SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO RULES
13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
Huron Consulting Group Inc.
-------------------------------
(Name of Issuer)
Common Stock, par value $.01 per share
------------------------------------------
(Title of Class of Securities)
447462 10 2
-----------------------
(CUSIP Number)
December 31, 2004
-----------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[X] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 447462 10 2
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
HCG Holdings LLC (1)
03-0469527
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
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3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
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5. Sole Voting Power
0
Number of --------------------------------------------------------
Shares 6. Shared Voting Power
Beneficially 8,864,576(1)
Owned by --------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person --------------------------------------------------------
With 8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9 . Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
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12. Type of Reporting Person
OO
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Lake Partners LLC (1)
32-0027406
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares y -------------------------------------------------------
Beneficiall 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
OO
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
-------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Lake Capital Investment Partners LP (1)
32-0027408
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares -------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
PN
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
-------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Lake Capital Partners LP (1)
32-0027409
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares -------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
PN
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Lake Capital Management LLC (1)
84-1322349
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares -------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
OO
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Terence M. Graunke (1)
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
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4. Citizenship or Place of Organization
United States
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares -------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
IN
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
CUSIP No. 447462 10 2
-------------------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Paul G. Yovovich (1)
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC Use Only
-------------------------------------------------------------------------------
4. Citizenship or Place of Organization
United States
-------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares -------------------------------------------------------
Beneficially 6. Shared Voting Power
Owned by 8,864,576(1)
Each -------------------------------------------------------
Reporting 7. Sole Dispositive Power
Person 0
With -------------------------------------------------------
8. Shared Dispositive Power
8,864,576(1)
-------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
8,864,576(1)
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions) [ ]
-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
54.4%
-------------------------------------------------------------------------------
12. Type of Reporting Person
IN
------------------------
(1) The shares are held directly by HCG Holdings LLC. Lake Capital Partners LP
and Lake Capital Management LLC are members of HCG Holdings LLC and
collectively have investment and voting control over the shares held by HCG
Holdings LLC. Lake Capital Investment Partners LP is the sole general partner
of Lake Capital Partners LP and Lake Partners LLC is the sole general partner
of Lake Capital Investment Partners LP. Terence M. Graunke and Paul G.
Yovovich are the members and managers of Lake Partners LLC as well as members
of an investment committee of Lake Capital Investment Partners LP and, in such
roles, these individuals have investment and voting control over the shares
ultimately controlled by Lake Capital Investment Partners LP. Mr. Graunke is
also the controlling member of Lake Capital Management LLC and, pursuant to
the Lake Capital Management LLC operating agreement, has investment and voting
control over the shares controlled by that entity. Accordingly, HCG Holdings
LLC, Lake Capital Partners LP, Lake Capital Management LLC, Lake Capital
Investment Partners LP, Lake Partners LLC, Terence M. Graunke and Paul G.
Yovovich may be deemed to share investment and voting control over the shares
held directly by HCG Holdings LLC.
ITEM 1(a). NAME OF ISSUER.
Huron Consulting Group Inc. ("Issuer")
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES.
550 W. Van Buren Street
Chicago, Illinois
ITEM 2(a). NAME OF PERSON FILING.
(i) HCG Holdings LLC
(ii) Lake Capital Partners LP
(iii) Lake Capital Management LLC
(iv) Lake Capital Investment Partners LP
(v) Lake Partners LLC
(vi) Terence M. Graunke
(vii) Paul G. Yovovich
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE.
The address of the principal business office for each of the Reporting
Persons is
676 North Michigan Avenue, Suite 3900
Chicago, Illinois 60611
ITEM 2(c). CITIZENSHIP.
See Item 4 of each cover page
ITEM 2(d). TITLE OF CLASS OF SECURITIES.
Common Stock, par value $.01 per share(the "Common Stock")
ITEM 2(e). CUSIP NUMBER.
447462102
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(b), OR 13D-2(b)
OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in section 3(a)(19) of the
Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E).
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F).
(g) [ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G).
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act.
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act.
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the Issuer identified in Item 1.
(a) Amount beneficially owned:
See Item 9 of each cover page.
(b) Percent of class:
See Item 11 of each cover page.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of each cover page.
(ii) Shared power to vote or direct the vote:
See Item 6 of each cover page.
(iii) Sole power to dispose or direct the
disposition of:
See Item 7 of each cover page.
(iv) Shared power to dispose or direct the
disposition of:
See Item 8 of cover page.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
Date: February 11, 2005 HCG Holdings LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Chairman, Chief Executive
Officer & President
Lake Capital Partners LP
By: Lake Capital Investment Partners LP
Its: General Partner
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Investment Partners LP
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Partners LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Management LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Principal
/s/ Terence M. Graunke
----------------------
Terence M. Graunke
/s/ Paul G. Yovovich
--------------------
Paul G. Yovovich
EXHIBIT INDEX TO SCHEDULE 13G
EXHIBIT 1
Agreement between HCG Holdings LLC, Lake Capital Partners LP, Lake Capital
Management LLC, Lake Capital Investment Partners LP, Lake Partners LLC,
Terence M. Graunke and Paul G. Yovovich as to joint filing of this Schedule
13G.
EXHIBIT 2
Disclaimer of beneficial ownership by Lake Capital Partners LP, Lake Capital
Investment Partners LP, Lake Partners LLC, Lake Capital Management LLC,
Terence M. Graunke and Paul G. Yovovich.
EXHIBIT 1
JOINT FILING AGREEMENT
This will confirm the agreement by and among all the undersigned that
the Schedule 13G filed on or about this date and any amendments thereto with
respect to the beneficial ownership by the undersigned of common shares of
Huron Consulting Group Inc. is being filed on behalf of each of the
undersigned in accordance with Rule 13d-1(k)(1).
Date: February 11, 2005 HCG Holdings LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Chairman, Chief Executive
Officer & President
Lake Capital Partners LP
By: Lake Capital Investment Partners LP
Its: General Partner
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Investment Partners LP
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Partners LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Management LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Principal
/s/ Terence M. Graunke
----------------------
Terence M. Graunke
/s/ Paul G. Yovovich
--------------------
Paul G. Yovovich
EXHIBIT 2
DISCLAIMER OF BENEFICIAL OWNERSHIP
Each of the undersigned disclaims beneficial ownership of the securities
referred to in the Schedule 13G to which this exhibit is attached, and the
filing of this Schedule 13G shall not be construed as an admission that any of
the undersigned is, for the purpose of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934, as amended, the beneficial owner of any
securities covered by this Schedule 13G.
Date: February 11, 2005 Lake Capital Partners LP
By: Lake Capital Investment Partners LP
Its: General Partner
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Investment Partners LP
By: Lake Partners LLC
Its: General Partner
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Partners LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Manager
Lake Capital Management LLC
By: /s/ Terence M. Graunke
----------------------
Name: Terence M. Graunke
Title: Principal
/s/ Terence M. Graunke
----------------------
Terence M. Graunke
/s/ Paul G. Yovovich
--------------------
Paul G. Yovovich