CHICAGO – Code Hennessy & Simmons LLC (“CHS”) today announced the sale of Baker Tanks, Inc. (“Baker Tanks”), a portfolio investment of Code Hennessy & Simmons IV L.P. to an entity controlled by Lightyear Capital LLC.

Baker Tanks is the market leader and pioneer of the liquid and solid containment industry. The company provides liquid and solid rental containment solutions through its national network of 74 locations to a diverse customer base operating across numerous industries including industrial and environmental services, environmental remediation, oil and gas, construction, refinery, chemical and power. Baker Tanks maintains a diverse fleet of 15,300 units of rental equipment including steel tanks, polyethylene tanks, intermodal and roll-off boxes, pumps, filtration units, tank trailers and berms for use in a broad range of applications.

CHS has worked closely with Baker Tanks’ management team to extend the company’s outstanding history of revenue and profitability growth. Since completing its majority equity investment in Baker Tanks in January 2004, the company’s EBITDA has increased by more than 50%. Baker Tanks has grown through product line expansion, new application introduction, market share penetration and strength in end-use markets including oil and gas production, plant maintenance and construction. Baker Tanks extended its product offering with its October 2004 acquisition of Cameron Environmental, Inc., a leader in high quality, specialty media filtration services.

“We had an outstanding partnership with CHS,” said Bryan Livingston, Baker Tanks’ CEO. “With CHS’ support, we increased asset utilization, grew and diversified our revenue stream organically and through acquisitions and managed our balance sheet more effectively. CHS helped us design an incentive program that encouraged the management team to execute the company’s highest priorities.”

Brian Simmons, Partner at CHS, said, “It has been CHS’ privilege to work with the executive management team at Baker Tanks. Bryan Livingston, the senior corporate staff and the core field management team lead Baker Tanks with vision, integrity and exceptional commitment to customers and employees.”

CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital.

For more information on Baker Tanks, please visit the company’s Web site at www.bakertanks.com.