Professional Hearing Services Announces Acquisition

Triton Hearing Clinics

(formerly Professional Hearing Services)

27 September 2007

Direct Capital portfolio company Professional Hearing Services announces the acquisition of Canterbury Hearing, the opening of a new clinic in Hamilton, and the re-branding of the business as Triton Hearing Clinics.

The acquisition of Canterbury Hearing is a significant event for the company. Canterbury Hearing is a leading hearing aid retail business in the Canterbury region, providing hearing tests and hearing aid fitting services to the public with its primary clinic in Christchurch and visiting clinics in Darfield, Amberley and Ashburton.

Canterbury Hearing’s founding audiologist Carolyn Gordon will remain as the senior audiologist and a shareholder in the company following the acquisition. The acquisition represents Triton’s entry into the South Island and further clinics are expected to be opened in due course.

Separately, the company is shortly opening its new clinic at the Rototuna retail complex in the northern part of Hamilton. The new clinic is being opened in response to strong growth at the existing Hamilton clinic in Angelsea Street which will continue to operate without change. The additional clinic will further strengthen Triton’s market leading presence in the Waikato region.

The company is also pleased to announce at this time its re-branding as Triton Hearing Clinics. All existing and future clinics will adopt the new name and livery.

Following these initiatives Triton has four primary and eight visiting clinics.
Direct Capital partnered with businessman John Ryder, Howard Bretherton and Graeme Dodd to invest in Triton alongside the existing audiologist owners in November 2006. The business was acquired at that time as an excellent regional platform from which the shareholders intended to develop a much larger national business; the expansion initiatives announced above represent positive steps towards this goal.

Direct Capital Contact:

Tony Batterton, Investment Director, (9) 369 9235