Oak Hill Capital Partners to Acquire Southern Air

Southern Air to be Combined with Cargo 360 to Create a Leading Global Air
Cargo Company

NEW YORK, July 26 /PRNewswire/ -- Oak Hill Capital Partners, a leading
private equity firm, announced today that it has executed a definitive
agreement to acquire Southern Air Inc., a premier provider of air cargo
services to airlines worldwide. Subsequent to the closing of the
transaction, Southern Air will be combined with Cargo 360, Inc., an
existing Oak Hill Capital portfolio company. Southern Air's founder and
CEO, James K. Neff, and his family will retain a significant minority
interest in the combined company, and Mr. Neff will serve as its CEO. Terms
of the transaction were not disclosed.

The combined business, which will operate under the Southern Air
Holdings, Inc. name, will be one of the largest and fastest growing global
air cargo companies providing aircraft, crew, maintenance and insurance
("ACMI") services to airline customers worldwide. On a combined basis,
Southern Air Holdings will operate a fleet of 13 Boeing 747 "classic"
freighters. In addition, Southern Air Holdings has reached agreement to add
another Boeing 747 "classic" freighter and two Boeing 747-400BCF freighters
to its fleet in 2008, and anticipates operating six new Boeing 777
freighters in the future. Southern Air Holdings will be headquartered in
Norwalk, Connecticut, with flight and maintenance bases located around the
world.

Mr. Neff said, "We are very excited to partner with Oak Hill Capital to
create the leading low cost, global provider of ACMI cargo services. The
combination of Southern Air and Cargo 360 will result in significant cost
savings and synergies which will enhance our service offering to current
and future customers. In addition, Oak Hill Capital's experience in, and
commitment to, the broader aerospace industry will provide us additional
resources to grow our business."

Rowan Taylor, a Partner at Oak Hill Capital Partners, added, "Southern
Air and Cargo 360 each share a common vision for successfully serving their
global airline customers, and the combined business will have the resources
to continue this service and to grow. We look forward to working with Jim
and his outstanding management team."

The transaction is expected to close in September 2007.

Oak Hill Capital Partners was advised by CIBC World Markets Corp. and
Weil, Gotshal & Manges LLP. Southern Air was advised by Bear, Stearns &
Co., Inc. and Kramer Levin Naftalis & Frankel LLP.

About Oak Hill Capital Partners

Oak Hill Capital Partners is a private equity firm with more than $4.6
billion of committed capital from leading entrepreneurs, endowments,
foundations, corporations, pension funds and global financial institutions.
Robert M. Bass is a lead investor. During a period of over 20 years, the
professionals at Oak Hill Capital Partners have invested in more than 60
significant private equity transactions. Oak Hill Capital Partners is one
of several separate Oak Hill partnerships, each of which has a dedicated
and independent management team. These Oak Hill partnerships comprise
more than $25 billion of investment capital across multiple asset classes,
including private equity, special situations, high yield and bank debt,
venture capital, real assets, public equity and hedge funds. In addition to
Cargo 360, the Oak Hill partnerships' current aerospace investments include
(i) Primus International, Inc., a leading global Tier II supplier of
structural components, kits and assemblies, (ii) OH Aircraft Acquisition,
LLC, a newly- formed aircraft leasing company that has executed a
definitive agreement with The Boeing Company to acquire six Boeing 777
freighter aircraft, and (iii) a portfolio of aircraft on lease to airlines
around the world.


SOURCE Oak Hill Capital Partners