Code Hennessy & Simmons LLC (“CHS”) announced a distribution to investors in Code Hennessy & Simmons IV LP (“Fund IV”) resulting from the June recapitalization of AMF Bowling Worldwide, Inc. (“AMF”). CHS acquired a controlling interest in AMF in February 2004, investing $74.6 million of Fund IV capital. The recapitalization resulted in a distribution of just over 1x CHS’ original investment.

Headquartered in Richmond, Virginia, AMF is the world’s largest owner and operator of bowling centers and is three times larger than its closest competitor. Over 20 million bowling enthusiasts play nearly 100 million games annually at 350 centers across the United States. Through the joint venture QubicaAMF Worldwide, AMF is also a leading bowling products and equipment distributor. For additional information about AMF, please refer to the company’s Website at www.amf.com.

Fred Hipp, President and CEO of AMF, said, “CHS has provided tremendous support and resources. They have been instrumental in assisting to simplify our business, implement our growth initiatives and transform our company culture.”

During its ownership of AMF, CHS has worked closely with AMF’s senior management team to divest non-core assets, improve the company’s operating strategies and accelerate growth through facility upgrades and new center openings. AMF has opened six “300” brand bowling centers, a new operating concept catering to social bowlers and event-driven activities utilizing luxury décor and upscale foodservice.

Tom Formolo, Partner at CHS, said, “Fred Hipp has provided fantastic leadership at AMF. The company has experienced continuous monthly revenue growth during the past two and a half years and sustained improvement in nearly every important financial metric.”

The combination of attractive capital markets, strong financial performance and the outstanding leadership of Fred Hipp allowed CHS and AMF to explore numerous corporate finance alternatives with Credit Suisse. In addition to the benefits of the meaningful distribution to AMF's shareholders, the new financing provides increased flexibility that will facilitate an acceleration of AMF’s growth initiatives, including new centers, conversions and renovations.

CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm’s Website at www.chsonline.com.