Published: April 20, 2006

Bear Growth Capital Partners Announces Acquisition of Everything But Water

New York, NY -- April 20, 2006 -- Bear Growth Capital Partners ("BGCP"), an affiliate of Bear Stearns Merchant Banking, today announced the acquisition of Everything But Water ("the Company"). Everything But Water is the largest independent specialty retailer of women's contemporary swimwear in the U.S. Terms of the deal were not disclosed.

Founded in 1984 by Stacey Siegel, Everything But Water has 34 stores located in 14 states and Puerto Rico and provides an extensive selection of trend-setting swimwear and related accessories. The Company is universally known for providing an exceptional swimwear shopping experience for the contemporary woman.

With the acquisition, the Company has announced that Rick Sarmiento, the founder and former CEO of White House | Black Market, will join Everything But Water as Chairman and a board member. Ann Tucker, who has worked with the company for more than 15 years, will succeed Stacey Siegel as President, who is leaving to pursue other interests.

"We are excited about the growth opportunities this investment offers Everything But Water," said Joe Scharfenberger, Managing Director, Bear Growth Capital Partners. "We look forward to working with Rick Sarmiento, Ann Tucker and the rest of the existing management team to help the Company grow its retail presence."

"We are thrilled about joining with Bear Growth Capital Partners to help expand our market presence and achieve future growth," said Ann Tucker.

"BGCP has a terrific reputation of working with growth-oriented companies and management teams to help them reach their long-term goals. I am confident that we will be able to capitalize on the attractive growth opportunities that exist within this specialty retail category," added Rick Sarmiento.

About Bear Growth Capital Partners:

Bear Growth Capital Partners ("BGCP") is an affiliate of Bear Stearns Merchant Banking, the private equity arm of Bear Stearns & Co. (NYSE:BSC). BGCP focuses on making investments in middle market companies valued between $10 and $100 million. BGCP invests in compelling growth capital opportunities, traditional buyouts, recapitalizations, co-investments, and control and minority ownership positions alongside superior management teams and other private equity sponsors. More information about BGCP can be found at http://www.bsmb.com.

About Everything But Water, Inc.:

Everything But Water, Inc. is a national 34-store specialty retailer of women's swimwear and related accessories, located in 14 states and Puerto Rico. The Company provides the largest selection of trend-setting swimwear for the contemporary woman. More information about Everything But Water can be found at www.everythingbutwater.com.

Contact:

Melissa Daly, Brunswick Group, 212-333-3810