Vestar Capital Partners / Novedades

Vestar Announces Successful DynaVox IPO

New York – April 23, 2010 – Vestar is pleased to announce the successful pricing of the $141 million public offering of V4 portfolio company DynaVox, Inc., Wednesday following the close of the market. A leader in speech-generating technologies and special-education software, DynaVox will trade on the NASDAQ under the ticker DVOX.

Public investors have shown strong, positive response to the offering, with the order book 4x oversubscribed, including many “blue chip” institutional investors. DynaVox priced within the offering range on a day when only two of six offerings were able to do so.

This transaction represents a highly successful partial realization for DynaVox and V4 investors. Based on the IPO valuation of approximately $447 million, Vestar’s total return to investors is $305 million, or 11x our investment of $28 million, representing a 58% IRR over a 5.9 year holding period. Vestar will receive approximately $67 million of cash proceeds from share sales (assuming underwriters exercise their over-allotment option) and retain a significant ownership stake of 35% in the public company. The $305 million valuation at IPO compares favorably to our $208 million FMV at 12/31/09, representing a 47% premium.

DynaVox originally operated as a division of V4 portfolio company Sunrise Medical. From the onset, VCP recognized the potential of this small $3mm EBITDA business, electing to separate the Company from Sunrise with an independent Board that would allow it to efficiently capitalize on its unique growth opportunities.

As an independent entity, DynaVox transformed from a corporate orphan to a well-managed company with robust growth characteristics. Vestar recruited a new management team led by CEO Ed Donnelly. With a sharp focus on product development, sales force expansion and sophistication, as well as field support, DynaVox has grown rapidly and as of December 31, 2009 had LTM revenue and EBITDA of $105 million and $30 million, respectively, growth rates of 20% and 41% since 2007.

Members of the Vestar team, including Roger Holstein and Evan Marks, provided key strategic support to drive and sustain growth throughout this period. Today, DynaVox is the market leader in two markets: speech-generating technologies and special education software and is well-positioned for future success.

DynaVox is Vestar’s second successful IPO during 2010, with Symetra also pricing within the offering range in January. Since IPO, Symetra has traded nicely, up 15% as of today.