MINNEAPOLIS--(BUSINESS WIRE)--July 15, 2003--Goldsmith Agio Helms
announced today the recapitalization of its client, Corporate Benefit
Services of America, Inc. ("CBSA"), by Churchill Equity Partners.
Terms of the transaction were not disclosed by the parties.
The CBSA transaction continues the momentum for Goldsmith Agio
Helms' healthcare and business services practice areas. David M.
Santoni, managing director of Goldsmith Agio Helms, commented,
"Churchill Equity Partners' growth strategy for CBSA complements
management's talent, and builds upon what Code Hennessy & Simmons has
accomplished with management since 1999." James M. Frommelt, vice
president of Goldsmith Agio Helms, added, "We believe CBSA's
management team will thrive with the continued growth opportunity
provided to them by this transaction."

Corporate Benefit Services of America, Inc., headquartered in
Minnetonka, Minnesota, is a diversified healthcare services company
that provides benefit administration functions for self-funded groups;
fully-insured small group underwriting, administration, and
reinsurance; comprehensive medical management; and outsourced
back-office services for mid-sized insurance companies.

Code Hennessy & Simmons, LLC, a Chicago-based private equity firm,
manages approximately $1.5 billion in capital and makes controlling
equity investments in manufacturing, distribution, and service
companies.

Churchill Equity Partners, a Minneapolis-based private equity
firm, manages approximately $425 million in equity capital. Churchill
Equity Partners makes primary control investments in a wide array of
industries including industrial services, business services, and
manufacturing to facilitate growth and shareholder liquidity. Clay
Miller and Bill Haan managed the transaction on behalf of Churchill
Equity Partners.

Goldsmith Agio Helms (www.agio.com) is one of the nation's leading
private investment banking firms providing financial advisory services
to middle-market businesses. Our services include mergers and
acquisitions, distressed advisory and restructuring, valuations and
fairness opinions, and private placements of debt and equity. We
operate internationally from our offices in Minneapolis, New York,
Chicago, Los Angeles, and Naples, Florida.