FOR IMMEDIATE RELEASE

Carousel Capital Invests in Express Oil Change

April 11, 2005 - Charlotte, North Carolina and Birmingham, Alabama — Carousel Capital announced today an investment in Express Oil Change, the largest independent operator of oil change and quick lube automotive service centers in the Southeastern United States. Headquartered in Birmingham, Alabama, Express Oil Change and its franchisees operate 149 service centers in Alabama, Georgia, Tennessee, Mississippi, Florida and South Carolina. Founded in 1979, Express Oil Change provides traditional oil change and quick lube services as well as light automotive service and repair work in a setting that emphasizes high levels of service and convenience. As a result of its investment, Carousel Capital now owns a majority of the company.

Carousel Capital is partnering with the current owners of Express Oil Change including, Richard A. Brooks and Joe E. Watson. Brooks and Watson will remain as CEO and COO, respectively, of the Company and will maintain a significant ownership stake in the business.

"Joe and I have known the people at Carousel Capital for several years and we feel they are a terrific fit with the operating philosophy and core values of the entire Express system, which we and our franchisees have worked so hard to develop," said Richard A. Brooks, Chairman and CEO of Express. "Carousel's assistance will allow us to achieve our long-term goals of rapidly growing the Express system while continuing to seek ways to improve the Express business model for our franchisees."

“Ricky Brooks and Joe Watson are the best operators in America in the quick lube segment,” said Jason C. Schmidly, Partner of Carousel Capital. “Their business philosophy of providing high service and convenience while avoiding deep discounting is unique among the competition and has clearly served them well. Over time, we have developed a strong relationship with Ricky and Joe and are excited about the prospects for the growth of Express in the future.”

Carousel Capital funded the transaction with equity from its second investment fund, Carousel Capital Partners II. Antares Capital Corporation, Goldman Sachs Specialty Lending Group and Gleacher Mezzanine provided the financing for the transaction.

About Carousel Capital

Carousel Capital is a private investment firm that invests in Southeastern-based companies. With more than $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 more than 65 current and former CEO's with expertise in a diverse group of industries. Carousel's investor base also includes institutional investors such as financial institutions, insurance companies, and pension funds. Since its inception, Carousel has invested in 20 companies across a wide range of industries.

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