Published: Tuesday, August 15, 2006

Bear Growth Capital Partners Enters Agreement To Buy Water Water Everywhere

New York, NY-August 15, 2006- Bear Growth Capital Partners ("BGCP") announced today that it has entered into a letter of intent to acquire Water Water Everywhere ("WWE") a national specialty retailer that offers designer swimwear and swimwear accessories with 20 stores located primarily in the Northeast and Mid-Atlantic regions of the U.S. Upon closing, BGCP will combine WWE with its portfolio company, Everything But Water ("EBW") the largest independent specialty retailer of women's contemporary swimwear in the U.S. Terms of the transaction were not disclosed.

"The acquisition of Water Water Everywhere is part of our growth strategy of establishing a broader, national footprint for Everything But Water," said Joe Scharfenberger, Managing Director, Bear Growth Capital Partners. "Andy Cohen built a terrific franchise and we look forward to working with his management team throughout the integration process and beyond."

Ann Tucker, President of Everything But Water commented, "We view this transaction as an excellent opportunity to expand the Everything But Water brand and better service our customers in markets where we do not currently have a presence."

"We are thrilled to be joining Everything But Water. The combination marks a great next step for the evolution of the company," said Andy Cohen, President and owner of Water Water Everywhere.

About Water Water Everywhere:

Water Water Everywhere is a national 20-store specialty retailer that offers the latest in designer swimwear and swimwear accessories.

About Everything But Water, LLC:

Everything But Water, LLC 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.

About Bear Growth Capital Partners:

Bear Growth Capital Partners ("BGCP") is an affiliate of Bear Stearns Merchant Banking, the private equity arm of The Bear Stearns Companies Inc. (NYSE:BSC). BGCP focuses on making investments in middle market companies valued between $25 and $150 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 www.bsmb.com.

Contact: Melissa Daly, Brunswick Group, 212-333-381