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Baird Capital Partners: Closes Acquisition of Marshall Erdman & Assoc.

For Immediate Release
For further information contact:

David P. Pelisek, Partner
Baird Capital Partners

Angela Pittman, Public Relations Coordinator
Robert W. Baird & Co. Incorporated

-BCP Partners with Lubar & Co. to Make Acquisition-

MILWAUKEE, February 5, 2004 - Baird Capital Partners (BCP), the U.S. private equity affiliate of Robert W. Baird & Co. Incorporated (Baird), has completed the acquisition of Marshall Erdman & Associates (MEA) from Erdman Holdings, Inc. MEA is engaged in the architectural design, engineering and construction of health care facilities across the country. BCP and Lubar & Co. were the lead equity investors. MEA senior management also invested. M&I Bank provided the financing for the transaction.

MEA is one of the nation's leading design/build general contracting companies with a health care focus. The Company has 350 employees at its headquarters in Madison, WI and over 500 employees firm-wide with branch offices in Atlanta, Dallas, Denver, Hartford, and Washington D.C. Founded by Marshall Erdman in 1951, the Company quickly distinguished itself as an innovator in the development of medical offices for physicians. Over the years, MEA has designed and built thousands of facilities across the country for hundreds of customers. Current MEA President Scott Ransom, who joined the Company in 1994, is staying on with the Company as CEO and will lead an experienced management team. Tim Erdman, Chairman of Erdman Holdings, Inc., also will be staying on with the Company as Vice Chairman of the Board of Directors.

"MEA's strong operating record, strategic focus on the health care market and experienced, dedicated employees were characteristics which most interested us in the Company," said David Pelisek, a Partner at BCP. "The Company has a broad and loyal customer base and is well positioned to grow as the healthcare facility market continues to expand over the next several years. In addition, we are delighted that Tim Erdman will stay on with the Company as Vice Chairman."

Scott Ransom stated, "We have a talented and experienced management team who are challenging our old systems and bringing new methods of operation to the fore that will benefit our clients and their patients. In recent years, we have significantly improved our efficiency and profitability. This ownership transition and change offers Marshall Erdman & Associates a tremendous opportunity for the future. As we go forward, we will be able to reinforce those values that propelled Marshall Erdman into a leadership position in the development and design of health care facilities over the past 50 years and support our efforts in achieving our ambitious growth and customer satisfaction objectives."


About Baird Private Equity
With more than 40 professionals in the United States and Europe, Baird's global private equity business has raised and managed $1 billion in capital. Baird Capital Partners (BCP) provides late-stage growth capital or change-of-control capital to U.S.-based, middle-market companies in the areas of Business Services, Industrial Products and Technology, Communications, Consumer and Life Sciences/Health Care. Baird Venture Partners (BVP) makes venture capital investments in early- to late-stage high-growth companies in three industry sectors: Business Services, Technology and Life Sciences/Health Care. Granville Baird Capital Partners (GBCP) is a long-established private equity manager targeting mid-market growth companies principally in the UK and Germany with a focus on Business Services, Technology, Health Care, and Industrial Products and Services. The group's investments are supported by Baird's full range of financial advice, operating expertise and industry research, providing a unique full-service approach to the entire private equity investment process. For more information, please visit Baird's Private Equity website at www.bairdprivateequity.com.

About Baird
Baird, established in 1919, is an international wealth management, investment banking, asset management and private equity firm with offices in the United States, United Kingdom and Germany. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe.

Regularly recognized as a great place to work, Robert W. Baird & Co. was named one of the 100 Best Companies to Work For in FORTUNE magazine's 2004 listing. Robert W. Baird & Co. is a member of the New York Stock Exchange and other principal exchanges and the Securities Investor Protection Corporation (SIPC). Robert W. Baird Ltd., a member of the London Stock Exchange, and Granville Baird Capital Partners Ltd. are authorized and regulated in the United Kingdom by the Financial Services Authority. Baird is part of the Northwestern Mutual family of companies. For more information, please visit Baird's Web site at www.rwbaird.com.

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