Code Hennessy & Simmons LLC (“CHS”) announced a cash dividend to investors in Code Hennessy & Simmons IV LP (“Fund IV”) resulting from the January 2005 recapitalization of Baker Tanks, Inc. (“Baker”). Based in Seal Beach, California, Baker is a leading supplier of containment rental equipment. CHS acquired Baker in January 2004, investing $70.5 million from Fund IV. Exactly twelve months from CHS’ acquisition, the recapitalization resulted in a distribution of $40.1 million representing a 57% return on CHS’ original investment.

Baker maintains an equipment portfolio of over 15,000 pieces of rental equipment including steel tanks, polyethylene tanks, intermodal and roll-off container/boxes, pumps, pipes, hose and fittings, tank trailers, berms and filtration products. Since completing its majority equity investment in Baker, CHS has worked closely with Baker’s management team to extend Baker’s outstanding history of revenue and profitability growth. During CHS’ twelve months of involvement, Baker’s EBITDA has increased by 20%. Primary drivers of growth have been high oil and natural gas prices, which drive increased production and result in increased demand for containment rental equipment, increased plant maintenance activity and increased commercial construction activity. Baker also extended its product offering with its October 2004 acquisition of Cameron Environmental, Inc., a leader in high quality, specialty media filtration services.

“We are very happy with our partnership with CHS,” said Bryan Livingston, Baker’s CEO. “With financial and management support, CHS has encouraged Baker to improve asset utilization, pursue opportunities created by favorable industry dynamics and execute an acquisition opportunity at Cameron to leverage our national infrastructure.”

The combination of outstanding financial performance and attractive capital markets conditions allowed CHS and the management team to explore numerous corporate finance alternatives with Baker’s existing lenders, CIBC and Blackstone. The recapitalization provided benefits in addition to the cash dividend including lower borrowing costs, minimal fees, reasonable leverage, and maximum financial flexibility.

CHS will continue to work directly with Baker’s senior management team to extend Baker’s long record of outstanding results.