CHARLOTTE, NC - 1 July, 2003 -

Meineke Car Care Centers, Inc., announced that a stock purchase agreement has been entered into for its acquisition by members of Meineke management and two financial partners, Carousel Capital, headquartered in Charlotte, NC, and The Halifax Group, based in Washington, DC, and Dallas, TX, from its parent company, a subsidiary of Brambles Industries. Brambles Industries is a global organization headquartered in Australia and listed on the Australian and London Stock Exchanges. The transaction is expected to be completed within the next 30 to 45 days. According to Kenneth D. Walker, President and CEO of Meineke Car Care Centers, Inc., "We believe this new ownership configuration will allow the company flexibility and provide opportunities for Meineke to expand and innovate." "We are delighted to have the opportunity to form this partnership with Ken Walker and his excellent management team," said Jason C. Schmidly, Partner of Carousel Capital, speaking on behalf of the investor group. "We look forward to working with Ken and his team to build on Meineke’s established brand name and solid reputation among consumers." Beginning in 1972 with a single shop specializing in exhaust work, Meineke Car Care Centers (formerly Meineke Discount Muffler Shops) have expanded product offerings while demonstrating steady growth, both domestically and internationally. With over 900 shops, headquartered in Charlotte since 1986, Meineke Car Care Centers, Inc., is the second largest specialist automotive service franchise in the Americas. Carousel Capital is a private investment firm that invests in Southeastern-based companies. With over $300 million of capital under management, Carousel is one of the largest private equity firms in the Southeastern U.S. Carousel’s investors include an elite group of over 65 current and former CEOs with expertise in a diverse group of industries. Carousel’s investor base also includes institutional investors such as banks, insurance companies, and pension funds. Since its inception, Carousel has invested in 16 companies across a wide range of industries. The Halifax Group, L.L.C., is a private equity partnership with approximately $200 million of capital under management with primary offices in Washington, D.C., and Dallas, Texas. The Halifax Group focuses on management-led recapitalizations and leveraged buyouts in middle-market growth industries.

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