FOR IMMEDIATE RELEASE

Carousel Capital and The Halifax Group to Acquire Meineke Car Care Centers

Leading franchisor of retail automotive services

July 1, 2003 - Charlotte, North Carolina and Washington, D.C. - Carousel Capital and The Halifax Group announced today their agreement to fund a management-led buyout of Meineke Car Care Centers, Inc., one of the nation’s leading franchisors of retail automotive services. The agreement is subject to the satisfaction of customary closing conditions and the parties expect to close the transaction in the next 30-45 days.

Meineke, headquartered in Charlotte, North Carolina, represents one of the largest chains of discount undercar specialists in North America, with nearly 900 locations in the United States, Canada and South America. Founded in 1972 as a single location specializing in exhaust work, Meineke Car Care Centers, Inc. (formerly Meineke Discount Muffler Shops) now provides its customers with a broader product offering, which includes exhaust, brakes, ride control and maintenance services.

Meineke is being acquired from its parent company, Brambles Parts Industries Corporation, a subsidiary of Brambles Industries, a global organization headquartered in Australia and listed on the Australian and London Stock Exchanges.

“Meineke’s management team is thrilled to join with Carousel Capital and The Halifax Group to purchase the company,” said Kenneth D. Walker, President and CEO of Meineke. “We believe that this new ownership group will afford the company greater financial and operating flexibility, and will provide opportunities for Meineke to expand and innovate.”

After the closing, representatives of Carousel and Halifax will hold non-executive board positions at Meineke. In addition, Carousel and Halifax expect to add several independent members to Meineke’s board in the coming months.

“We are delighted to have the opportunity to form this partnership with Ken Walker and his excellent management team,” said Jason C. Schmidly, Partner of Carousel Capital. “Meineke represents exactly the type of company on which Carousel is focused – a Southeastern-based company with a leading market position and experienced management team. We look forward to working with Ken and his team to build on Meineke’s established brand name and solid reputation among consumers.”

Kenneth M. Doyle, Principal at The Halifax Group, added, “Meineke is one of the most recognized brands in the automotive services sector. With more vehicles on the road, an aging national vehicle fleet and projected strong industry growth in branded automotive services, Meineke is well positioned to pursue growth opportunities, including the opening of new franchisee locations and the introduction of new services.”

Antares Capital Corporation and Gleacher Mezzanine have provided commitments for the debt financing utilized in the transaction.

About Carousel Capital
Carousel Capital is a private investment firm that invests in Southeastern-based companies. With over $300 million of capital under management, Carousel is one of the largest private equity firms in the Southeastern U.S. Carousel’s investors include an elite group of over 65 current and former CEOs with expertise in a diverse group of industries. Carousel’s investor base also includes institutional investors such as banks, insurance companies, and pension funds. Since its inception, Carousel has invested in 16 companies across a wide range of industries.

About The Halifax Group
The Halifax Group, L.L.C., is a private equity partnership with approximately $200 million of capital under management with primary offices in Washington, D.C. and Dallas, Texas. The Halifax Group focuses on management-led recapitalizations and leveraged buyouts in middle-market growth companies across a variety of industries.

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