| Elmer Baldwin Named President and COO
MINNEAPOLIS, MN -- July 23, 2002 -- Manchester Companies, Inc. ("MCI") a nationally recognized leader in Corporate Renewals and Performance Improvement, today announced another major transaction in its expansion strategy, with the acquisition of Nuvolution, LLC a management and systems consulting firm headquartered in St. Paul, Minnesota with offices in Dallas, Texas and San Francisco, California. The acquisition significantly increases MCI's capabilities in the areas of business process engineering/reengineering, management systems/integration and IT effectiveness.
Nuvolution, who includes as its clients Best Buy, AGCO Corporation, 3M, John Deere and Fair Isaac, has a proven track record of high performance in a variety of industries including manufacturing, financial services, agri- business, travel, industrial products and technology services. Ten highly qualified/credentialed consulting professionals from Nuvolution will be joining MCI as part of the combination of the two firms.
Elmer Baldwin has been named President and COO of the combined organizations, Manchester Companies, Inc. He also became a shareholder and a member of MCI's board of directors. As the founder and former owner of Nuvolution Mr. Baldwin brings extensive expertise to MCI in the areas of business development, operations management, systems, business process engineering and strategy. Prior to founding Nuvolution, Mr. Baldwin helped form and led the Enterprise/e-Ventures group at Accenture (formerly known as Anderson Consulting) and served as the President and CEO of Accenture's Via World Network, LLC e-commerce venture. He also held senior positions with Egghead Software, York & Associates and Oracle Corporation. Baldwin has a BBA degree from Loyola Marymount University in Los Angeles, California and holds an MSM degree in Systems Management from the University of Southern California.
Mark Sheffert, who will continue as Chairman and CEO of Manchester Companies, Inc. said, "I'm delighted we were able to consummate a transaction with Nuvolution that resulted in the combination of the two firms. MCI is in the business of making companies better by improving their financial and operating performance regardless of their stage of corporate health. By acquiring Nuvolution MCI is able to offer a broad range of solutions to client companies to help them improve their performance and their return on invested capital. I'm pleased to have Elmer's demonstrated leadership and the Nuvolution consulting professionals on board as we pursue this quest."
The Nuvolution acquisition is another step in MCI's continued expansion strategy. In April 2002 MCI also announced the acquisition of Sirius Capital, a NASD broker/dealer, and the creation of Manchester Financial Group, LLC, a MCI subsidiary focused on providing investment-banking services. MCI also announced in the spring of this year the opening of an office in Houston, Texas.