Cyprium Partners Invests $12 Million in Imperial Bag & Paper Co. LLC

CLEVELAND, OH – January 12, 2007 – Key Principal Partners (KPP), a $1 billion private mezzanine and equity firm, announced today a subordinated debt and equity investment of $12 million related to the acquisition of Imperial Bag & Paper Co. LLC (Imperial) by Robert I. Tillis and management.

Imperial, based in Bayonne, NJ, is a leading distributor of consumable paper and plastic packaging and supplies sold primarily to the restaurant and retail industries in the greater New York City area.

Michael Nash recently announced the sale of his ownership in Imperial to Mr. Tillis and management. Mr. Tillis, named CEO of Imperial, was most recently a senior executive with Ampac Packaging based in Cincinnati, OH, a manufacturer of paper and plastic packaging products and former KPP portfolio company. During his career, Mr. Tillis has successfully owned and operated three different businesses in the packaging industry comparable to Imperial.

“Bob Tillis understands our industry and brings a wealth of experience to Imperial”, said Mr. Nash. “I am looking forward to working with Bob”, added Mr. Nash, who will remain with the company.

With over $100 million in sales, Imperial has grown steadily since its founding in 1932. William Needham, Executive Vice President of Imperial, has been responsible for much of that recent growth. “We have built a strong team completely focused on taking care of our customers”, added Mr. Needham, who in addition to Jeffrey Burdick, Purchasing Director, is also an owner of the company.

This will be the third investment that KPP has made with Mr. Tillis. “Bob is a great operator with a terrific track record”, commented Mike Conaton, a KPP Partner. “We have extensive experience in this industry, and believe Imperial is very well positioned to continue to grow.”

Mr. Tillis’ background and familiarity with the New York market and packaging industry will allow him to make an immediate impact at Imperial. “We will continue to find new and innovative ways to satisfy our vendors and customers”, said Mr. Tillis. “In a consolidating industry, we believe there are many more growth opportunities for Imperial, through broadening our lines or considering selective partnerships or acquisitions.”

About Key Principal Partners

Key Principal Partners (KPP) is a nationally recognized private investment firm providing capital to middle market companies throughout North America. KPP utilizes mezzanine and equity capital to fund the growth, buyout, refinancing or acquisition of profitable companies. As was the case with Imperial, KPP’s flexible approach to structuring investments does not require control of companies. KPP has over $1 billion in capital under management and can invest $7 million to $35 million in companies with at least $20 million in revenue. Headquartered in Cleveland, KPP is affiliated with KeyCorp, and has offices in Greenwich and San Francisco. For additional information, visit:

About KeyCorp

Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

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