FORMER AMES CEO JOINS MANAGEMENT CAPITAL 
 

PROVIDENCE, R.I. (August 11, 2004): Management Capital LLC, a Providence-based investment firm that specializes in providing leadership and capital to middle-market companies, announces that Joseph R. Ettore has joined the firm in the advisory capacity of senior executive.

Mr. Ettore is a respected business executive with over 40 years of hands-on mass retail experience ranging from assistant buyer to CEO/chairman of the board for such retailers as Ames Department Stores (a Fortune 500 company), Jamesway Corporation, Stuarts Department Stores, and Kings Department Stores. His guidance and experience will help Management Capital seek and evaluate investment opportunities in the retail and consumer products sector.

Most recently, Mr. Ettore served as chairman of the board/CEO of Ames Department Stores, Inc. where he personally orchestrated its successful turnaround. Under his leadership, the company, which had recently emerged from Chapter 11 bankruptcy, grew from $1.7 billion to $4.5 billion via acquisitions and sales growth. At the time of his departure in November 2002, he was responsible for nearly 34,000 employees.

“Mr. Ettore was involved in the many aspects of the companies he ran, including merchandising, marketing, operations, logistics, technology, store planning, real estate, asset protection, human resources, and supply chain management,” states Gerald F. Cerce, principal of Management Capital and former president/owner of AIA/Foster Grant, a $250 million retail jewelry and accessories company. “Throughout his distinguished career, he was always able to find a way to differentiate a company enough from the competition to attract customers. He is a strategic visionary and leader who remains an influential voice in the retail community. We’re confident his background, reputation and relationships will help to improve Management Capital’s positioning to retailers and consumer products companies.”

Mr. Ettore served an unprecedented three two-year terms as chairman of the International Mass Retail Association (IMRA), the leading industry trade organization representing suppliers, vendors and 210 mass retailers including discount department stores and warehouse clubs. During his tenure, he was instrumental in fostering supplier/retailer partnerships and dealing with such global and national issues as healthcare and government affairs.

“The principals of Management Capital are leaders in their own right, having been
leaders at successful multi-million dollar businesses of their own. I am honored to be affiliated with the firm,” states Mr. Ettore, “and hope to bring a different level of retail expertise to Management Capital’s portfolio of client companies as well as new opportunities to the table.”

Currently, Mr. Ettore is chairman and adviser/partner of Wise Buys Department Stores in upstate New York. He is affiliated with GE Retail Finance and a number of national
consulting firms. He is involved with two prominent charities for children with cancer: Paul Newman’s Hole in the Wall Gang camp in CT and the Valerie Fund in NJ. Mr. Ettore serves on the board of visitors for the University of Hartford Barney School of Business, and maintains memberships in the Retail Industry Leaders Association (formerly known as the IMRA) and the National Retail Federation.

Mr. Ettore received his bachelor of science degree in management from Saint Peter’s College in Jersey City, NJ.

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Established in 2003, Management Capital LLC is an investment firm providing leadership and capital to small and middle-market companies. The firm’s team of hands-on, experienced directors and senior executives works with a company’s management to initiate and seize growth opportunities and to invest equity capital for expansion, recapitalization or buyouts of companies undergoing periods of significant change and transition. The Management Capital team has been responsible for over 100 transactions requiring in excess of $1 billion of capital. The company is located at 10 Dorrance Street, Suite 500, Providence, RI 02903; phone: (401) 621-8200; fax: (401) 621-8202; Web: www.mgtcapital.com