Landmark Irrigation Holding Services, Inc.

FOR IMMEDIATE RELEASE
May 8, 2012
Contact: Lauren B. Sinai

Prospect Partners Recapitalizes Landmark Irrigation

Provider of Custom Micro-Irrigation Systems Poised to Expand Coverage in Western United States

CHICAGO, Ill.—May 8, 2012: Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced the management-led recapitalization of Landmark Irrigation, Inc., a Madera, Calif.-based provider of custom agricultural irrigation systems. Landmark Irrigation becomes the third portfolio company of Prospect Partners III, L.P., and Prospect Partners' 39th overall since 1998.

Founded in 1990, Landmark Irrigation designs, supplies, installs, and services agricultural irrigation systems for Central California farmers across a wide range of farm sizes and crop varieties. Landmark Irrigation specializes in micro-irrigation systems, and develops a comprehensive solution for each client's unique irrigation needs. Prospect Partners' recapitalization, with two of Landmark Irrigation's founders, paves the way for further investment in the company's internal growth and in geographic expansion through add-on acquisitions of other irrigation system providers in California's Central Valley and elsewhere in the western United States. Landmark Irrigation is led by Russ Spain, CEO, and Gene Blocher, President.

"Landmark Irrigation has long been a regional leader in the micro-irrigation market niche, generating consistently strong year-over-year growth as farmers see the benefits in their crop yield and irrigation efficiency after using Landmark's drip and micro-sprinkler systems," said Erik Maurer, a Principal at Prospect Partners. "Landmark Irrigation's veteran management team has spent its careers in the agricultural industry, building a company with a top reputation both for engineering expertise and high-quality irrigation systems. We are quite excited about the opportunity to partner with this exceptional team in such an interesting industry segment."

"We look forward to working with Prospect Partners in this next phase of our growth," said Mr. Spain. "Landmark Irrigation sought a well-capitalized partner with specialized operational and strategic experience in helping small niche companies mature and expand. We called every reference. Each confirmed our belief that Prospect Partners is the right fit for our needs."

Serving on the board of the holding company, Landmark Irrigation Holding Services, Inc., from Prospect Partners are Mr. Maurer, as Chairman, and Prospect Partners' Vice President Phillip Brennan, as a Director.

The other platform companies in Prospect Partners' $200 million third fund, Prospect Partners III, L.P., are: Prospect Water Co. LLC, a Lombard, Ill.-based provider of water treatment products and services through independently franchised dealers; and SurePoint Holdings, LLC, of Lawrence, Kansas, a nationwide provider of direct-to-consumer diabetes supplies and services. Prospect Partners III, L.P. closed in August, 2010.

About Prospect Partners, LLC

Prospect Partners is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has invested opportunistically nationwide in more than 85 companies in a broad range of niche manufacturing, distribution, and specialty service markets. Based in Chicago, Prospect Partners also has an office in Menlo Park, Calif. For more information, visit www.prospect-partners.com.

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