H.I.G. Sells Stream

H.I.G. Capital has sold Stream Holdings Corp. to Global BPO Services Corp. (AMEX: OOO), a blank check company backed by Ares Management. The deal is valued at $200 million in cash. Stream is a Richardson, Texas-based provider of technical support and other business process outsourcing services. It was acquired by H.I.G. in 2003 via a $75 million acquisition of Software Spectrum's call center unit, and later grew via the 2004 acquisition of Stream from Solectron.

PRESS RELEASE

H.I.G. Capital, L.L.C., a leading global private equity firm, announced today the successful sale of Stream Holdings Corporation (Stream) to Global BPO Services Corp. (now known as Stream Global Services, Inc.), a publicly traded company (AMEX:OOO) for $200 million in cash plus adjustments.

Stream is a leading global provider of technical support and other business process outsourcing services. With over 15,000 employees across 30 solution centers in 16 countries throughout North America, Europe, Africa and Asia, Stream is able to provide seamless, integrated business process outsourcing services for many of the world's leading technology, computing, communications, software, consumer electronic and media clients.

H.I.G.'s platform investment was made in 2003 through its acquisition of a $75 million call center division of Software Spectrum, and later acquired Stream from Solectron in 2004, forming a scalable global footprint. The Company has consistently grown through market penetration and new site expansion. The Company has successfully grown revenues to greater than $500 million.

Toni Portmann, CEO of Stream said, During the last five years with H.I.G. as our financial sponsor and partner, we have had tremendous successes and growth. They have been alongside us supporting our rapid expansion and have been instrumental with both strategic direction and capital. H.I.G. has been a value-added partner throughout the process.

Rick Rosen, Managing Director of H.I.G. Capital remarked, We are delighted to have partnered with such an energetic, hard-working and effective management team. They have methodically grown both infrastructure and client revenues, have integrated acquisitions, and achieved a reputation for industry leading customer satisfaction. The Company has exceeded our expectations and has delivered a fantastic return for H.I.G.'s investors