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NewStar Financial Serves as Co-Lead Arranger and Syndication Agent in Senior Financing for S.T. Specialty Foods, Inc.

NewStar Supports Windjammer Capital Investors' purchase of S.T. Specialty Foods, Inc.

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Boston, MA, December 23, 2008 – NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialized commercial finance company, announces that it has served as Co-Lead Arranger and Syndication Agent for a new senior financing in support of Windjammer Capital Investors' ("Windjammer") purchase of S.T. Specialty Foods, Inc. ("S.T. Specialty Foods"). Windjammer, investing out of its $575 million 3rd fund, is a Newport Beach, CA and Boston, MA based private equity firm focused on middle market buyout opportunities with an investment focus in the niche manufacturing, business services and value-added distribution sectors. S.T. Specialty Foods, located in Brooklyn Park, MN, is a leading manufacturer of private label dry shelf stable pasta dinners and side dishes. "NewStar played a critical role in the successful completion of this transaction", said John Donahue, Director at Windjammer. "NewStar proved to be a reliable and consistent partner throughout the entire process, despite the significant disruptions in both the credit market and general economy."NewStar Financial served as Co-Lead Arranger and Syndication Agent for the senior credit facilities. "We look forward to supporting Windjammer, S.T. Specialty Foods and their well-regarded management team as they begin to migrate the Company into its next growth phase," said David Dobies, Group Head, Middle Market at NewStar. "Closing this transaction in the current economic environment is a testament to NewStar's viability and balance sheet strength in the face of extraordinary dislocation in the credit markets." NewStar's deal team for the transaction included Paul Holian, Pem Covington, David Kilpatrick, and Jim Synborski.About NewStar Financial, Inc.:
NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Diego CA, and Charleston SC. For more detailed transaction and contact information please visit www.newstarfin.com.Corporate Inquiries:
NewStar Financial
Colleen Banse
(617) 848-2502NewStar Financial
Brian Fischesser
(617) 848-2512
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