon Company of Portland. Michaels of Oregon (also known as “Uncle Mike’s”) is the world’s leading manufacturer and marketer of hunting, shooting sports and law enforcement accessories. Norwest Mezzanine’s investment, which closed on February 22, 2001, consisted of $10 million of senior subordinated debt with warrants. Endeavour Capital and Norwest Equity Partners (NEP) participated as equity sponsors. Through the recapitalization, NEP increased its ownership in Michaels of Oregon.

“Michaels of Oregon is the standard for quality within the hunting and shooting accessories industry,” maintains Michael Hall, partner with Norwest Mezzanine. “Strong brand loyalty, good management and a leadership position within the industry make Michaels of Oregon a very attractive investment.” The company’s management team is actively pursuing acquisitions, and Hall believes growth opportunities will present themselves.

According to Rocky Dixon, partner at Endeavour Capital, “Over the years, we have helped Michaels of Oregon build a great platform company to consolidate some of the highest-quality companies in the industry. With Norwest Mezzanine as our financial partner we have the flexibility to continue to seek premiere acquisition candidates to add to the array of quality products Michaels already offers.”