Huron Capital Completes 50th Investment with Recapitalization of Hughes

Huron Capital Acquires Fire Protection Engineering Firm in Partnership with Management

Detroit, MI – May 31, 2011 // Huron Capital Partners LLC announced today that it has recapitalized Hughes Associates, Inc. in partnership with existing management. Huron committed $40 million to close the transaction; other terms of the transaction were not disclosed. The investment was made through Huron’s most recent private equity fund, The Huron Fund III, L.P., which has $350 million in committed capital.

“We were focused on finding a partner who could not only facilitate a transaction, but also work with us in continuing to grow Hughes into new markets and service offerings,” said Hughes CEO Phil DiNenno. “We believe our partnership with Huron represents a unique platform in the fire protection engineering market on which to build.”

The transaction marks Huron’s 50th investment overall and its sixth platform investment in Fund III. The acquisition continues Huron’s momentum in 2011, marking the third transaction in the first half of the year with two additional acquisitions pending.

Based in Baltimore, MD and with offices throughout the United States and internationally, Hughes is a global leader in fire protection engineering consulting. Hughes serves a blue-chip base of government and commercial clients providing fire code compliance, design and engineering and other related services.

“Hughes’ management team has built a global presence in the fire protection engineering market, providing critical services to its customers in highly complex environments,” said Huron Partner Peter Mogk. “We are thrilled to be invested in this exceptional business alongside the management team and look forward to working together to continue leveraging Hughes’ market leading position.”