Wachovia Capital Partners Becomes Independent Private Equity Firm Pamlico Capital

March 24, 2010

Wachovia Capital Partners, a private equity firm focused on investments in growth companies, has become independent from Wells Fargo and been renamed Pamlico Capital.  Pamlico will continue to manage its portfolio of over $2 billion in assets, including unfunded commitments available for new investments, on behalf of its existing limited partners.  The entire team of investment professionals will remain with Pamlico Capital.

“Pamlico’s path to becoming an independent firm is a natural step in the evolution of our business as we look toward future growth,” said Managing Partner Scott Perper.  “Over the last 22 years, we have built a cohesive team, developed an industry focused strategy, and constructed a portfolio of successful investments by partnering with superb management teams.  The team is excited about its future as Pamlico Capital and the opportunity to invest in growing businesses in sectors where we have deep experience, including business and technology services, communications, and healthcare.  We appreciate the support Wells Fargo and our limited partners have shown during this transition.”

Pamlico is funded by Wells Fargo and a number of institutional investors, including AlpInvest, HarbourVest, Lexington Partners and Partners Group.  These institutional firms originally committed capital to the group in 2007.

“AlpInvest was impressed with the longevity of the management team and their successful investment track record when we first invested,” said Tjarko Hektor, Partner, AlpInvest.  “We are enthusiastic about continuing to partner with Pamlico as an independent private equity firm.”

“The team at Pamlico has been investing successfully on behalf of Wachovia and Wells Fargo for over 20 years, and their performance helped them attract third party capital,” said Wells Fargo CFO Howard Atkins.  “Together we have determined that Pamlico’s strategic goals can best be realized as an independent firm, and we wish them success.”

Pamlico will move its operations to new offices in Charlotte over the next several months.  In the meantime, the firm’s current address will remain the same.

Bill Haynes                      
BackBay Communications              
617-556-9982, x224                  
bill.haynes@backbaycommunications.com      

Jen Dowd
BackBay Communications
212-209-3844
jen.dowd@backbaycommunications.com

Pamlico Capital

Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity and buyout investments of up to $75 million alongside proven management teams in its target industries, business and technology services, communications and healthcare. The firm, based in Charlotte, NC, currently manages over $2 billion in assets. Please refer to http://pamlicocapital.com for additional information.