January 5, 2004

Castanea Partners and Boston Ventures Join Forces to Acquire Majority Control of Decision Resources

Peter Hoenigsberg Named New CEO of Decision Resources

Castanea Partners and Boston Ventures Limited Partnership VI announced today the recapitalization of Decision Resources, Inc. with a total transaction value of $58 million. The Waltham, Mass.-based company is best known for its therapeutically-focused analyses of global pharmaceutical and biotechnology markets and for its research on the U.S. managed care industry through its InterStudy subsidiary.

Decision Resources was founded in 1990 by Samuel C. Fleming, CEO, and Sarah W. Fuller, President. Mr. Fleming and Ms. Fuller will continue to be significant shareholders in the company, and both will serve on the Board of Directors. Peter Hoenigsberg, an Operating Partner at Castanea Partners and the former President and CEO of Harcourt General’s Scientific, Technical and Medical Group, will succeed Mr. Fleming as CEO. Ms. Fuller will continue as the company’s President.

“This is a decisive move that accelerates our strategy and positions Decision Resources to offer even greater value to our customers and more significant growth opportunities for our staff. In addition, we are excited to have Peter Hoenigsberg join us, bringing his wealth of experience from his tenure at Harcourt and Thomson,” comments Sarah Fuller, president of Decision Resources.

Samuel Fleming states, “Our new partners bring the added capital, financial, and operating experience needed for Decision Resources to increase its response to the many attractive opportunities in global biopharmaceutical and managed health care markets.”

Brian Knez, Managing Partner of Castanea, comments, “This opportunity fits exactly with Castanea’s strategy of investment with involvement in high potential companies in growing markets where we have operating expertise. Decision Resources’ market position is impressive, and its products are highly valued by its customers. They are integral to the strategic decision making of top pharmaceutical companies.”

Robert Smith, Managing Partner of Castanea, adds, “The customer renewal rates at Decision Resources are among the highest we have seen and we believe that it is due to the quality, reliability, and depth of the Decision Resources’ proprietary data and research products. We believe that our partner, Peter Hoenigsberg, together with Sarah Fuller can further expand the company’s suite of products to better service our existing customers and continue the exciting growth of this company.”

James Wilson, General Partner, led the investment team from Boston Ventures. Commenting on the investment, James Wilson said, “We are delighted to be partnering with the principals at Castanea, a long standing Boston Ventures relationship, and backing Peter Hoenigsberg, a seasoned veteran of the publishing and information services industry. This is an opportunity to invest in an exceptional company that fits directly into our strategy of investing in high quality, user paid information services. This represents Boston Ventures’ 21st investment in publishing and information companies, a sector to which we have provided approximately $500 million of capital over the past 20 years.”


About Boston Ventures

Boston Ventures Management, Inc. (www.bostonventures.com) is a private equity firm that has been an active investor and financial partner to management teams in the media, entertainment, and communications sectors since 1983, earning the firm a franchise position in the private equity community. Boston Ventures’ general partners and principals are accomplished and experienced professionals who have a diverse and complementary range of skills and a broad network of domestic and international relationships. Since its inception, Boston Ventures has invested approximately $2 billion into its target industries. The existing Boston Ventures Fund VI Partnership has attracted leading U.S. institutions and individuals from 16 countries.
About Decision Resources

Decision Resources, Inc. (www.decisionresources.com) is a world leader in research publications, advisory services, and consulting designed to help clients shape strategy, allocate resources, and master their chosen markets. For more than two decades, the company has provided in-depth research on the trends, emerging developments, and market opportunities in the biopharmaceutical and managed health care industries. Companies ranging from global pharmaceutical and biotechnology leaders to start-ups turn to Decision Resources for information, analyses, and advice in making critical research, licensing, and marketing decisions.

About Castanea

Castanea is a private equity firm that works in partnership with founders and management teams of innovative passion brands to grow their businesses through a combination of capital investment and operating expertise. We are focused on select consumer verticals including beauty, food and beverage, multi-unit services, and enthusiast lifestyle. We typically invest between $15 to $150 million of equity in minority or majority transactions. Our team of talented operating executives offers critical expertise in key verticals and functional areas, and provides our partner companies with strategic and tactical support. Castanea has more than $1 billion in assets under management and is currently investing from a $735 million fourth fund. For more information about Castanea Partners read our story.

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